Allied Irish Banks Plc repeated an apology to investors, as shareholders prepared to vote on a plan to start repaying its state bailout.
“I and my fellow directors acknowledge the difficulties experienced by you by the appalling loss of value in our shares since the crisis began,” AIB Chairman Richard Pym told shareholders in Dublin on Wednesday.
AIB’s plans to repay its 21 billion euro rescue represent another step towards normality in a nation that was beset by one of the worst financial crisis in history.
AIB initially plans this year to redeem 1.7 billion euros of the government’s preferred shares in the lender as well as promissory notes in a subsidiary. It also aims to convert further preferred stock into equity and shrink its number of shares by more than 99 percent to restructure its capital base before the state starts to sell shares in the bank next year.
The share consolidation throws investor losses into “sharp relief,” Pym said.