REG - Irish Dept Finance - Extension of share trading plan

Rothschild & Co SCAAnnouncement

07/04/2022 08:15

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RNS Number : 5556H  Irish Department of Finance  07 April 2022

Press Release

Minister extends successful Bank of Ireland share trading plan for a second
time

The Minister for Finance, Paschal Donohoe TD, today announces a further
extension of the Bank of Ireland (the "Company") share trading plan. The plan
has been very successful to date and this decision will enable the Department
of Finance to continue to deliver on the Government's objective of returning
the banks to private ownership.

Proceeds generated from phase two of the trading plan that recently completed
amounted to circa. €283 million and when combined with the first phase,
brings total proceeds to date to €532 million. The average share price
achieved in phase two of the trading plan was €5.64, up from an average of
€4.96 in phase one. The State's directed shareholding in the bank has now
reduced from 13.9% last summer when the trading plan started, to less than 5%
today. The further extension announced today means that phase three will now
end no later than 18th October 2022.

In announcing the extension of the share trading plan, the Minister for
Finance commented:

"The share trading plan, which slowly sells our shares into the market, has
enabled us to benefit from the gradual rise in Bank of Ireland's share price
since last summer and I believe it is in our best interest to extend the plan
for a further period".

In line with the Government's commitment to deliver value for the taxpayer,
shares will not be sold below a pre-determined floor price that the Department
of Finance will keep under review.

Citigroup Global Markets Limited ("Citi") will continue to act on behalf of
the Minister for Finance in executing the share trading plan. Citi will
continue to target that up to, but no more than, 15% of the expected aggregate
total trading volume in the Company is to be sold over the duration of the
share trading plan. The number of shares sold will depend on market
conditions, amongst other factors.

The Department of Finance is being advised by N.M. Rothschild & Sons
Limited ("Rothschild & Co") and William Fry LLP in relation to this
transaction.

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This press release, is not for publication or distribution, in whole or in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 solicitation is unlawful.

The securities of Bank of Ireland 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.

Citigroup Global Markets Limited ("Citi"), 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
Citi nor for providing advice in relation to the trading plan.

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.

 

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