AIB Group - EGM 05 February 2021
The Board called this EGM to approve resolutions regarding the migration of uncertificated shares from CREST to Euroclear System to ensure continued electronic settlement of shares traded on Euronext Dublin and the London Stock Exchange. In the result of Brexit, all Irish issuers who currently use CREST, one of the world’s largest and most technically advanced settlement systems, will need to move to a new settlement system which is authorised by an EU Member State.
ECGS recommends the approval of the proposed proposals since Euroclear is the only available alternative for CREST. The absence of an electronic settlement would cease the Company’s tradings on Euronext Dublin and the London Stock Exchange. Finally, if the proposals are not approved, the Company should re-issue paper shares. All these consequences would materially affect the interest of investors and the Company’s value.
AIB Group is a financial services group operating predominantly in the Republic of Ireland and the United Kingdom. Co. provides a comprehensive range of services to personal, business and corporate customers. Co.'s operations are organized along three key segments: AIB Ireland (comprises Personal, Business and Corporate Banking); AIB UK (comprising Allied Irish Bank which offers full banking services to predominantly business customers across Great Britain; and First Trust Bank which offers full banking services to business and personal customers across Northern Ireland); and Group & International (syndicated and international lending in the United States of America and Europe).
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