Court gives permission for PTSB to hold shareholder meeting over sale to Bawag

Opponents say that unless there are two classes — one comprising the minister and the other the minority shareholders — the minority shareholders would be discouraged from even turning up at the meeting to sanction the deal

PTSB can now go about notifying shareholders of the meeting, which is scheduled to take place on July 30. File photo: Sasko Lazarov/RollingNews.ie

The Commercial Court has given the go-ahead for Permanent TSB to convene a meeting of shareholders for the proposed €1.6bn sale of the bank to Austrian banking group Bawag.

PTSB shareholder Piotr Skoczylas and two other minority shareholders had asked the court to decide, before the meeting takes place, what the composition of the class of shareholders should be in circumstances where the minister for finance holds 57.5% of PTSB. The minister is supporting the sale of the bank.