PTSB joins AIB in plan to take out small legacy investors

The equivalent of 100 shares in the former Irish Life & Permanent today would have been worth €224,500, 17 years agoPTSB, which also needed a taxpayer rescue during the financial crisis, is plotting to remove as many as 128,000 shareholders from its register. Photograph: The Irish Times

However, it is not alone. PTSB is planning something similar. Both are proposing resolutions at their upcoming annual general meetings to allow them to launch so-called odd-lot offers. It would cost the bank a little over €100 to buy 20 shares — including a 5 per cent premium it plans to offer as an incentive. If such shareholders — or, in many cases, the estates of deceased investors — were to sell their stock in the market, broker fees would wipe out any proceeds.Cubic Telecom CEO Barry Napier: ‘I love the innovation and trying to solve a problem.

PTSB, which also needed a taxpayer rescue during the crisis, is plotting to remove as many as 128,000 shareholders from its register as it aims to offer to buy out holders of 100 or fewer shares. These account for 99.5 per cent of its investors but represent, in aggregate, less than 0.12 per cent of all its shares.

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