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DUBLIN - Bank of Ireland Group plc has initiated a share buyback program to repurchase ordinary shares for a maximum consideration of €590 million, aiming to reduce the company’s issued share capital. The buyback commenced today and is set to conclude by December 31, 2025.
The Group has engaged J&E Davy Unlimited Company and UBS AG London Branch through non-discretionary agreements to manage the repurchases independently, following pre-set parameters. Shares acquired in the program will be bought on Euronext (EPA:ENX) Dublin and subsequently cancelled.
This move follows the authorization granted by shareholders at the AGM on May 23, 2024, allowing for the repurchase of up to approximately 10% of the issued share capital, or a maximum of 104,216,187 shares. The program’s operations will adhere to the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052, as well as the applicable laws and regulations of Euronext Dublin and the UK Financial Conduct Authority.
The program’s continuation hinges on several conditions, including ongoing capital requirements, regulatory approvals, and shareholder renewal of the repurchase authority at the upcoming AGM scheduled for May 22, 2025. The Group reserves the right to terminate the buyback early if any of these conditions are not met.
The announcement is based on a press release statement from Bank of Ireland Group plc.
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