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AIB Group PLC - Dublin-based parent of Allied Irish Banks - Buys back €500 million in shares from the Irish Minister of Finance, reducing the state’s holding to 22%. AIB buys 91.8 million shares, a 3.8% stake, at €5.45 per share, the same as the stock’s closing price on Euronext Dublin on Friday. The repurchased shares will be cancelled, AIB says. It notes that, in addition to its remaining 22% stake, the Irish government holds warrants to subscribe to shares that would represent an additional 11.6% stake if exercised. AIB Chief Executive Colin Hunt notes the €500 million buyback means the bank has returned €3 billion to the Irish state so far this year, following AIB’s bailout during the financial crisis of 2008. ‘The transaction is another important milestone in the process of repaying the taxpayer for their support, enhancing liquidity in AIB shares and normalising the share register,’ he says. Current stock price: 466.00 pence, up 3.7% in London on Monday morning 12-month change: up 31% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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