Preasráitis
State agrees in principle to AIB’s 2024 share buyback proposal
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
The Minister for Finance, Michael McGrath TD, today announces that he has agreed in principle to AIB Group plc’s (the “Company” or “AIB”) latest share buyback proposal. The transaction, subject to shareholder approval, will see the Company acquire €999 million of its shares from the State by way of an off-market purchase. It is expected that the buyback will be completed shortly after AIB’s Annual General Meeting on 2nd May 2024.
In announcing the State’s participation in the transaction, the Minister for Finance commented:
“AIB announced at the beginning of March as part of their full year 2023 results, that the bank would be proposing capital distributions of c. €1.7bn to shareholders at their upcoming AGM. This would include both a dividend element and a buyback element. Following discussions between Department of Finance officials and AIB, and in light of the continued strength in the bank’s share price, I have agreed in principle to participate in this buyback on a fully directed basis. Given the size of the transaction, it will be subject to shareholder approval at an EGM. The successful completion of this transaction will see a further c. €1bn returned to the State which will be in addition to the c. €273m in dividends due to be received in May. Further details in relation to this transaction will be announced in due course.”
The Department of Finance is being advised by N.M. Rothschild & Sons Limited and William Fry LLP in relation to this transaction.
ENDS