AIB Group PLC Update on Migration from CREST to Euroclear Bank (9543R)
March 11 2021 - 05:00AM
UK Regulatory
TIDMAIBG
RNS Number : 9543R
AIB Group PLC
11 March 2021
11 March 2021
AIB GROUP PLC ("AIB" or the "Company")
UPDATE ON MIGRATION OF UNCERTIFICATED SHARES FROM
CREST TO THE EUROCLEAR BANK SYSTEM
AIB confirms that it has taken all steps required to be taken by
it in connection with the proposed migration of the electronic
holding and settlement of its shares from the CREST system to the
Euroclear Bank system ("Migration").
Migration is expected to take effect on Monday, 15 March 2021,
with the migration to Euroclear Bank of the holding and settlement
of the securities of all Irish companies with securities that are
listed and traded in Dublin and/or London.
Migration
As previously announced, at the extraordinary general meeting of
the Company held on 5 February 2021 (the "EGM") shareholders
approved the Migration and authorised the Board to take all steps
necessary to implement it.
In accordance with the terms of the Migration of Participating
Securities Act 2019 and these authorities, the Company has
consented to the Migration and has made the requisite notifications
to the Irish Companies Registration Office and Euronext Dublin.
Accordingly, all steps required to be taken by the Company to give
effect to Migration have now been completed.
Timetable for Migration
Euronext Dublin announced on 08 March 2021 that Market Migration
remains scheduled to occur over the weekend of 12-15 March 2021 in
line with the indicative timetable that was included in the
Company's circular to shareholders in relation to the EGM dated 6
January 2021 (the "EGM Circular"). Euronext Dublin has advised that
the 'live date' on which Migration is to take effect is 15 March
2021. This timetable remains subject to change by decision of
Euronext Dublin.
Euronext Dublin maintains a dedicated web page relating to
Market Migration (on which details of the timetable and other
relevant details can be found) at the following link:
https://www.euronext.com/en/migration-csd-services-for-irish-securities-crest-euroclear-bank
.
Actions to be taken by AIB shareholders
For AIB shareholders who hold their shares in paper form (i.e.
outside of CREST and in "certificated" form) there will be no
change to what is owned and how it is held. Therefore, the impact
of Migration on such shareholders is expected to be minimal and no
immediate action is required.
For AIB shareholders who hold their shares through CREST (in
uncertificated form), Migration will result in changes to what is
technically owned, how the interest is held, and how rights related
to the shares will be exercised. Details of those changes are set
out in the EGM Circular. Specifically:
-- Retail shareholders who hold their shares electronically in
CREST - through a broker, custodian or nominee - will continue to
hold their interest through that broker, custodian or nominee, as a
CREST Depository Interest or (assuming the broker, custodian or
nominee is or becomes a participant in the Euroclear System in the
way they are in CREST) as a Belgian Law Right in the Euroclear
System.
-- Institutional shareholders who hold their shares
electronically in CREST directly in their own name (i.e. as a CREST
member), will continue to be able to hold their interests in shares
directly in their own name as a CREST Depository Interest or
(provided they become a participant in the Euroclear Bank system)
as a Belgian Law Right in the Euroclear Bank system. Where such
shareholders wish to hold in the Euroclear Bank system but are not
or do not become a Euroclear Bank participant, they will need to
enter into an arrangement with a broker, custodian or nominee who
is a participant, so that they can hold the relevant interest for
them.
If they have not done so already, AIB shareholders holding their
shares in CREST are strongly encouraged to consult with their
stockbroker or other intermediary at the earliest opportunity.
Migration will result in a significant change in both the form and
nature of shareholding in the Company, and the substance of, and
manner in which, rights can be exercised. In particular, Migration
will result in important changes to the processes and timelines for
submitting proxy voting instructions for the Company's forthcoming
AGM. Shareholders should familiarise themselves with the new
processes and timelines, and ensure all necessary actions have been
taken on their part and by their stockbroker or other intermediary,
to ensure they can continue to enjoy their rights as an AIB
shareholder in the context of the new Euroclear system.
Important notes
Unless the context otherwise required, defined terms used in
this announcement have the meanings given to them in Part 9 of the
EGM Circular, which can be found at the following link:
https://aib.ie/content/dam/frontdoor/investorrelations/docs/shareholder-information/extraordinary-general-meeting/circular-incorporating-the-deputy-chairmans-letter-to-shareholders.pdf
-ENDS-
Contact details:
Conor Gouldson Niamh Hore Paddy McDonnell
Group Company Secretary Head of Investor Head of Media Relations
Relations
AIB Molesworth Street AIB Molesworth Street AIB Molesworth Street
Dublin 2 Dublin 2 Dublin 2
Tel: +353-1-772 0030 Tel: +353-1-6411817 Tel: +353-87 7390743
email: email: email: paddy.x.mcdonnell@aib.ie
conor.w.gouldson@aib.ie niamh.a.hore@aib.ie
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END
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