nwoodman Posted October 18, 2013 Posted October 18, 2013 at least by my calculations. cheers nwoodman
steph Posted February 27, 2014 Posted February 27, 2014 There is a lot of talk about BBY regaring FFH, but Bank of Ireland is their largest position. It is worth 1billion euro or 1.37 billion $! Ytd it is already up an impressive 40%!
cubsfan Posted February 27, 2014 Posted February 27, 2014 There is a lot of talk about BBY regaring FFH, but Bank of Ireland is their largest position. It is worth 1billion euro or 1.37 billion $! Ytd it is already up an impressive 40%! IRE is acting like a tech stock - anybody understand why the dramatic rise?
gary17 Posted February 27, 2014 Posted February 27, 2014 Speculation about profitability Speculation about dividend. And probably some retail investors confused about the split ... Relative to AIB it is dirt cheap even though the former is nationalized. Ireland real estate up a lot lately Ire the only private bank in ireland and does fifty percent of business in UK So with all that I did let go some of my positions last week... And of course as soon as I sold it went up 25%... From 16 to 21 :(
cubsfan Posted February 27, 2014 Posted February 27, 2014 Speculation about profitability Speculation about dividend. And probably some retail investors confused about the split ... Relative to AIB it is dirt cheap even though the former is nationalized. Ireland real estate up a lot lately Ire the only private bank in ireland and does fifty percent of business in UK So with all that I did let go some of my positions last week... And of course as soon as I sold it went up 25%... From 16 to 21 :( Thanks for the comments - when you say they do 50% of biz in UK - do you mean outside of Ireland? Also, sounds like they will have a quasi-monopoly in Ireland, when and if that economy turns around?
gary17 Posted February 27, 2014 Posted February 27, 2014 I'm not really sure. I just read a bit part of revenue is from the UK... I'm not into numbers... just thought the story was good. There are competitors. Allied Irish Bank. And also an arm of royal bank of Scotland. Forgot the name.... but not having a government assigned bureaucrat on the board is in my view a good thing. RBS is doing very bad right now. If, IF, they have to sell their Irish asset, then this story could become a lot more interesting.
Guest glavacem Posted March 1, 2014 Posted March 1, 2014 Does anyone know how much they originally put into this investment? Also where does one look to find out what it is worth? Thank you kindly, Mike
nwoodman Posted March 1, 2014 Author Posted March 1, 2014 I believe they hold 2,807,463,858 shares and purchased them for 0.1 Euro's each http://www.bankofireland.com/fs/doc/publications/market-news-and-analysis/tr1-notification-fairfax-12-12-13.pdf http://www.lse.co.uk/SharePrice.asp?shareprice=BKIR&share=bank_ireland I would advise steering clear of the LSE chat group as there is a lot of day trading whackiness and aspirational pricing going on ;) Cheers nwoodman
nwoodman Posted March 3, 2014 Author Posted March 3, 2014 Results are heading in the right direction http://www.independent.ie/business/bank-of-ireland-ceo-richie-boucher-taxpayer-support-for-the-bank-has-been-rewarded-and-repaid-as-losses-fall-30057063.html Cheers nwoodman
gary17 Posted March 3, 2014 Posted March 3, 2014 It is interesting the ADR continues to be about 7 to 8 percent premium to the London shares...
Phaceliacapital Posted March 4, 2014 Posted March 4, 2014 BN) Billionaire Ross to Sell Part of Stake in Bank of Ireland +------------------------------------------------------------------------------+ Billionaire Ross to Sell Part of Stake in Bank of Ireland 2014-03-04 08:08:31.841 GMT By Dara Doyle March 4 (Bloomberg) -- Wilbur Ross, the U.S. billionaire investor in struggling industries, is selling a portion of his stake in Bank of Ireland Plc, after the value of his investment more than trebled. The bank’s shares fell in Dublin trading. Deutsche Bank AG said in an e-mail today it’s acting as a placing agent of “an accelerated bookbuilding to institutional investors” of about 2 billion Bank of Ireland shares on behalf of Wilbur Ross and Fairfax Financial Holdings Ltd. That’s 6.4 percent of the Dublin-based bank, Deutsche Bank said. Davy, Ireland’s largest securities firm, is also placing the shares. “Given the appreciation in the bank’s share price and its current premium valuation, we are not surprised to see some of the original North American anchor investors move to take some cash off the table,” said Ciaran Callaghan, an analyst at Dublin-based Merrion Capital. “In some sense, they have done their job and made their return. In 2011, WL Ross & Co. was part of a group of investors that paid about 1.1 euros ($1.5 billion) for a 34.9 percent stake in the lender. The invetsors paid 10 cent a share. The lender lost 490 million euros last year, its loss narrowing 73 percent from a year earlier. Bank of Ireland is now trading profitably and generating capital, Chief Executive Officer Richie Boucher said yesterday. Bank of Ireland dropped 4.9 percent to 34 euro cents as of 8:02 a.m. in Dublin trading. Pat Farrell, a spokesman for the bank, declined to comment on any sale of shares.
gary17 Posted March 4, 2014 Posted March 4, 2014 thanks - so they are cutting down their initial 34% by 6% ... considering how much the Euro has appreciated seems like they are just getting part of their initial investment back so the ADRs pre-market are at $20 or about 0.365 euro / share whereas the actual IRE shares in London are now 0.34. interesting.
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