Ireland’s Finance Minister says AIB’s share trading plan will be extended
#Irelands #Finance #Minister #AIBs #share #trading #plan #extended Welcome to Alaska Green Light Blog, here is the new story we have for you today:
The continuation of the share trading program for AIB Group PLC was announced by Irish Finance Minister Michael McGrath on Friday.
The extension will come into effect in the coming days, according to the Irish Treasury, and will now end no later than July 23 unless McGrath extends it further.
Following the Irish Government’s recent accelerated share sale of AIB, the second phase of the trading plan in the Dublin-based financial services business was suspended for 64 days on November 7th and was otherwise due to end no later than January 24th.
Shares of AIB in London rose 0.5% to 339.40 pence a share on Friday morning.
The trading strategy has helped the Irish government’s direct ownership of AIB fall from 71% in early 2022 to around 57% currently.
With an average share price of 2.85 euros, the proceeds from phase two amounted to around 121.5 million euros, bringing the total since the start of the trading plan last January to around 286.4 million euros.
According to McGrath, “Given the performance of the AIB trading plan since it went live a year ago, I can see the benefit of continuing the trading plan into a third phase.
“The plan has played a critical role in reducing state ownership of AIB … and I hope it will continue to play a role in the future, along with other monetization opportunities should they arise.”
Shares will not be sold below a set floor price which the Treasury Department will pursue in line with the Irish Government’s objective of providing the taxpayer with best value. According to the Irish financial authorities, Merrill Lynch will continue to execute the trading strategy on behalf of McGrath.
Summary of the news:
Ireland’s Finance Minister says AIB’s share trading plan will be extended. Check all the news and articles from the latest business news updates.