McCann FitzGerald advises Allied Irish Banks p.l.c. on the implementation of its capital reorganisation

McCann FitzGerald advised Allied Irish Banks p.l.c. on the implementation of its capital reorganisation in December 2015 which comprised, among other things, the conversion and redemption of 3.5 billion preference shares held by the Irish Government into ordinary shares, a consolidation of ordinary shares, the redemption of a legacy promissory note, and the potential issue of warrants.

The capital reorganisation was designed to enable AIB to initially return €1.7 billion of capital to the Irish Government and, among other things, to meet its regulatory requirements, allow the future payment of dividends on AIB’s ordinary shares to its shareholders as and when conditions permit and to position AIB for a return to private ownership over time.