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I disagree re m-cap, its about to become the 3rd largest lender in ROI following exit of KBC and Ulster. Its loan book will increase by about 50% with the purchase of Ulster Bank portfolio. Its main business is mortgages and with a rising ESB rate I cant see a downside here. I think medium-long term the share price this will increase by about 150%.
Another wave of losses in interims, office costs are increasing at alarming rate, way too overpriced, don't see justification for m-cap.
€1.14 this morning!
For the 1st time in years we are no longer a Penny Share! We may even see a dividend in 2031, only 10 more years.
Orph is in the process of getting Uk government funding for covid 19 challenge study. DYOR next week will be big. Sorry but just a tip. Try following it? And gla
a short term positive correction (25%....oversold inmho) from 1.00 to 1.20 plus range.
Also, the book is ripe for an offer at this price.
any views?
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https://m.independent.ie/irish-news/politics/vultures-better-with-writedowns-than-banks-37662396.html I agree with you Ogie, but if there is a loop hole left open, they will exploit it. To make it worse, the gov new about it and was 'trying to close the loop hole'. They think the public are idiots and do not care, which is in some way right. It will probably be closed, after they do not need it anymore. Its been a stressful and annoying past 4 years for shareholders.
800 million provison loss on project glass and another 400 million loss on the sale of these perfoming loans that are called NPLS that are performing but are called non perfoming lol thats 1.2bn of these peskiy provsion losses that happend years ago but never happend.why can no one see the real reason behind these endless loan sales that have been drip fed over years to prove the criminal actions of the bod and the irish state 4bn plus in povisions at one point and hardley a credit loss to be seen what they couldnt rob off ILP shareholders they have given away to vulture funds and the idiots gohttps://www.independent.ie/business/irish/revealed-secretive-buyers-of-1-3bn-of-mortgages-from-permanent-tsb-will-pay-no-tax-on-profits-37601869.html on about not paying tax haha how stupid are these people https://www.independent.ie/business/irish/revealed-secretive-buyers-of-1-3bn-of-mortgages-from-permanent-tsb-will-pay-no-tax-on-profits-37601869.html
a bit of good news-these loan book sales have been a crime when you think ptsb as been averaging 150 reppos/forced sales/year since it was hijacked in 2011,2.5bn in provisions left whos gonna get it ? theyve burnt through anout 1.7bn in provisions and not a credit loss to be seen.http://www.independent.ie/business/irish/ptsb-shirks-sale-of-nonperforming-loans-35895525.html
from the horses mouth,the hearing on the 23/25 went better than expected the judgement will come unannounced usually between 6 and 12 week after the hearing.
i see springboard as had a miraculous turnaround since it was sold off for a song,but dont forget it was subprime mortgages lol.doing a lot better than the 5.9bn npls at ptsb.lying cheating bastards the lot off them.http://www.irishtimes.com/business/financial-services/mars-capital-to-refinance-332m-of-irish-mortgages-1.3036165
Permanent TSB plans to seek High Court approval for a reorganisation of its share premium account to pave the way for it to resume dividend payments to investors, possibly from 2019 onwards. This emerges from documents sent to shareholders to inform them of the company’s annual general meeting on May 10th in Dublin. One of the motions seeks shareholder support for a reduction in the company’s share premium account. Under Irish company law, dividends on ordinary shares may only be paid from distributable reserves. This requirement is independent on whether the company has sufficient cash to actually pay a dividend. At present, PTSB is unable to pay dividends due to the lack of distributable reserves. It now wants to reallocate its share premium to reserves which would allow for a dividend payment in the future. The sum involved is understood to be about €330 million. This move first requires the support of shareholders, which is assured given that the State owns 75 per cent of the company, followed by the approval of the High Court. No dividend is expected to be declared either this year or in 2018, the document states. In addition, PTSB wants to cancel some 3.6 billion deferred shares, which are a legacy of its capital reorganisations in 2011, when the State bailed out the former Irish Life & Permanent, and an initial public offering of shares in 2015 that resulted in the Government selling a 25 per cent stake in the bank to institutional investors. Cancelling these shares will result in an aggregate payment of €1.5 million to about 138,000 small investors in PTSB. This will result in small payments to shareholders – just 15 cent for those owning 300 shares in the bank – with PTSB stating that it would make arrangements for the repayment cheques to be “cashed without charge” in its branch network. Separately, some 49 small shareholders in PTSB, including former director Piotr Skoczylas, have lodged a plenary summons with the High Court seeking damages from the Minister for Finance for losses they suffered when the State took control of 99.9 per cent of IL&P’s shares in 2011 as part of a €4 billion its bailout. Mr Skoczylas and other investors have been pursuing related legal actions against the State for a number of years.
Didn't notice any coverage in Irish media
anyone any knowledge of the hearing last week in the irish high court.http://www.ilpshareholders.com/azarmi2.pdf
Yes you are right. Also don't forget the small matter of €453m shareholders capital that was unlawfully confiscated/stolen by the Irish Government because it wasn't in included in the recapitalisation. Secondly, going back to the questions referred to the CJEU. The CJEU Judgement is inconclusive if you think about it. It's a matter of waiting for what the Irish High Court comes up with. All in my opinion.
hi shareho1der thanks for your incite,i have read the opinion back to front and for people like me it is hard to grasp,but it as got the word recourse in it,meaning go back and put things right,and also in the judgement it said the the actions of the irish goverment was right,i didnt see the word legal in there,hopefully there is something in there to right this injustice.
I wonder no one is writing here. I have spoken to a Lawyer of mine and asked him to go over the CJEU documents. He found that in contrary to what the Irish newspaper are writing, the judgments are in the shareholders favour. In its conclusion, it is noted that the CJEU did NOT actually endorsed the Irish Government actions on issuing shares below the nominal value and not offered pre-emption rights without the approval of general meeting. CJEU only supported the government action on increasing the shares without approval. And it is up to the Irish High Court to make the decision, when the case goes back to them, if the Shareholders minimum rights have been respected. Anyone has different view on this?
The CJEU has answered the first question referred to it and we now know that the financial stability of EU is more important than Shareholders' rights . BUT the second question has NOT been answered and this will be referred back to the Irish High Court, who will investigate and decide if the ways the Bank recapitalisation were done breached the minimum rights of the Shareholders. No wonder the Irish Government is not yet claiming victory.
Hi All, I have just recovered from the shock of disappointment from reading the judgments of CJEU on the case. However, I have gone back to reading the opinion of the advocate general Wahl. In sections 80-89, Particularly, in the wording of Section 84. it seems the issue of the direction Order compatibility with European Law will be decided by the Irish High Court when the case goes back to them. Sections 91 and 92 give substance to this argument in shareholders favour. Especially when the Irish High Court makes decision on the proportionality of the direction order i.e. issuing shares below its nominal value. The Irish High Court will also be required to investigate the shareholders missing €453m which was not included in the recapitalising the Bank. This was explained in Sections 93-96. It is unlikely that CJEU rulings will be the end of this case.
There is a report in the Irish Times this morning that we lost the case. .... I am gutted.