Irish lending firm AIB Group Plc (A5G.F) has agreed with the Minister for Finance to make an off-market purchase for a total consideration of 500 million euros.
This brings payments to the State to 3 billion euros so far this year, with the State's shareholding falling to 22%, the company said.
The purchase from the Minister will be of 91.83 million ordinary shares of 0.625 euro each in the capital of AIB at a price of 5.445 euros per Ordinary Share, being the closing price of the Ordinary Shares on August 30 on Euronext Dublin.
The purchased Ordinary Shares represent around 3.8 percent of the company's issued share capital. The Off-Market purchase is expected to settle on September 3.
AIB shareholders had approved a Directed Buyback Contract between AIB and the Minister at the Annual General Meeting held on May 6, 2021 and signed on June 3, 2021.
The authority from shareholders to make off-market purchases of Ordinary Shares from the Minister under the contract terms was most recently renewed at the Annual General Meeting held on May 2, 2024.
AIB noted that regulatory approval was received from the European Central Bank.
AIB intends to cancel the 91.83 million purchased Ordinary Shares.
Following completion of the Off-Market Purchase, AIB will have in issue 2.33 billion Ordinary Shares, and has no shares held in treasury.
The Minister will own around 22 percent of AIB's issued share capital. The Minister will also hold 271.17 million warrants to subscribe for Ordinary Shares, representing, if exercised, around 11.6 percent of the Company's issued share capital.
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