PTSB Group Holdings seeks approval for share capital reduction

Group says it is important for enhancing regulatory position

PTSB Group Holdings says  the deferred shares are worth €0.289 each, and have a total nominal value of €1.09m

PTSB Group Holdings says the deferred shares are worth €0.289 each, and have a total nominal value of €1.09m

Permanent TSB Group Holdings Plc, the holding company for Permanent TSB bank and its subsidiaries, is seeking court approval for a share capital reduction. The group, represented by Paul Gallagher SC, says the reduction is an important aspect of enhancing its regulatory position and compliance with its future regulatory capital requirements.

In its Commercial Court petition the group wants to cancel 3.6 billion deferred shares, a legacy of its capital reorganisations in 2011 and 2015 when the State bailed out the former Irish Life & Permanent and its initial public offer of shares resulted in the Government selling off a 25 per cent stake in the bank.

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