REG - Irish Dept Finance AIB Group PLC - Intention to sell shares in AIB Group Plc

Rothschild & Co SCAAnnouncement

21/12/2021 08:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211221:nRSU2685Wa&default-theme=true

RNS Number : 2685W  Irish Department of Finance  21 December 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA,
JAPAN, THE REPUBLIC OF SOUTH AFRICA, SWITZERLAND OR ANY OTHER JURISDICTION
WHERE TO DO SO MIGHT CONSTITUTE A BREACH OF APPLICABLE LAW OR REGULATION.

Press Release

Intention to sell shares in AIB Group Plc through a trading plan

The Minister for Finance, Paschal Donohoe TD, today announces his intention to
sell part of the State's 71.12% directed shareholding in AIB Group Plc (the
"Company") over approximately the next six months through a pre-arranged
trading plan that will be managed by Merrill Lynch International ("BofA
Securities"). BofA Securities was appointed to the role from the Department of
Finance's Panel of Financial Advisors following a mini-tender competition.

Under the trading plan, BofA Securities has been mandated to effect a measured
and orderly sell down of shares in the Company on behalf of the Minister. The
Minister has instructed BofA Securities to target a sale of up to, but no more
than, 15% of the expected aggregate total trading volume in shares of the
Company over the duration of the trading plan. The number of shares to be sold
will depend on market conditions, amongst other factors.

In order to ensure that the taxpayers' interest is protected, shares will not
be sold below a certain price per share, which the Department of Finance will
keep under review. The trading plan will become operational in mid-January and
will terminate no later than six months thereafter, but can be renewed at the
Minister's discretion.

The decision to launch the trading plan does not preclude the Minister from
executing other transactions in the State's directed shareholding in the
company, that achieve value for money for taxpayers, including during the term
of the trading plan. As such, the Minister will keep other sale options open,
including accelerated bookbuilds or directed buybacks should these
opportunities present themselves.

Commenting on the news today, the Minister said:

"With our share trading programme proving successful in reducing our stake in
Bank of Ireland, I am now announcing the restart of our phased exit from the
State's larger investment in AIB. The bank's financial performance has
improved significantly while investor appetite for banks is also recovering,
so these conditions provide a supportive environment to reduce our
shareholding in the bank over time. Given the thinner liquidity in AIB shares,
I expect the pace of share sales to be slower than what we've seen at Bank of
Ireland, but it is important that we make further progress on what will be a
multi-year journey".

The Minister for Finance currently owns circa 1930 million ordinary shares in
the Company through the directed portfolio of the Ireland Strategic Investment
Fund (ISIF). These shares represent 71.12% of the issued share capital of the
Company. The Department of Finance is being advised by N.M. Rothschild &
Sons Limited ("Rothschild & Co") and William Fry LLP in relation to this
transaction.

 

21(st) December 2021

Ends

 

This press release, is not for publication or distribution, in whole or in
part, directly or indirectly, in, into or from the United States of America
(including its territories or possessions, any state of the United States of
America and the District of Columbia) (the "United States"), Australia,
Canada, Japan, the Republic of South Africa, Switzerland or any other
jurisdiction where to do so would constitute a violation of the relevant laws
or regulations of such jurisdiction. The distribution of this press release
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of the securities
laws of any such jurisdiction.

This press release does not contain or constitute an offer of, or the
solicitation of an offer to buy, the securities referred to herein to any
person in any jurisdiction, including in the United States, Australia, Canada,
Japan, the Republic of South Africa, Switzerland or in any jurisdiction to
whom or in which such offer or solicitati0n is unlawful.

The securities of AIB Group Plc described in this press release have not been
and will not be registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act"), or any applicable state or foreign securities laws and
may not be offered or sold in the United States absent registration or an
exemption from the registration requirements of the Securities Act. There
shall be no public offering of securities in the United States or any other
jurisdiction.

Merrill Lynch International, which is authorised by the Prudential Regulation
Authority (the "PRA") and regulated in the United Kingdom by the Financial
Conduct Authority (the "FCA") and the PRA, is acting exclusively for the
Minister for Finance and no one else in connection with the trading plan and
will not regard any other person(s) as its client in relation to the trading
plan and will not be responsible to anyone other than the Minister for Finance
for providing the protections afforded to clients of Merrill Lynch
International nor for providing advice in relation to the trading plan.
Neither Merrill Lynch International nor any of its directors, officers,
employees, affiliates, and/or agents owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person(s) in connection with the
trading plan or the content of this announcement, other than to the Minister
of Finance.

N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is
authorised and regulated by the FCA in the United Kingdom, is acting
exclusively for the Minister for Finance and no one else in connection with
the trading plan and will not be responsible to anyone other than the Minister
for Finance for providing the protections afforded to clients of Rothschild
& Co, nor for providing financial advice in connection with the trading
plan. Neither Rothschild & Co nor any of its directors, officers,
employees, affiliates, alliance partners and/or agents owes or accepts any
duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person(s) who
is/are not a client(s) of Rothschild & Co in connection with the trading
plan.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCEAPAEALNFFFA