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AIB - Another 52-week low for AIB intra-day
And now word from Reuters it's trying to raise another $3.9 billion through UBS in a dillutive offering to meet its 7% tier one capital requirement by the end of the year ( http://uk.finance.yaho... ). That Reuters article notes,
"Even with the sell-off of its assets, AIB still faces the threat of majority state ownership after its balance sheet was shattered by its wide exposure to Ireland's property crash."
Recall we picked up a few of the Feb $2.50 strike puts on this back in July ( http://shortscreen.com... ).
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David Merkel (of AlephBlog) tweeted this to me today re AIB:
"DIfficult to see the $AIB equity being worth much when the jr debt is trading between 40-70 cents on the dollar"
http://twitter.com/#!/...
AIB down ~20% overnight in Ireland, on this news via Bloomberg ( http://www.bloomberg.c... ):
"Ireland to Take Majority Ownership of AIB in Bailout
By Finbarr Flynn - Sep 30, 2010 3:12 AM ET
The Irish government will take majority ownership of Allied Irish Banks Plc in its second bailout of the lender, Finance Minister Brian Lenihan said.
The bank will seek to raise 5.4 billion euros ($7.3 billion) in a stock offering. Ireland’s National Pensions Reserve Fund Commission, which is guaranteeing the sale, may buy as much as 3.7 billion euros of stock and convert 1.7 billion euros of preference shares, the Dublin-based lender said in a statement today.
“In the current stressed market conditions, the bank is unlikely to be able to conduct a traditional privately underwritten transaction,” Lenihan said in a statement today. “As a consequence of these actions it is likely that the state will hold a majority shareholding in AIB.”
Ireland’s banks are raising capital after bad debts surged as a decade-long real estate boom collapsed. The government said today the cost of rescuing the country’s lenders may jump to as much as 50 billion euros. The rising cost of the bailouts prompted Standard & Poor’s to downgrade Ireland’s credit rating last month and has pushed up the country’s borrowing costs.
“The big surprise is the increased capital number for Allied Irish,” said Sebastian Orsi, an analyst with Merrion Capital, the Dublin-based securities firm. “The government could end up with over 90 percent of the group, subject to investor take-up of the planned stock sale to shareholders.”
Allied Irish Managing Director Colm Doherty will leave the company by the end of 2010, the lender said. The new shares will be sold for 50 cents each, 9.4 percent less than yesterday’s closing price in Dublin. "