Courts / Ireland / Report
PTSB applies to High Court for reduction in share capital
2018-02-26
Hearing Or Decision
Summary
Permanent TSB Group Holdings Plc, the parent of Permanent TSB bank, has applied to the High Court for approval of a reduction in its share capital. The group, represented by Paul Gallagher SC in the Commercial Court, argues that the reduction is essential for strengthening its regulatory position and meeting future regulatory capital requirements. The application seeks to cancel approximately 3.6 billion deferred shares that originated from capital reorganisations in 2011 and 2015. Each deferred share is valued at €0.289, with a total nominal value of €1.09 million. Under the proposed scheme, holders of these deferred shares, many of whom are smaller investors, would receive a payment of €1.5 million. The group's application was made following a special resolution at the company's AGM in May 2017. Mr Justice Brian McGovern has scheduled a hearing in the Commercial Court for next month, at which the matter will be considered.
Who, what, where, when and why
What: Report matter: PTSB applies to High Court for reduction in share capital. Procedural stage: hearing_or_decision
When:
- May 2017 Hearing Or Sentence
- 2011 and 2015 Other
- 2018-02-26 Publication
Topics
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