Irish Finance Department Extends AIB Group Share Trading Plan

By Elena Vardon

The Irish Finance Department said Friday that it is extending its AIB Group PLC share trading plan into a third phase.

The governmental department said the extension will become operational in the coming days and end no later than July 23, unless a further extension is granted.

The plan has been successful in reducing the state’s stake in the Irish bank to around 57% from 71.12% at the beginning of 2022, the department said. Proceeds of 286.4 million euros ($301.4 million) have been generated from the plan since its launch a year ago, it said.

Proceeds from phase two amounted to around EUR121.5 million with an average price per share of EUR2.85. Phase two had been paused since Nov. 7 and was otherwise due to end on Jan. 24 at the latest.

“In line with the government’s commitment to deliver best value for the taxpayer, shares will not be sold below a predetermined floor price, which the Department of Finance will keep under review,” Irish Finance Minister Michael McGrath said.

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