A round-up of today's other stories in brief...
AIB to adjust ratio of US shares to comply with NYSE standards
AIB announced plans yesterday to adjust the ratio of its US shares – known as American Depositary Shares (ADSs) – to ordinary shares in order to comply with the New York Stock Exchange’s (NYSE’s) listing standards.
Under the new ratio, one ADS will represent 10 ordinary shares, rather than two shares as is currently the case.
This follows notification by the NYSE that the bank’s ADS line was considered “below criteria” under its continued listing standards, as its average closing price was less than $1 over a 30-day trading period. In a statement to the Irish Stock Exchange, the bank said it was making the change “to maintain an appropriate price range”.
BoI in talks with Government over funds
Bank of Ireland said last night that it is in talks with the Government about a “number of structures” to boost capital.
“None of these structures has been approved by or agreed with the State, and there is no certainty as to which, if any, of the structures under consideration will be adopted,” the Dublin-based lender said in a statement.
The objective of the talks is to facilitate a later rights offering after the upcoming Prudential Capital Assessment Review and Prudential Liquidity Assessment Review, the lender said. – (Bloomberg)
Positive results for Conroy gold study
Conroy Gold and Natural Resources has received positive results from an independent scoping study on its gold discovery in Co Monaghan.
The study was carried out by Wardrop Engineering at the Clontibret gold project and focused on the Tullybuck Lisglassan area, about 20 per cent of the prospect.
“The positive outcome of the scoping studies indicates that the Clontibret project is viable and also provides a sound technical and financial foundation to move forward to the next stages of the project in the knowledge that the ore system remains open and further expansion of the resource is likely and that the potential for a multideposit strategy is worthy of evaluation,” said chairman Prof Richard Conroy.
