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It is not long to go now before CJEU delivers its judgements on our case. I am guessing next month. The Irish government must be shaking in its boots. After the Apple tax fiasco, our case will be another blow to them.
COMPANIES Financial Services Permanent TSB shares surge as budget aids mortgage market Housebuilder Cairn’s shares rise in London amid hopes of Budget boost to construction about an hour ago Joe Brennan Shares in Permanent TSB surged to a fresh five-month high on Wednesday morning Shares in Permanent TSB surged to a fresh five-month high on Wednesday morning Shares in Permanent TSB surged to a fresh five-month high on Wednesday morning as analysts concluded the lender will be the main beneficiary from the Government’s help-to-buy scheme aimed at first-time buyers. The 75 per cent State-owned bank’s stock rose as much s 6.15 per cent in early trading on Wednesday to €2.33, though it is currently changing hands at almost half the €4.50 price at which PTSB and the Government sold shares in the group last year.
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im sorry to hear about your loses,mine a bit more,but going back before 2011,no fundamentals at work here just shiesters robbing the hell out of the shareholders,but I am 100% sure they will get the sp back above the euro 4.50 rights issue price,becauce these new investors will be seething lol,theres a 2.4bn ramped up to death provision on the irish mortgage book,in comparison aib is 1.4bn and boi is 1.1bn,aib reported more than 2 x defaults of ptsb at the peak,they could write up a billion tomorrow and bring it in line with aib,so fill your boots,me I will just wait for anything that comes out of the court case good look.
Best of luck Ogie. :-) And Shareho1der. This site will be very quiet when you go. I am down about €80k on this. :-(
8 NOV,good luck to all long suffering shareholders including me.
Permanent TSB shares jumped in early trading on Wednesday on the back of a report that the lender is close to agreeing the sale of its remaining £2.3 billion (€2.8 billion) UK buy-to-let loans. US private equity firm Cerberus has been selected as preferred bidder for the Capital Home Loans mortgage portfolio, according to news agency Reuters, which has cited unidentified sources. Shares in PTSB soared by 4.5 per cent to €2.30, their highest level since May. Last year, Cerberus bought the other half of CHL’s loans. The report comes days after stockbroker Davy upgraded its rating on PTSB shares to outperform, saying it believed the bank could sell the remaining UK loans within a year, having previously pencilled in a deal by mid-2018. The more optimistic view was a result of a surprise recovery in residential mortgage-backed securities market, which the likely buyer would likely use to fund the such a portfolio. Last week, Cerberus announced an RMBS sale directly backed by some of the CHL loans it had bought last year.
State-owned Permanent TSB bank has completed the final stage of a €2.8 billion deleveraging programme of non-core assets in Ireland with the sale of about €300 million of face value commercial real-estate loans. This concludes its Irish deleveraging programme, which began in November 2013 and was part of a restructuring plan agreed between the Government and the European Commission as part of its €4 billion bailout from taxpayers following the global financial crash in 2008. The assets consisted of commercial real-estate loans involving a number of borrowers. They have been sold to a range of specialist funds in single transactions or in small groups of loans. It is not clear what haircut the bank took on the loan sale but the price achieved is thought to have been higher than the bank had originally provided for. Declan Dolan, assistant treasurer at Permanent TSB, said the loan sales were another “significant and positive” step for the bank towards normalisation. “The non-core Ireland deleveraging programme has further strengthened the group’s balance sheet and funding profile,” he said. “Further, it was achieved at a price that we believe maximised stakeholder value and minimised capital loss.” Portfolio The deleveraging programme in Ireland had three other main components. In July of last year, PTSB said it had agreed to the sale of a portfolio of non-core Irish-based commercial real-estate loans with a par value of €481 million to Cheldon Property Finance Ltd, an investment vehicle managed by CarVal Investors. This was called the Connacht portfolio. In March 2015, it agreed the sale of its Leinster and Munster project portfolios. They comprised about €1.5 billion of commercial real-estate loans and were sold for €800 million to Havbell Ltd, an entity funded by Deutsche Bank and funds affiliated with Apollo Global Management. In October 2014, PTSB sold the Springboard mortgage book, which had a face value of €468 million to Mars Capital, an affiliate of US investment group Oaktree.
