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Uncertainty remains over whether a separate count of minority shareholders will be required to approve the €1.62 billion takeover of Permanent TSB by Austrian bank Bawag. At an extraordinary general meeting, 36 per cent of minority investors voted against the transaction, while the Irish Government's 57.5 per cent majority stake drove the overall result. The deal needed support from at least 75 per cent of voting investors under High Court oversight. Some shareholders are expected to apply to court at the sanctioning hearing for a second vote.
Uncertainty remains over whether a separate count of minority shareholders will be required to approve the deal PTSB held an extraordinary meeting of shareholders in July to approve takeover by Bawag, the Austrian bank.
Photograph Nick BradshawUncertainty remains over whether a separate count of minority shareholders will be required to approve the deal after the Government’s majority stake drove the overall result. Some 36 per cent of minority investors voted against the transaction at the egm.
Missing details on personal investment accounts leave consumers in the darkThe €1.62 billion takeover needed support from at least 75 per cent of investors who voted to go through as a so-called scheme of arrangement overseen by the High Court. The Government owns 57.5 per cent of the bank, following its crisis-era bailout. It is expected that some shareholders will make an application to court at the sanctioning hearing for a second vote.
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PTSB Bawag Takeover Minority Shareholders Scheme Of Arrangement
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