The government’s disposal of the state’s shareholding in AIB has resumed, following a ‘lock-up’ period of three months since the last sale of shares ended on June 28.
At that time, the state sold 134 million shares from its holding in AIB to raise gross proceeds of €305m. The placing with institutional buyers was effected at a price of 228c per share.
The sell-off represented 5% of the total state holding in AIB and reduced its holding from c.1,830 million to c.1,700 million, representing c.63.5% of the ordinary share capital.
Merrill Lynch is handling the latest sell-off, under the same terms and conditions as were agreed in June 2022. The target is to sell as much as 15% of the expected aggregate total trading volume in AIB over the duration of the share trading plan, which will run until 24 January 2023.
The number of shares sold will depend on market conditions, amongst other factors. Shares will not be sold below a pre-determined floor price, which the Department of Finance will keep under review.
In Association with
The Department of Finance is being advised by NM Rothschild & Sons and William Fry in relation to this transaction.
