Three of the shareholders in Ryanair are to offload more than 25 million shares, with the Ryan family standing to raise about £117 million (€148.56 million) in the process. Ryanair chief executive Mr Michael O'Leary is set to realise about £17 million from selling part of his shareholding.

Meanwhile, Ryanair shares fell slightly yesterday by 50 cents to €8.50 (£6.69), despite the company posting record annual post-tax profits of £45.3 million to March 1999, up 20 per cent on 1998.

It is thought that the fall occurred on the back of the announcement of the share disposal. The Ryan family, including Ryanair founder Mr Tony Ryan, is selling 10.5 per cent of the company - reducing its shareholding from 27.6 per cent to 17.1 per cent. At yesterday's closing price, Ryanair chief executive Mr Michael O'Leary stands to gain about £17 million from selling 1.5 per cent of Ryanair shares. He retains 10.8 per cent of the company. Irish Air General Partnership (the investment vehicle of Mr David Bondermann) is selling 3.1 per cent of the company, which should make it more than £34 million. It will be left with 3.2 per cent.

Mr Howard Millar, Ryanair's finance director, said at present around half the airline's shares are held by US investors, with just 13 per cent by European investors and the remainder by the Ryan family (27 per cent) and Mr O'Leary (12 per cent).

He said European investors had been complaining that they would like to buy stock, but could not get any. This was a move to broaden the shareholder base.

Ryanair chief financial officer and commercial director Mr Michael Cawley said that, in total, 25.4 million shares will be offered in the US in the form of a public offering and an offering to institutional shareholders primarily within the EU.

He said the Ryan family saw themselves as long-term holders of shares in Ryanair and it represented an orderly disposal of shares which had been planned for some time.

Mr Millar said he and other senior executives would be embarking on investor roadshows in Europe and the US within the next week.

The process is expected to take about two weeks, with the price being set in the next seven to 10 days.