26th Jun 2008 07:00
Bank of Ireland announcement on Stock Alternative Offer
On 21 May 2008, Bank of Ireland announced a final dividend for the year to 31 March 2008 of 39.4c per unit of ordinary stock and subsequently a Stock Alternative Offer priced at €8.10 per unit.
Since then, continuing market volatility has resulted in a significant decline in the value of many financial stocks, including Bank of Ireland, which makes the Stock Alternative unattractive relative to current market prices.
As it is not possible under the Bank's Bye-Laws to reset the price, the directors have decided, in the interests of stockholders, to withdraw the Stock Alternative Offer and to pay the final dividend of 39.4c per unit of ordinary stock wholly in cash.
In the case of future dividends, it remains the directors' intention to offer a Stock Alternative.
Those stockholders wishing to increase their holdings, by re-investing their dividends, may do so by purchasing directly in the market through the low cost dealing service offered by the Bank's Registrar, Computershare.
Ends/
26 June 2008
Contact:
Geraldine Deighan Head of Group Investor Relations +353 1 604 3501
Dan Loughrey Head of Group Corporate Communications +353 1 604 3833
Related Shares:
BKIR.L