herald

Friday 17 August 2018

AIB shares trade for the final time

AIB shares trade for the last time on the main market of the Irish stock exchange today.

The part-nationalised bank will shift to the junior Enterprise Securities Market (ESM) from tomorrow.

The bank has already delisted from the New York and London stock exchanges.

The switch to the ESM was triggered on December 23, when the Government effectively took a 92pc stake in AIB.

AIB's shares touched a new low of 23.5c yesterday morning, some 40pc below their opening on December 23 when the latest bailout plan was announced.

The bank has been trading on the Iseq since 1967.

AIB last night said it would continue to engage extensively with shareholders.

Separately, the bailed-out bank booked a profit of €1.4bn on a buy-back of 11 sets of its subordinated bonds.

AIB had offered to buy back bonds issued in euro, dollars and sterling with a total nominal value of €3.9bn, the bank said today in a statement.

Bondholders with securities valued at approximately €2bn chose to take up the offer.

The bonds will be exchanged for 30pc of their face value, or approximately €600m.

The profit booked from the offer will go towards the €6.1bn the bank needs to raise by the end of February to meet capital targets set by the Central Bank.

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