TIDMIRSH TIDMAIBG
RNS Number : 0101Z
Irish Department of Finance
09 January 2024
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE
UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA, SWITZERLAND OR ANY OTHER STATE OR JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT
Press Release
Further Renewal of the AIB share trading plan
The Minister for Finance Michael McGrath today announces the
further extension of the AIB Group Plc ("AIB" or the "Company")
share trading plan into a fifth phase. The trading plan has been
one of a number of successful mechanisms used by the State in
reducing its shareholding in AIB since the beginning of 2022.
To date, proceeds generated from phase four of the AIB trading
plan amount to c. EUR124.7 million and the average price per share
achieved is EUR4.23. These proceeds will be returned to the Ireland
Strategic Investment Fund pending further consideration by the
Minister.
The trading plan has contributed to the State's directed
shareholding in the Company reducing from 71.12% at the beginning
of 2022 to c. 40.8% currently. In total, c. EUR824 million has been
raised from the AIB trading plan since it became operational in
January 2022.
The extension announced today will become operational in the
coming weeks and will now end no later than 23 July 2024, unless
further extended by the Minister.
In announcing the extension of the trading plan, the Minister
commented:
"The AIB trading plan has played an important role in enabling
us to gradually reduce our shareholding in the bank since it became
operational, especially when opportunities for larger block trades
were not available to us. Therefore, I am happy to announce the
renewal of the trading plan into a fifth phase. As before, we will
continue to look at other disposal options, should they 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 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 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 and William Fry LLP in relation to this
transaction.
ENDS
9 January 2024
For further information, contact:
Brian Meenan, Press Officer, Department of Finance
+353 87 2198857
pressoffice@finance.gov.ie
Important information
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, 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
Merrill Lynch International nor for providing advice in relation to
the trading plan. Neither Merrill Lynch International nor any of
its directors, officers, employees, affiliates, 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) in connection with the
trading plan or the content of this announcement, other than to the
Minister of Finance.
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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