Published on 

Minister, Paschal Donohoe announces the extension of share trading plan

Further to his announcement on 21 December 2021, The Minister for Finance, Paschal Donohoe TD, today announces the extension of the AIB Group Plc (“AIB” or the “Company”) share trading plan. The plan has been successful to date in gradually reducing the State’s investment in the Company and improving liquidity in the shares.

Proceeds generated from the share trading plan since its launch amount to c. €161 million. The average price per share achieved to date is €2.32 and the State’s directed shareholding in the Company has reduced from 71.12% to c. 68%.

The share trading plan was due to end no later than 10 July 2022. The extension announced today means that the plan will now end no later than 24 January 2023, unless further extended by the Minister.

In announcing the extension of the trading plan, the Minister commented:

“When I announced the launch of the share trading plan last December, I said that the State’s exit from its investment in AIB would be a multi-year journey, so it is important, and I believe it is in the taxpayers’ best interest, to extend the share trading plan for a further period. I will continue to keep other monetisation options open, should these opportunities 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 share 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 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.