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
Chief
Financial Officer
Tel:
+353-1-6418300
email:
donal.j.galvin@aib.ie
|
Niamh
Hore
Head of
Investor Relations
Tel:
+353-86-3135647
email:
niamh.a.hore@aib.ie
|
Paddy
McDonnell
Head of
Media Relations
Tel:
+353-87-7390743
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.