State’s AIB stake falls to 63.5% after €304.8m share placing

28/06/2022 09:39:00

State’s AIB stake falls to 63.5% after €304.8m share placing via @IrishTimesBiz

State’s AIB stake falls to 63.5% after €304.8m share placing via IrishTimesBiz

The shares on offer priced at €2.28 each – representing a 6.5 per cent discount to Monday’s closing price.

Expand AIB chief executive Colin Hunt.Move will reduce State’s holding in lender to 63.Banking The State is to sell a further 5 per cent of its shareholding in AIB, Minster for Finance Paschal Donohoe has announced.Seenh & Heard: pub insurance claims, offshore floating wind farms and pay talks for aviation workers also make the headlines Expand The Long Hall pub in Dublin, whose operator is suing insurer FBD for €1.

Photograph Nick Bradshaw for The Irish Times By Joe Brennan Tue Jun 28 2022 - 07:37 Irish taxpayers’ stake in AIB has fallen to 63.5 per cent after the Government successfully placed a 5 per cent stake on the stock market after Dublin trading closed on Monday.It is worth about €300 million.The share sale raised €304.5 per cent to approximately 63.8 million, with the shares on offer priced at €2.ie By Eoin Burke-Kennedy Mon Jun 27 2022 - 17:41 The Government has announced the sale of a further 5 per cent of its shareholding in AIB, worth approximately €300 million.28 each – representing a 6.7 million for failures by AIB and EBS in handling tracker mortgage issues.

5 per cent discount to Monday’s closing price.The shares are to be sold in a placing to institutional investors..Goldman Sachs and AIB’s Goodbody stockbroking unit managed the share sale on behalf of the State, with Rothschild acting as independent financial adviser.Law firms William Fry and Allen & Overy acted as legal counsel to the Department of Finance in connection with the transaction.7 million of AIB’s ordinary shares, representing approximately 5 per cent of the issued ordinary capital of the bank.The placing of a block of shares is in addition to Minister for Finance Paschal Donohoe’s strategy in recent months of drip feeding AIB shares onto the market.The State held 71 per cent of AIB as of the end of last year, a legacy of the bank’s €20.5 per cent to 63.The pubs argued that they were entitled to compensation under a disease clause in their policies.

8 million crisis-era bailout.AIB is led by chief executive Colin Hunt.Details of the placing price and the exact number of shares placed on the market will be announced tomorrow.The transaction comes days after the Central Bank of Ireland fined AIB and its EBS subsidiary a record €96.7 million for overcharging customers denied mortgages that track European Central Bank (ECB) rates.Latest Stories.The fine brought to €178 million the amount all lenders have so far been fined for failing to offer a mortgage that tracked the ECB rate that has been at or close to zero for almost a decade.Floating wind farm planned for Donegal coast The Killybegs Fisherman’s Organisation, the biggest such group in the Republic, has signed a deal with Swedish energy group Hexicon that will make it a partner in a giant floating wind farm off Donegal’s coast, according to the Sunday Independent.

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Donohoe announces sale of additional 5% stake in AIBDonohoe announces sale of additional 5% stake in AIB via IrishTimesBiz Selling off more silverware,

State to sell further 5 per cent of its AIB shareholdingOverall size of the State’s shareholding in AIB will be reduced from 68.5 per cent to 63.5 per cent Can we assume the money made on this sale will be put back in to the depleted pension fund where the money that saved the bank came from, rather than in to Paschals pocket so he can use it for more sweetheart deals?

AIB faces possible extra tracker mortgage billAIB faces possible extra tracker mortgage bill via IrishTimesBiz

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Donohoe announces sale of additional 5% stake in AIBDonohoe announces sale of additional 5% stake in AIB via IrishTimesBiz Selling off more silverware,