Irish Department of Finance Minister extends AIB share trading plan (0411Q)
June 24 2022 - 1:00AM
UK Regulatory
TIDMIRSH TIDMAIBG
RNS Number : 0411Q
Irish Department of Finance
24 June 2022
Press Release
Minister extends AIB share trading plan
Further to his announcement on 21 December 2021, The Minister
for Finance, Paschal Donohoe TD, today announces the extension of
the AIB Group Plc ("AIB" or the "Company") share trading plan. The
plan has been successful to date in gradually reducing the State's
investment in the Company and improving liquidity in the
shares.
Proceeds generated from the share trading plan since its launch
amount to c. EUR161 million. The average price per share achieved
to date is EUR2.32 and the State's directed shareholding in the
Company has reduced from 71.12% to c. 68%.
The share trading plan was due to end no later than 10 July
2022. The extension announced today means that the plan will now
end no later than 24 January 2023, unless further extended by the
Minister.
In announcing the extension of the trading plan, the Minister
commented:
"When I announced the launch of the share trading plan last
December, I said that the State's exit from its investment in AIB
would be a multi-year journey, so it is important, and I believe it
is in the taxpayers' best interest, to extend the share trading
plan for a further period. I will continue to keep other
monetisation options open, should these opportunities present
themselves."
In line with the Government's commitment to deliver best value
for the taxpayer, shares will not be sold below a pre-determined
floor price, which the Department of Finance will keep under
review.
Merrill Lynch International ("BofA Securities") will continue to
act on behalf of the Minister in executing the share trading plan.
BofA Securities will continue to target that up to, but no more
than, 15% of the expected aggregate total trading volume in the
Company is to be sold over the duration of the share trading plan.
The number of shares sold will depend on market conditions, amongst
other factors.
The Department of Finance is being advised by N.M. Rothschild
& Sons Limited ("Rothschild & Co") and William Fry LLP in
relation to this transaction.
ENDS
This press release, is not for publication or distribution, in
whole or in part, directly or indirectly, in, into or from the
United States of America (including its territories or possessions,
any state of the United States of America and the District of
Columbia) (the "United States"), Australia, Canada, Japan, the
Republic of South Africa, Switzerland or any other jurisdiction
where to do so would constitute a violation of the relevant laws or
regulations of such jurisdiction. The distribution of this press
release may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such
jurisdiction.
This press release does not contain or constitute an offer of,
or the solicitation of an offer to buy, the securities referred to
herein to any person in any jurisdiction, including in the United
States, Australia, Canada, Japan, the Republic of South Africa,
Switzerland or in any jurisdiction to whom or in which such offer
or solicitati0n is unlawful.
The securities of AIB Group Plc described in this press release
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act"), or any applicable
state or foreign securities laws and may not be offered or sold in
the United States absent registration or an exemption from the
registration requirements of the Securities Act. There shall be no
public offering of securities in the United States or any other
jurisdiction.
Merrill Lynch International ("MLI"), which is authorised by the
Prudential Regulation Authority (the "PRA") and regulated in the
United Kingdom by the Financial Conduct Authority (the "FCA") and
the PRA, is acting exclusively for the Minister for Finance and no
one else in connection with the trading plan and will not regard
any other person(s) as its client in relation to the trading plan
and will not be responsible to anyone other than the Minister for
Finance for providing the protections afforded to clients of Citi
nor for providing advice in relation to the trading plan.
N.M. Rothschild & Sons Limited ("Rothschild & Co"),
which is authorised and regulated by the FCA in the United Kingdom,
is acting exclusively for the Minister for Finance and no one else
in connection with the trading plan and will not be responsible to
anyone other than the Minister for Finance for providing the
protections afforded to clients of Rothschild & Co, nor for
providing financial advice in connection with the trading plan.
Neither Rothschild & Co nor any of its directors, officers,
employees, affiliates, alliance partners and/or agents owes or
accepts any duty, liability or responsibility whatsoever (whether
direct or indirect, whether in contract, in tort, under statute or
otherwise) to any person(s) who is/are not a client(s) of
Rothschild & Co in connection with the trading plan.
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END
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