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Anglo Shares - Are we seriously considering paying compensation?

  • 11-04-2010 6:20pm
    #1
    Skid
    Closed Accounts Posts: 9,873 ✭✭✭


    There is an article in the Sunday Tribune today which details recent off-exchange trading in Anglo shares. These have now been suspended pending the appointment of an assessor who would determine if any compensation will be payable to shareholders

    http://www.tribune.ie/business/article/2010/apr/11/anglo-halted-falling-adr-shares-in-march/

    Apparently these shares closed at $0.19 having previously traded much higher, from the article:


    Anglo ADR shares appreciated an incredible 433% at one stage last year after hitting a pre-nationalisation low of $0.12 in mid-January 2009, outperforming peers AIB and Bank of Ireland by a wide margin. The shares had skyrocketed after the bank's offer last July to buy back €3.2bn in subordinated debt at a premium to boost its capital ratios caused the price to treble to $0.90 on relatively heavy volumes. After the Nama heads of bill were published on 31 July, the stock settled into a range of $0.60-$0.70, or about five times nationalisation value, until last December. It finally closed at just $0.19.



    Do these traders seriously think The Irish Government is going to pay out
    compensation for this disaster of a company, on top of €20 Billion plus in bailouts? Am I missing something here - Surely there would be civil unrest if even more cash was to be wasted on shareholder compensation.


Comments

  • #2
    GSF
    Registered Users, Registered Users 2 Posts: 1,831 ✭✭✭GSF


    SkidMark wrote: »
    Do these traders seriously think The Irish Government is going to pay out compensation for this disaster of a company, on top of €20 Billion plus in bailouts? Am I missing something here - Surely there would be civil unrest if even more cash was to be wasted on shareholder compensation.
    They think the government is a soft touch. I wonder where ever they got that idea from?:rolleyes:


  • #3
    steof1984
    Registered Users, Registered Users 2 Posts: 212 ✭✭steof1984


    http://www.oireachtas.ie/documents/publications/RegofinsterstDáil2009.doc

    Well some TD's have shares in Anglo. Will that affect their decision? Surely not.


  • #4
    Liam Byrne
    Closed Accounts Posts: 18,163 ✭✭✭✭Liam Byrne


    I'd change the thread title.....

    "we" certainly aren't considering it.

    FF might be doing another vested-interest solo run and considering it to bail out more of their mates, but no-one with a brain would consider it.


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