Bank of Ireland Group plc (the "Group")
Bank
of Ireland commences share buyback programme
On 26 February 2024, the Group
announced its intention to commence a share buyback
programme (the
"Programme") to repurchase ordinary shares of the Group (the
"shares") for up to a maximum aggregate consideration of €520
million. The purpose of the Programme is to reduce the Group's
share capital in line with this announcement.
The Group today announces the
commencement of the Programme.
The Group has entered into non-discretionary
agreements with J&E Davy Unlimited Company and UBS AG London
Branch to conduct the Programme and to repurchase shares on the
Group's behalf and to make trading decisions under the Programme
independently of the Group in accordance with certain pre-set
parameters.
The Programme will commence today,
27 February 2024, and end no later than 18 December 2024. The
shares will be repurchased on Euronext Dublin and will be
cancelled. The Programme is subject to customary early termination
rights, including if termination is necessary to comply with
ongoing capital requirements, if regulatory approval is withdrawn
or if shareholders fail to renew the Group's authority to
repurchase shares at the Group's AGM to be held on 23 May
2024.
The Programme will at all times be
conducted in accordance with (and within the parameters prescribed
by):
(i)
the Group's general authority to repurchase shares (which
authorises the repurchase of a maximum of 107,032,665 shares, being
approximately 10% of the issued share capital of the Group), as
approved by shareholders at the Group's AGM on 23 May 2023 (and as
such authority may be renewed); and
(ii)
the Market Abuse Regulation (EU) No 596/2014 and the Commission
Delegated Regulation (EU) No 2016/1052 (including as each of them
forms part of retained EU law in the United Kingdom ("UK") from
time to time, including, where relevant, pursuant to the
UK's European Union (Withdrawal) Act
2018) as well as the applicable laws and
regulations of Euronext Dublin and the UK Financial Conduct
Authority.
Ends
For further information please
contact:
Bank of Ireland
Mark Spain, Group Chief Financial
Officer
+353 (0)1 2508900
ext. 43291
Eamonn Hughes, Chief Sustainability
& Investor Relations Officer
+353
(0)87 2026325
Darach O'Leary, Head of Group
Investor Relations
+353
(0)87 9480650
Damien Garvey , Head of Group
External Communications and Public Affairs +353 (0)86
8314435
Forward Looking Statement
This announcement contains
forward-looking statements with respect to certain of Bank of
Ireland Group plc ('BOIG plc') and its subsidiaries' (collectively
the 'Group') plans and its current goals and expectations relating
to its future financial condition and performance, the markets in
which it operates and its future capital requirements. These
forward-looking statements often can be identified by the fact that
they do not relate only to historical or current facts. Generally,
but not always, words such as 'may,' 'could,' 'should,' 'will,'
'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,'
'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their
negative variations or similar expressions identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking.
Examples of forward-looking
statements include, among others: statements regarding the Group's
near term and longer term future capital requirements and ratios,
LDRs, expected impairment charges, the level of the Group's assets,
the Group's financial position, future income, business strategy,
projected costs, margins, future payment of dividends, future share
buybacks, the implementation of changes in respect of certain of
the Group's pension schemes, estimates of capital expenditures,
discussions with Irish, UK, European and other regulators, plans
and objectives for future operations, and the impact of Russia's
invasion of Ukraine and the Israeli-Palestinian conflict
particularly on certain of the above issues and generally on the
global and domestic economies. Such forward-looking statements are
inherently subject to risks and uncertainties, and hence actual
results may differ materially from those expressed or implied by
such forward-looking statements.
Nothing in this announcement should
be considered to be a forecast of future profitability, dividends
or financial position of the Group and none of the information in
this announcement is or is intended to be a profit forecast,
dividend forecast or profit estimate. Any forward-looking statement
speaks only as at the date it is made. The Group does not undertake
to release publicly any revision to these forward-looking
statements to reflect events, circumstances or unanticipated events
occurring after the date hereof.