The proposals will be put to shareholders at the bank\u2019s annual general meeting on Thursday, May 21.<\/p>\n
In a note to investors ahead of that meeting, the bank\u2019s board said they keep the company\u2019s listing arrangements under \u201cregular review\u201d.<\/p>\n
In recent years trading volumes in the shares in London have been \u201cnegligible\u201d relative to overall trading, which is mostly in Dublin, they said.<\/p>\n
\u201cAs a result, the board considers that the cost of maintaining the LSE listing is no longer in the interests of the company and its shareholders as a whole.\u201d<\/p>\n
The board is seeking approval to cancel the London listing of ordinary shares and the connected admission to trading on the Main Market of the LSE.<\/p>\n
The bank\u2019s shares were admitted to the London main market for trading in 1959. However, the bank\u2019s decision to rationalise its stock-market listing is consistent with a global trend for issuers away from dual listings to focus on a single exchange, generally one compatible with their main trading currency.<\/p>\n
The move, if it goes ahead, will have no impact on the shares listed and traded in Dublin, on the Euronext.<\/p>\n
Subject to shareholder approval, the plan will see the proposed delisting happen on June 29 next.<\/p>\n
In addition, the bank is also seeking approval from shareholders for a so-called \u201codd-lot offer\u201d which would see a premium offered to buy out holders of very small shareholdings in the bank.<\/p>\n
Under that plan, the bank would pay a premium of 5pc above market price to holders of 30 or fewer ordinary shares. Bank of Ireland shares closed at \u20ac16.865 each on Thursday, so that would mean a maximum payout of just over \u20ac530 per eligible shareholder, at current prices.<\/p>\n
Odd-lot offers are voluntary and tend to be aimed at coaxing small shareholders who might otherwise baulk at the cost or hassle involved to sell.<\/p>\n
Dealing costs normally render such a disposal uneconomic, the bank said.<\/p>\n
The mechanism will require an amendment to the Company\u2019s Articles of Association, which means it is subject to approval at the AGM.<\/p>\n","protected":false},"excerpt":{"rendered":"The proposals will be put to shareholders at the bank\u2019s annual general meeting on Thursday, May 21. In…\n","protected":false},"author":2,"featured_media":402100,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[7863,14486,61,60,43],"class_list":{"0":"post-402099","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ireland","8":"tag-bank-of-ireland","9":"tag-donal-odonovan","10":"tag-ie","11":"tag-ireland","12":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/402099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=402099"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/402099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/402100"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=402099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=402099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=402099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}