Court challenge launched against PTSB capital plans

A High Court challenge has been launched against plans by Permanent TSB to raise €400m through a share placing to institutional investors ahead of listings on the London and Dublin stock exchanges.

The action has been brought after the institution, which is 99.2% owned by the State, this week announced plans to raise the funds as part of the overall intention to return PTSB to private ownership.

Arising out of the proposals, three shareholders of the company — Gerard Dowling, Padraig McManus, and Piotr Skoczylas— have launched actions seeking various injunctions, including one preventing the Irish Stock Exchange from allowing any new shares issued as a result of the €400m share issue in the company.