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At meetings on 24 November 2023, The Governor and Company of the Bank of Ireland (GovCo) and preference stock holders approved the conversion of GovCo's 12% Euro Preference Stock and 12.625% Sterling Preference Stock to redeemable stock units. On 8 December 2023, 26.52% of the Euro Preference Stock (nominal amount €1,019,212) and 100% of the Sterling Preference Stock (nominal amount £1,876,090) were converted and subsequently redeemed on 11 December 2023. Following these redemptions, Bank of Ireland Nominee 3 Limited, a Group company, holds approximately 89.6% of the remaining outstanding 12% Euro Preference Stock.
| Date | 11 Dec 2023 |
| Time | 09:41:16 |
| Category | AGMs and other meetings |
| ID | 3409W |
Bank of Ireland Group plc (together with its subsidiaries, the "Group")
Notice of the Redemption of Preference Stock
11 December 2023
The Group is pleased to announce further progress in respect of the retirement of legacy perpetual instruments.
At an Extraordinary General Court of The Governor and Company of the Bank of Ireland ("GovCo") and class meetings of the holders of each of GovCo's 12% Euro Preference Stock and 12.625% Sterling Preference Stock (each an "Instrument" and together the "Instruments") held on 24 November 2023, the conversion of the Instruments to redeemable stock units was approved.
Following the expiry of an objection period for holders of the Instruments to object to the conversion of their individual holdings of the Instruments, the following amounts of the Instruments were converted to redeemable stock units at 7.00 pm on 8 December 2023 and redeemed at 7.00 am on 11 December 2023:
|
Instrument |
Percentage redeemed |
Amount redeemed (units / nominal amount) |
Amount outstanding following redemption (units / nominal amount) |
|
12% Euro Preference Stock |
26.52% |
802,695 units / |
2,223,903 units / |
|
12.625% Sterling Preference Stock |
100% |
1,876,090 units / |
nil |
Following the redemption, Bank of Ireland Nominee 3 Limited (a Group company) holds approximately 89.6% of the outstanding units of GovCo's 12% Euro Preference Stock.
The Group intends to explore further options to retire the remaining 12% Euro Preference Stock in the first half of 2024.
This announcement is made in accordance with Listing Rule 6.1.62(2) of the Euronext Dublin Listing Rules and Listing Rule 14.3.17(3) of the FCA Listing Rules.
Ends
For further information please contact:
Bank of Ireland
Mark Spain, Group Chief Financial Officer +353 1 2508900 ext 43291
Eamonn Hughes, Chief Sustainability & Investor Relations Officer +353 (0)87 2026325
Darach O'Leary, Head of Group Investor Relations +353 (0)87 9480650
Damien Garvey, Head of Group External Communications and Public Affairs +353 (0)86 8314435