REG - AIB Group PLC - RE EGM: Final Price in respect of Buyback Contract

AIBAnnouncement

26/04/2024 10:15

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RNS Number : 2259M  AIB Group PLC  26 April 2024

26 April 2024

AIB Group plc

EGM Update - Announcement of Final Price in respect of the Buyback Contract
with the Minister for Finance ("Minister")

AIB Group plc ("AIB" or the "Company") announces, further to its shareholder
circular and notice of extraordinary general meeting dated 3 April 2024 (the
"Circular"), that the "Alternative Price" for the purpose of the Circular is
€5.0395 (being the volume-weighted average price of ordinary shares of
€0.625 each in the capital of AIB ("Ordinary Shares") for the five business
days immediately preceding 26 April 2024, as calculated by reference to data
sourced from the Euronext Dublin website) and accordingly, the "Final Price"
for the purpose of the Circular, and the Purchase Price per Share  under the
draft share purchase deed between the Company and the Minister for Finance
(the "Buyback Contract"), will therefore be €5.0395.

It remains the expectation of the Company and the Minister for Finance that if
each of Resolutions 1 and 2 (as set out in the Circular) is approved at the
EGM, each of the Company (subject to the Board's determination that entry into
the Buyback Contract is in the best interests of the Company) and the Minister
for Finance will enter into the Buyback Contract as soon as practicable
following receipt of such approval on 2 May 2024.

If the Proposed Transaction is consummated, AIB intends to cancel the Ordinary
Shares which are purchased. If the Proposed Transaction is consummated at the
Final Price, the purchased Ordinary Shares are immediately cancelled and
assuming no other change from the shareholding most recently notified to the
Company as at the date of this announcement, the shareholding of the Minister
for Finance would be reduced to 796,712,177 Ordinary Shares, representing
32.9% of the outstanding Ordinary Shares.

The Minister holds 271,166,685 warrants to subscribe for Ordinary Shares as at
the date of this announcement, representing 10.35% of the Company's issued
share capital. If the Proposed Transaction were to be consummated at the Final
Price, such warrants, if exercised, would represent 11.2% of the outstanding
Ordinary Shares as at the date of this announcement.

Defined terms used in this announcement shall, unless the context otherwise
requires, have the meaning given to them in the Circular.

***

Contact Details:

 

 Donal Galvin                                         Niamh Hore                     Paddy McDonnell

 Chief Financial Officer                              Head of Investor Relations     Head of Media Relations

 Tel: +353-1-6418300                                  Tel: +353-86-3135647           Tel: +353-87-7390743

 email: donal.j.galvin@aib.ie                         email: niamh.a.hore@aib.ie     email: paddy.x.mcdonnell@aib.ie

 

Forward Looking Statements

This document contains certain forward looking statements with respect to the
financial condition, results of operations and business of AIB and certain of
the plans and objectives of the AIB Group. These forward looking statements
can be identified by the fact that they do not relate only to historical or
current facts. Forward looking statements sometimes use words such as 'aim',
'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal',
'believe', 'may', 'could', 'will', 'seek', 'continue', 'should', 'assume', or
other words of similar meaning. Examples of forward looking statements
include, among others, statements regarding the AIB Group's future financial
position, capital structure, Government shareholding in the AIB Group, income
growth, loan losses, business strategy, projected costs, capital ratios,
estimates of capital expenditures, and plans and objectives for future
operations. Because such statements are inherently subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such forward looking information. By their nature, forward looking
statements involve risk and uncertainty because they relate to events and
depend on circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ materially
from those expressed or implied by these forward looking statements. These are
set out in the principal risks on pages 27 to 30 in the 2023 Annual Financial
Report. In addition to matters relating to the AIB Group's business, future
performance will be impacted by the AIB Group's ability along with governments
and other stakeholders to measure, manage and mitigate the impacts of climate
change effectively, the impact of higher inflation on customer sentiment and
by Irish, UK and wider European and global economic and financial market
considerations. Future performance will further be impacted by the direct and
indirect consequences of the Russia-Ukraine War on European and global
macroeconomic conditions. Any forward looking statements made by or on behalf
of the AIB Group speak only as of the date they are made. The AIB Group
cautions that the list of important factors on pages 27 to 30 of the 2023
Annual Financial Report is not exhaustive. Investors and others should
carefully consider the foregoing factors and other uncertainties and events
when making an investment decision based on any forward looking statement.

 

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