First Trust parent AIB exits main Irish stock exchange listing
First Trust parent Allied Irish Banks (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.
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. It will also be delisted from the London stock exchange.
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 8% 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.
The bank yesterday confirmed that AIB would continue to hold AGMs and to issue notices of these AGMs to all shareholders.
Northern Bank parent Danske recently denied reports it was interesting in buying AIB's 48-strong First Trust network.