Press release
Minister extends successful Bank of Ireland share trading plan for a second time
Published on
Last updated on
Published on
Last updated on
The Minister for Finance, Paschal Donohoe TD, today announces a further extension of the Bank of Ireland (the “Company”) share trading plan. The plan has been very successful to date and this decision will enable the Department of Finance to continue to deliver on the Government’s objective of returning the banks to private ownership.
Proceeds generated from phase two of the trading plan that recently completed amounted to circa. €283 million and when combined with the first phase, brings total proceeds to date to €532 million. The average share price achieved in phase two of the trading plan was €5.64, up from an average of €4.96 in phase one. The State’s directed shareholding in the bank has now reduced from 13.9% last summer when the trading plan started, to less than 5% today. The further extension announced today means that phase three will now end no later than 18th October 2022.
In announcing the extension of the share trading plan, the Minister for Finance commented:
“The share trading plan, which slowly sells our shares into the market, has enabled us to benefit from the gradual rise in Bank of Ireland’s share price since last summer and I believe it is in our best interest to extend the plan for a further period”.
In line with the Government’s commitment to deliver value for the taxpayer, shares will not be sold below a pre-determined floor price that the Department of Finance will keep under review.
Citigroup Global Markets Limited (“Citi”) will continue to act on behalf of the Minister for Finance in executing the share trading plan. Citi 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