The Minister for Finance, Paschal Donohoe TD, today announces his intention to sell part of the Irish State’s shareholding in AIB Group plc (the "Company"). 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 134 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 62.0% to approximately 57.0%.
The Minister has also undertaken to the Joint Bookrunners not to sell further shares in the Company for the period of 90 calendar days following the completion of the Placing without the prior written consent of the Joint Bookrunners. 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 and extended on 24 June 2022, it will only do so for the period of 60 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.
