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The Irish finance minister Michael McGrath on Friday announced the further extension of AIB Group PLC’s share trading plan.
Phase two of the trading plan in the Dublin-based financial services group was paused on November 7 for 64 days, following the latest AIB accelerated share sale by the Irish government, and was otherwise due to end no later than January 24.
The Irish finance department said the extension will become operational in the coming days and will now end no later than July 23, unless further extended by McGrath.
Shares in AIB were up 0.5% to 339.40 pence each in London on Friday morning.
Proceeds generated from phase two were around €121.5 million, with the average price per share being €2.85, while total proceeds since the trading plan became operational last January were around €286.4 million.
The trading plan has contributed to the Irish government’s directed shareholding in AIB reducing from 71% at the beginning of 2022 to around 57% currently.
‘Given the success of the AIB trading plan since it became operational a year ago, I can see the merit in renewing the trading plan into a third phase,’ said McGrath.
‘The plan has played an important role in reducing the state’s shareholding in AIB...and I hope that it will continue to play a role in the future alongside other monetisation options, should they present themselves.’
In line with the Irish government’s commitment to deliver best value for the taxpayer, shares will not be sold below a pre-determined floor price, which the finance department will keep under review.
Merrill Lynch will continue to act on behalf of McGrath in executing the trading plan, said the Irish finance department.
By Greg Rosenvinge, Alliance News reporter
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