Tuesday 6 December 2016

AIB to hold AGMs for shareholders despite exiting main listing

Published 26/01/2011 | 05:00

From this morning, AIB will begin trading on the Enterprise Securities Markets (ESM), a junior index of the main Iseq which caters for smaller companies. Photo: Getty Images
From this morning, AIB will begin trading on the Enterprise Securities Markets (ESM), a junior index of the main Iseq which caters for smaller companies. Photo: Getty Images

AIB exited the main listing of the Irish stock exchange last night, but the bank confirmed that it will still hold annual general meetings (AGM) for its thousands of shareholders.

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From this morning, AIB will begin trading on the Enterprise Securities Markets (ESM), a junior index of the main Iseq which caters for smaller companies.

The bank, which was worth over €24bn at its peak, had a value of less than €432m when it limped off the main Iseq last night. Just 8pc of this -- with a value of less than €54m -- was owned by its thousands of private shareholders.

The remainder is effectively owned by the Government, following the December 23 bailout. The high percentage of government-ownership is the main reason the bank has exited the main listing.

While ESM-listed companies typically have lower reporting requirements than their peers on the main Iseq, AIB has publicly confirmed that it will continue to disclose extensive information to shareholders and analysts.

A spokesman for the bank yesterday confirmed that AIB would continue to hold AGMs and to issue notices of these AGMs to all shareholders.

The bank's recent shareholder meetings have borne witness to the despair of pensioners who have lost everything and the fury of former staffers who've seen their once-mighty bank in ruins.

Irish Independent

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