..some numbers: AIB has. 523,438,445,437 common shares; if .002 is not owned by AIB that would leave 1,046,876,890 in non AIB ownership; if AIB cancels 500,000,000,000 shares that would leave 23,438,445,437 shares; of which AIB would own 22,391,568,537 shares & the other .002 ; privately owned shares would be 1,046,876,890. If I divided the privately owned shares / total shares that would mean that under the new formula AIB would own 95.5 % of the shares and privately owned would own 4.5% of the shares..
If the bank is valued at 12b divide by 23.4b shares you would have a value per share of 0.51 € per share, greater than BOI, now AIB has promised some dividends: that alone would leap frog AIB over BOI.. It would make sense for AIB to cancel out that portion of the 500b shares and leave total shares at a more manageable 23.4b shares..
High courts must approve this deal.. Maybe by this week there will be some news; this may create upward price pressure on BOI..
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