REG - Bank of Ireland Grp - Share Buyback Programme Commencement

Bank of IrelandAnnouncement

25/02/2025 07:30

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RNS Number : 3516Y  Bank of Ireland Group PLC  25 February 2025

Bank of Ireland Group plc (the "Group")

Bank of Ireland commences share buyback programme

 

25 February 2025

 

On 24 February 2025, the Group announced its intention to commence a share
buyback programme (the "Programme") to repurchase ordinary shares of the Group
(the "shares") for up to a maximum aggregate consideration of €590 million.
The Group today announces the commencement of the Programme, the purpose of
which is to reduce the Group's issued share capital.

 

The Group has entered into non-discretionary agreements with J&E Davy
Unlimited Company and UBS AG London Branch  to conduct the Programme  to
repurchase shares on the Group's behalf and to make trading decisions under
the Programme independently of the Group in accordance with certain pre-set
parameters.

 

The Programme will commence on 25 February 2025, and end no later than 31
December 2025. The shares will be repurchased on Euronext Dublin and will be
cancelled. The Programme is subject to customary early termination rights,
including if termination is necessary to comply with ongoing capital
requirements, if regulatory approval is withdrawn or if shareholders fail to
renew the Group's authority to repurchase shares at the Group's AGM to be held
on 22 May 2025.

 

The Programme will at all times be conducted in accordance with (and within
the parameters prescribed by):

 (i)                        the Group's general authority to repurchase shares (which authorises the
                            repurchase of a maximum of 104,216,187 shares, being approximately 10% of the
                            issued share capital of the Group), as approved by shareholders at the Group's
                            AGM on 23 May 2024 (and as such authority may be renewed); and
 (ii)                       the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated
                            Regulation (EU) No 2016/1052 (including as each of them forms part of retained
                            EU law in the United Kingdom ("UK") from time to time, including, where
                            relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and Market
                            Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws
                            and regulations of Euronext Dublin and the UK Financial Conduct Authority.

 

Ends

 

For further information please contact:

 

Bank of Ireland

 

 Mark Spain, Group Chief Financial Officer                                  +353 (0)1 2508900 ext. 43291
 Eamonn Hughes, Chief Sustainability & Investor Relations Officer                        +353 (0)87 2026325
 Darach O'Leary, Head of Group Investor Relations                           +353 (0)87 9480650
 Damien Garvey, Head of Group External Communications and Public Affairs      +353 (0)86 8314435

 

 

 

 

 

 

 

Forward Looking Statement

 

This announcement contains forward-looking statements with respect to certain
of Bank of Ireland Group plc ('BOIG plc') and its subsidiaries' (collectively
the 'Group') plans and its current goals and expectations relating to its
future financial condition and performance, the markets in which it operates
and its future capital requirements. These forward-looking statements often
can be identified by the fact that they do not relate only to historical or
current facts. Generally, but not always, words such as 'may,' 'could,'
'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,'
'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their
negative variations or similar expressions identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking.

 

Examples of forward-looking statements include, among others: statements
regarding the Group's near term and longer term future capital requirements
and ratios, LDRs, expected impairment charges, the level of the Group's
assets, the Group's financial position, future income, business strategy,
projected costs, margins, future payment of dividends, future share buybacks,
the implementation of changes in respect of certain of the Group's pension
schemes, estimates of capital expenditures, discussions with Irish, UK,
European and other regulators, plans and objectives for future operations, and
the impact of Russia's invasion of Ukraine and the Israeli-Palestinian
conflict particularly on certain of the above issues and generally on the
global and domestic economies. Such forward-looking statements are inherently
subject to risks and uncertainties, and hence actual results may differ
materially from those expressed or implied by such forward-looking statements.

 

Nothing in this announcement should be considered to be a forecast of future
profitability, dividends or financial position of the Group and none of the
information in this announcement is or is intended to be a profit forecast,
dividend forecast or profit estimate. Any forward-looking statement speaks
only as at the date it is made. The Group does not undertake to release
publicly any revision to these forward-looking statements to reflect events,
circumstances or unanticipated events occurring after the date hereof.

 

 

 

 

 

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