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Decided enough is enough and got out with big losses. At least I've safeguarded a small amount of my investment. Good luck to those of you who are seeing this through.
I think Anglo Irish’s move might well be replicated further down the line for Allied Irish!
Mon Nov 22, 2010 5:34pm GMT LONDON (Reuters) - Nationalised lender Anglo Irish Bank cleared the first major hurdle in its closely watched debt restructuring when a group of subordinated creditors agreed to take an 80 percent write-down on the value of their holdings. Despite resistance from some noteholders, threatening to block any deal causing big losses, the necessary majority of bondholders voted on Monday to accept an exchange offer on 750 million euros ($1.0 billion) of floating rate notes due 2017. Creditors holding about 690 million euros of those bonds agreed to exchange their debt for new notes and cash, Anglo Irish Bank ANGIB.UL said. Bondholders that reject the offer, to be settled on Wednesday, will get 1 euro cent per 1,000 euros of notes held. The exchange offer was the first in a series of key creditor votes enabling Anglo Irish Bank to make holders of 1.6 billion euros of subordinated debt bear losses -- a method watched by other troubled institutions such as Irish Nationwide Building Society IRNBS.UL. The Irish government has said subordinated bondholders of the two lenders would have to foot part of the bill to clean up the banks, although it has so far ruled out penalising senior creditors. Anglo Irish Bank will hold votes in late December for the exchange of subordinated bonds due 2014 and 2016. A group of investors in the 2016 notes, claiming to hold a blocking stake in the bonds, could yet derail these exchanges. (Reporting by Sarah White; Editing by Dan Lalor) Also : http://www.hemscott.com/news/comment-archive/item.do?id=115851
That was the worlds worse ramp...
governments dont want to run banks hold tight albk will soon fly 50p plus then more buy buy buy
God only knows, this is very unpreditable
Anyone got an idea if we can expect similar to what happened to RBS shares?
I heard that BKIR will survive, but ALBK will get nationalised. Its already mostly state owned and in deeper trouble than BKIR so its pretty obvious really... Be Careful GLA
Where are you hearing the N word? they havent even looked through the books yet, they are saying it will take another 2 weeks, once N then they the Government CANT go to the money markets, how will they be able to keep these banks funded if fully N? 90 bill? it wont last a year, I dont believe it will be fully Nationalized, I think this is to big to fail, we know they will own 95% but it would be pointless to full N, at least for another two weeks, untill the finish with the books, why would the share get suppended today? only my opinion
im hearing full N word,,,,in gov hands,,,,will these shares get suspended?,,,,,,,,,,anyone please
The last time you were here back in April you put all your eggs togeather into this at 1.45, are you still holding? your advice then was buy buy buy, trust me, trust me, the SP dropped dropped dropped dropped straight after your buy buy buy, are you still in from then or did you sell?
BUY i am, out of the nick 4 insider trading but will buy heavy the morning deal done with euro bail out...........
As someone who only bought in a few weeks ago (33c) I am quite optimistic about this share, the way I see it is this: Despite the continued talk about a rights issue, it is probably only the second most likely thing to happen. Ireland obviously have to continue in theory with this original plan in order to look strong in europe. They do not want to give up too much if an EU loan is negotiated, a strong front will help this cause. I think the most likely outcome is that they secure a loan from the EU next week / week after and they ABANDONE the rights issue, in this case sp could rocket. If they decide not to take loan and go ahead with the rights issue, sp will level around 50c, THERE IS NO WAY THEY COULD NATIONALISE THE BANK FULLY. Imagine the legal implications; Germany the country who most pushed a loan at Ireland, now has deutsche bank losing there stock pile of shares in this bank?? Ze Germans would not allow this! Nationalistion HAS to be of necessity, NOT CHOICE, and Ireland has a choice.
Im thinking even with the Government owning 95% the stock will be still be able to operate on the LSE and the NYSE and once not fully Nationalized they might even get back some of the 13 billion deposits that have walked so far this year they have so much to loose, just to screw us for less than half a billion, If this bank is up and fully operational again the IMF will get there money back a lot quicker + when the borrowing costs come down we wont have to borrow from them for ever, as 100 billion wont go to far if were only using there money, maby 1 year then what happens, maby we will need another loan as we will have spent all of there first loan, all said iv been moving most of my stock back to BKIR, I think its a much safer bet, anyway GL all
Your probably right Matt . Probably too much of peoples pensions etc. tied up in here for a Government or Europe to go for full Nationalisation . Even Labour probably won't go there either . In the 90% Government owned though . Still hope !
It will be a tight call, its nearly the same as RBS 84% taxpayer owned but it bounced back, if they delist AIB from the stock exchanges would they not loose billions more, in borrowing ability? especially after sending most of the bad loans to NAMA, I am trying to work out what advantage would Nationalization be for the IMF, would it help them get there money back any quicker with no investers or shareholders in the bank, nationalization for less than a half a billion? they dare not touch the bond holders this time, would it be worth it at this stage?
I'm thinking that ALBK has delayed all the things that it was meant to do this year , because the problems run too deep , and there isn't a fix other than Nationalisation . Now the IMF/EU are here in Ireland talking about pumping loads of capital into all the banks , so why does ALBK still need to do a rights issue any more . The capital going into ALBK will dilute shareholders to almost nothing either with or without a rights issue . IMO of course !
What benefit would they gain by full nationalization of AIB? A half billion in funds from shareholders? They dare not touch bond holders again? What would there be worth gaining by nationalization? They won't be able to borrow, they will be delisted from all stock exchanges, AIB owes europe billions, what real benefit would be for full nationalization? Just wondering I can't see any benefit from it
Meanwhile, Allied Irish Banks (AIB) said 13bn euros ($18bn; £11bn) of deposits had been withdrawn this year, mostly from businesses and institutions - implying that the bank does not face a run by ordinary depositors.full story on bbc website
Any news,on the ris?,,,,,,,,@ WHAT PRICE,,anyone ,,,,,,,,,i sold friday morning
Looking at the recent lloyds and bkir RI debacle the time to invest is after the RI when SP drops even lower than the rights price!
Beatthehouse... Your assumption is correct - this is going to a rights issue and will dilute the shares but as the price paid is higher at 0.5 then the average will be c0.5 - albk will be c94% nationalised (if nobody buys there rights - which they wont at a higher SP!). Afterwards the shares will still be worth 0.5 and will continue to rise or drop with market expectations. However due to such dilution of shares I dont see any rapid gains in SP as the market value of the company will be c€7b after the rights issue. This will however right off the bulk of bad debt and the company should become profitable quickly again!
Wouldn't think so. More likely the Anglo scenario where shareholders got nothing
Okay, not really been in this situation before, what will happen to the shareholders? I assume they buy our shares at the going rate?
Hi Beatthehouse . My opinion now is that ALBK won't have any rights issue . Just straight nationalisation .