EU and US could reach trade deal this weekend - Reuters
DUBLIN - AIB Group (OTC:AIBRF) PLC has announced that its upcoming Annual General Meeting (AGM) on Thursday, 1 May 2025, will include a proposal for a significant share buyback from the Minister for Finance. The proposed off-market purchase is set to involve ordinary shares totaling up to €1.2 billion, a move that reflects the use of the company’s excess capital.
The buyback price per share will be the higher of two figures: €6.2607, adjusted for the proposed dividend for 2024, or the volume-weighted average price of the shares on Euronext (EPA:ENX) Dublin in the five days preceding the AGM. This price determination will be based on Bloomberg data.
If shareholders approve the transaction and it is deemed in the company’s best interest by the Board, the purchased shares will be canceled, reducing the number of shares outstanding. This transaction is classified as a related party transaction under the Irish Companies Act 2014 and the UK Listing Rules, requiring additional oversight and a fairness assessment from the company’s sponsor.
In preparation for the AGM, AIB Group has made relevant documents available to shareholders, including a Letter from the Chair, Notice of the AGM, and a Form of Proxy. Shareholders are encouraged to vote via proxy if they cannot attend in person. The company also welcomes shareholders to submit questions in advance via email.
The AGM will coincide with the release of AIB Group’s Q1 2025 Trading Update. This news comes as AIB Group continues to navigate the financial landscape, with the AGM and share buyback proposal representing significant upcoming events for the company and its shareholders.
This article is based on a press release statement from AIB Group PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.