The disposal of these shares (the "Placing Shares") will be by way of a placing to institutional investors (the "Placing").
The price at which the Placing Shares are sold (the "Placing Price") will be determined by way of an accelerated book building process. The book will open with immediate effect following this announcement.
The Placing is expected to comprise approximately 131 million of the Company's ordinary shares, representing approximately 5% of the issued ordinary capital of the Company. As a result of the Placing, the overall size of the Irish State’s shareholding in the Company will be reduced from approximately 45.8% to approximately 40.8%.
The Minister has also undertaken not to sell further shares in the Company for the period of 90 calendar days following the completion of the Placing without prior written consent. While this undertaking also applies to any sales through the Minister’s trading plan announced by way of Regulatory News Service on 21 December 2021, extended on 23 June 2022, 5 January 2023 and further extended on 27 June 2023, it will only do so for the period of 45 calendar days following completion of the Placing.
N.M. Rothschild & Sons Limited (“Rothschild & Co”) is acting as independent financial adviser and William Fry LLP and Allen & Overy LLP are acting as legal counsel to the Department of Finance in connection with the sale.
Details of the Placing Price and the exact number of Placing Shares will be announced in due course.
