Friday 18 October 2019

BoI facing stock exchanges exit

BANK of Ireland has anticipated that there is a risk it may be forced to delist from the Irish and London Stock Exchanges.

The bank said that there is a risk that the "free-float requirements" of the ISE and LSE, which require 25pc of a listed company's shares to be held in public hands, will not be satisfied.

If this were to happen, the bank will examine obtaining a stockmarket quotation on a junior market such as the Enterprise Securities Market of the ISE.

Bank of Ireland was told by regulators to raise €5.2bn of capital. And it plans to issue shares at 11.3 cents to 11.8 cents to subordinated bondholders taking up a debt-for-equity swap offer by the lender.

The bank said the exact equity conversion price will be announced on June 23. It expects the final results of the liability management exercise on July 8, the same day it plans to detail the size of a rights issue.

The bank is also to scrap the sale of the ICS Building Society.

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