If it's the public purse he's protecting and angry about. He should consider the 2billion profit that the public purse made from BOI's preference shares. How much did the government buy BKIR ordinary shares at? I believe it's .32/.33 anyway?
He talks of a huge collapse of the banks share prices quoting AIB and BOI. That's not protecting the public purse? Comparing AIB and BOI takes away an credibility he may of had, IMO. Agree?
I expect we will get RNS details this week. It is only a timing difference. The sale of WR shares was not a buy back as we have confirmation that a small number of investors were represented by Deutsche to approach WR.
I think SR is a capable politician but his comments in this article are politically motivated tempered by a genuine anger. Following from his role on the Public Accounts Committee he, and others, are now attempting to morph into the protector of the public purse. I do believe it is a genuinely held belief in his case but again, this has been failed by previous and existing Governments especially vis a vis value for money.
In the case of Bank Of Ireland he is expressing an opposition opinion that the Government didn't do a good deal and that is true imho and was the primary reason many of us invested here i guess. As a result, many private investors were able to risk some capital with good potential.
SR is an important opinion former and makes a reasonable argument but the bottom line is private investors took on the risk and hence the reward. The state made a bags of it by dividing the market between Private (BoI) and Public (AIB) ownership.
I like his contrarion style by calling everyone (except Ross) suckers - Noonan, the Government, BoI management, existing shareholders and new shareholders, etc. The problem is that Bkir at 10 cent was never going to be a zero sum game.
My point is that I don't believe the new buyers are suckers. We don't know who they are yet but we do know they have a lot of money. Think about that, they have a lot of money - doesn't sound like a sucker in my book. The fact that they are represented by DB and approached WR is not really relevant to me (but again many would see that as positive)
Long timers on here will remember my comments when I wrote way back when this share was in the early .2 range that the next big change would be change in ownership profile - that is what we are seeing now - this is natural evolution for Bkir.
So we will find out soon who they are and this time next year we will find out if they are suckers!
I think Mr. Shane Ross sounds very upset and bitter in this article. He talks of WR saving BOI of state control, and that's correct. He also says people thought WR bought "a load of rubbish" when he first obtained the shares. I'm sure he was one of those people. Well, they where wrong. Yes WR got in cheap and made a profit. But nobody wanted the shares back then, as there was genuine fear of the bank collapsing, them fears are now gone. Hence, WR able to attract a buyer of 2billion shares @.329.
Is it just me or is this reporter Shane Ross bitter at missing out earlier on this share? He and many others talk this share down, but I bet if it dropped to far, they would be selling the family silver to buy them up. He sounds aggrieved that he didn't get them at a lower price. Who even is that MUPPET to advise "small time investors" "to sell up now", he's a scare mongering fool. IMO
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