Courts / Dublin / Report

High Court challenge brought against PTSB plans to raise €400 million through share placing

Summary

In April 2015, a High Court challenge was filed against Permanent TSB's plan to raise €400 million through a share placing aimed at returning the bank to private ownership. The challenge was brought by three shareholders—Gerard Dowling, Padraig McManus and Piotr Skoczylas—who sought injunctions to stop the Irish Stock Exchange from listing the new shares, to prevent the company from issuing ordinary shares to repay a contingent bond due in July 2016, and to halt the sale of non‑core assets until a general meeting approved them. The assets in question include €5 billion of the Group's Capital Home Loans mortgage book and €1.5 billion of commercial property‑related loans. The proceedings also named Permanent TSB Group Holdings plc, its board members including CEO Jeremy Masding, and the Irish Stock Exchange plc. Mr Justice Paul Gilligan granted the shareholders permission to serve short service of proceedings, with the case set for a return next week.

Who, what, where, when and why

What: Report matter: High Court challenge brought against PTSB plans to raise €400 million through share placing. Procedural stage: hearing_or_decision

When:

• July 2016 Hearing Or Sentence
• 2015-04-15 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Related court reports

• Man charged with having 56k child abuse images and videos remanded on bail
• Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
• Mater must pay €10k to worker who said he was wrongly accused of abusing patient
• 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
• Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
• 77-year-old with 470 convictions told Luas staff to 'f**k off'

Read the original CNI report