Update on High Court Sanction Hearing
Permanent TSB Group Holdings plc has confirmed that the High Court hearing to sanction the recommended cash acquisition by BAWAG PSK will proceed as planned on October 27, 2026. The company reiterated that no offer has been made by Axis Capital Limited, viewing their recent announcement as speculative and conditional. The Board remains focused on shareholder value and certainty, working to satisfy remaining conditions for the acquisition. Only four shareholders, holding 0.002890% of the company's shares, have indicated an intention to object to the scheme.
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BY
BAWAG P.S.K. BANK FÜR ARBEIT UND WIRTSCHAFT UND ÖSTERREICHISCHE POSTSPARKASSE AKTIENGESELLSCHAFT ("BAWAG PSK")
UPDATE ON HIGH COURT SANCTION HEARING
The Board of Permanent TSB Group Holdings plc ("PTSBGH" or the "Company") confirms that the hearing of the High Court of Ireland (the "High Court") to sanction the scheme of arrangement (the "Scheme"), by which the recommended cash acquisition by BAWAG PSK of the entire issued and to be issued share capital of PTSBGH is to be implemented, will proceed as planned at 11am (Irish time) on 27 October 2026 (the "Court Hearing").
PTSBGH also notes the recent announcement by Axis Capital Limited ("Axis") on 22 October 2026. PTSBGH confirms that no offer has been made by Axis for the Company. PTSBGH is firmly of the view that this latest announcement remains highly speculative and conditional and that no new information has been provided by Axis or its advisors that has changed that position.
The Board of PTSBGH remains focused on delivering value and certainty to the Company's shareholders and, in accordance with its legal obligations, is continuing to work with BAWAG PSK to satisfy the remaining conditions set out in the Scheme Document dated 15 May 2026, including the sanction of the Scheme at the Court Hearing.
PTSBGH notes that four shareholders, out of a total of approximately 12,000 PTSBGH shareholders, and who hold only 0.002890% of the Company's issued shares, have indicated to the High Court that they intend to object to the sanction of the Scheme. These shareholders have, over a prolonged period, pursued a number of unsuccessful legal proceedings concerning PTSBGH and the Minister's shareholding in the Company.
The Court Hearing is expected to take place over a number of days. The timing of the judgment, following the satisfaction of Scheme conditions and the conclusion of the application for sanction of the Scheme, will be a matter for the High Court. A further announcement will be made through a Regulatory Information Service following delivery of the High Court's judgment.
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.