LONDON (Alliance News) - Bank of Ireland said Tuesday that American investor Wilbur Ross Jr has resigned as a director of the bank and has sold off his remaining shares of around 1.8 billion units in the lender.
Bank of Ireland said it had been notified by Ross Jr of his resignation as a Director of Bank of Ireland and the agreement by Ross and certain funds connected with him to sell their remaining shares.
Bank of Ireland did not disclose the price at which Ross sold his shares in a call with Alliance News Tuesday. However, The Washington Post, citing a person with knowledge of the transaction who asked not to be identified because they were not authorised to speak publicly, said the 1.8 billion shares are being sold for 26.5 euro cents each, 7% lower than Monday's closing price of 28.4 cents.
At this price, the sale of the 5.5% stake would raise about EUR477 million.
Ross is an American investor known for restructuring failed companies in industries such as steel, coal, telecommunications, foreign investment and textiles. He specializes in leveraged buyouts and distressed businesses. He invested in Bank of Ireland in a 2011 fundraising, which helped the lender survive the financial crisis.
Archie Kane, Chairman of the Bank of Ireland Group said, "On behalf of the Board I would like to thank Wilbur for his contribution, diligence and commitment as a Board member. Wilbur was instrumental in the success of the 2011 capital raising and, throughout his tenure, we have benefited greatly from his insights."
Shares in Bank of Ireland were trading 3.17% lower at 27.5 cents per share Tuesday morning.
By Alice Attwood; aliceattwood@alliancenews.com; @AliceAtAlliance
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