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AIB completes EUR 91 million share buyback program

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AIB has completed a €91 million share buyback program.

The program was announced earlier this month to return up to 64 million euros to the taxpayer.
Under the program, the Company purchased a total of 40,952,764 common shares at an average price of €2.2221.
Following the cancellation of all repurchased shares, the bank will now have 2,673,428,473 common shares outstanding.
The program also included a targeted share buyback from the state.
Following the announcement earlier this month, Treasury Secretary Pascal Donohue confirmed the government would join the scheme to prevent the state’s stake in the bank from increasing.
The state currently owns almost 70 percent of AIB.
Mr. Donohue said at the time, “Participating proportionally in this buyback program is a positive move for both AIB and the state as the largest shareholder and will allow us to recover more money for the citizens.”
“Combined with the annual dividend, the state expects to receive a total of about 149 million euros from the company, which will be returned to the state treasury and used for productive purposes.”
The Bank of Ireland also launched a €50m share buyback in April. Stock buyback programs were last conducted in 2004 and are returning as the state sells most of the shares it acquired during the financial crisis.
The move also comes as the sector also prepares for the market exits of Ulster Bank and KBC.

https://www.independent.ie/business/irish/aib-completes-91m-sharebuyback-programme-41690730.html AIB completes EUR 91 million share buyback program

Fry Electronics Team

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