Permanent TSB plans to go to the market early next week to sell bonds secured against a portfolio of €691 million of mortgage loans. The lender has hired Citigroup, Deutsche Bank and Morgan Stanley as lead managers on the deal, which will follow an investor roadshow next week. The residential mortgage-backed securities (RMBS) are being issued by a PTSB vehicle known as Fastnet Securities 12. This is the first public RMBS sale by the bank since November 2013. Arrears Canadian debt ratings agency DBRS said in a note to clients that 92.7 per cent of the loans in the portfolio had not been in arrears in the past five years, while a further 5.4 per cent of the loans had been at least three months behind in repayments at one stage but were currently meeting their loan terms. “A small proportion of the mortgage portfolio, 2.72 per cent of the loans, repays on an interest-only basis, and none of the loans are for investment properties (buy-to-let or holiday homes),” DBRS said. “The provisional mortgage portfolio of Fastnet 12 is, hence, a relatively positive selection of loans in comparison to the mortgage portfolios of recent Fastnet transactions.”
The conclusion is saying that a Government IS entitled to take over a company WITHOUT the shareholders permission. BUT the government actions must be "least" damaging to the shareholders. What is the damages threshold is now being subjected to further investigations. If the shareholders can prove that the government acted unlawfully by lowering nominal value, not allowing shareholders to sell their shares before the take over and the loss of Capital, then the Court will award compensation. Like I mentioned in my previous post, it is like Police legally enforcing entry into your house, they must not cause damages to your properties or belongings. That is why 2 questions were referred to CJEU by the Irish High Court.
what do you make of the conclusion 101 in the opinion,does it say a government cant take over a company without the consent of the genral meeting or the opposite,cant work it out its a bit of a riddle ? whats your take on it cheers.http://curia.europa.eu/juris/document/document.jsf?text=&docid=180641&pageIndex=0&doclang=en&mode=lst&dir=&occ=first&part=1&cid=902023
This may sound confusing: By Law, The Irish Government does NOT need shareholders permission to intervene in a company that threatened its economy BUT its action in intervention must not breach shareholders rights like pre-emptions, nominal values, capital increases etc. The question many are asking is how/why can the government then breach shareholders rights if they are allowed to act without shareholders permission. That is for CJEU to decide and that is why they are paid fortune to entangled legal puzzles. It is like a Police having the power to force entry into your house on suspicion of crime. But you are entitled to compensation if you can prove that the Police caused damages or loss of your items or properties. If you bought shares in IPM before 27 July 2011, you could be entitled to generous compensation depending on the number of shares you bought.
The opinion of the advocate general of the CJEU was out on 22 June. AG Wahl raised some matter of interest regarding our case. In his opinion, Mr Wahl said it is legal for the Irish Government to intervened in recapitalising PTSB in 2011 without the permission of the shareholders. BUT the manner the Irish Finance Minister, Mr Noonan went about it that need to be thoroughly investigated. The opinion of the advocate generals are often accepted and reflected in CJEU rulings. If you bought shares here before 27 July 2011, you could be entitled to generous compensation depending on the number of shares you bought. GLA !!!
is the new carpet baggers,ie new investors are getting their ar se smacked lol,dont they know this is the worst investment in the history of the universe,if you was an original ilp shareholder you would probably owe money to these scumbags,terible injustice and criminality if these politicians and deviants had left this super rich group alone it would pobaly be back to twenty eurous paying a big fat dividend,WHERE are we at 2016 repposesions in the hundreds and pretty much all the delinquent loans in forbearance,never mind im sure they could easily write back a few billion in an instant
anyone heard anything,all gone quiet, is the irish state dragging it out until after the 26 feb irish elections ??
The stock of PERMANENT TSB GROUP HOLDINGS PLC ORD EUR0.50 (LON:IL0A) is a huge mover today! The stock increased 2.89% or GBX 0.13 on December 1, hitting GBX 4.48. About 18,797 shares traded hands. PERMANENT TSB GROUP HOLDINGS PLC ORD EUR0.50 (LON:IL0A) has declined 3.85% since May 5, 2015 and is downtrending. It has underperformed by 3.65% the S&P500. The move comes after 5 months positive chart setup for the GBX company. It was reported on Dec, 2 by Barchart.com. We have GBX 11.78 PT which if reached, will make LON:IL0A worth GBX more.
Concerns about mortgage lending certainly aren’t troubling Cronin. He’s sticking with his 12-month price target of €6.05 for PTSB, which is based largely around provision writebacks of €750 million from a stock of about €2 billion as the property market here continues to heal.http://www.irishtimes.com/business/financial-services/becalmed-mortgage-market-fails-to-dent-ptsb-recovery-1.2424666