can anybody explain what happened to Irish Continental Group share value

nungesser

On June 10th Irish Continental Group share price dropped from €28.46 to €2.81 a 90% drop in value. I searched the web but was unable to find any information that I could understand. Could somebody explain this to me in lay-man terms. ICG had an AGM on May 22nd were they did this "Redemption and cancellation of the Company's Redeemable Shares and sub-division of the Company's ICG Units"
I don't understand exactly what that means. thanks for your help
link to Irish Stock Exchange showing value change: http://www.ise.ie/Prices,-Indices-Stats/Equity-Market-Data/EquityDetails/?equity=103158&start_day=10&start_month=6&start_year=2014

euroboom13

They had a 1 in 10 split.
So if you had 1000 old shares at 28.00 you now have 10,000 at 2.8euros...
Just makes the share more accessible

http://otp.investis.com/clients/uk/icg/rns/regulatory-story.aspx?cid=500&newsid=416844

euroboom13

nungesser did you pick your tag after the missing French aviator or is it just coincidence .?off topic

nungesser

thanks "Euroboom" I wasn't understanding the legal speak on the few pages I found about ICG.
Yes Charles Nungesser! I used to be an aviation mechanic and you could say Charles was my favorite aviator, I took his name on as an alias. I had an old truck that I painted his balckheart emblem on the hood. He has a very interesting history including his attempt to cross the atlantic two weeks before lindburgh

euroboom13

Interesting pair ,him and coli, will they ever be found! to think stuff like that happened and nobody cares ,rather watch easterners and corrie than learn something factual. good luck nungesser(maybe he survived)

pitrn

Would anyone recommend buying ICG at this price?

Electric Boobs

pitrn wrote: »

Would anyone recommend buying ICG at this price?

I was invested with them a few years back, and to be honest I'd kind of feel indifferent about going back in. Wouldn't expect any irregular share price fluctuations, and would expect it to be a long haul investment

Electric Boobs

Interesting piece in the paper Friday about Irish Ferries, titled "Ferry group ICG's operating profits drop 20%" in spite of the fact that their new Epsilon ship allowed company to drive volume up. This was due to fuel costs rising by more than 10%

Sonnenblumen

ICG is a solid Share paying excellent divis and good capital growth to boot. What's not to like about such a share?

Current price is high but the value was here 5 years + ago.

I'm in for the long haul and so far apart from a few market bumps etc, very happy with the SP performance.

Great Irish cash generating business. Hats off to Mr Rothwell & team. We are sailing