Seeking Alpha

Ross and Fairfax partly unload Bank of Ireland stakes

  • Wilbur Ross and Fairfax Financial (FRFHF) paid about €0.10 per share when they acquired about an 18% stake in Bank of Ireland (IRE -6.6%) in 2011 to help prevent the lender's nationalization. Not unexpected given strong demand for the stock, today's sale whittles their holdings down to about 12%. The two have more than tripled their money with the investment.
  • The Irish government continues to hold a 14% stake in the bank and there will no doubt be heightened interest in an offering of these shares.
Comments (6)
  • mcdonnellk
    , contributor
    Comments (25) | Send Message
     
    Very positive. Do you think the share price will slip more ?
    4 Mar, 01:10 PM Reply Like
  • Pete Samuel
    , contributor
    Comments (396) | Send Message
     
    Ross will wake up in the morning and look into a mirror and say what have I done! It's hard to oneself own A$$. Talk about peeing into the win!
    4 Mar, 01:19 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (8609) | Send Message
     
    Smart move...don't get greedy...lock in some gains.
    4 Mar, 02:48 PM Reply Like
  • huntsman666
    , contributor
    Comments (4) | Send Message
     
    Doubled my IRE holding today at $19.81. My earlier purchase was at $9.36.

     

    This 'profit taking' is my buying opportunity.

     

    Ireland is strongly recovering as is the Bank of Ireland. I'm Irish, living in Ireland.
    4 Mar, 03:11 PM Reply Like
  • oregonhillnumina
    , contributor
    Comments (17) | Send Message
     
    I nibbled some and added to my holding around 19.84 yesterday. The thing is the billion shares he's sold (not the ADR) was a private placement and, as I understand it, not on the open market. I see this as merely transferring ownership of those shares.
    5 Mar, 06:27 AM Reply Like
  • mmritas
    , contributor
    Comments (23) | Send Message
     
    feb 2009 12 bucks sept 2009 197 bucks: check ur gragh. This is a long term gold mine. From what I know, they sold it to pay taxes and institution bought it right up. Could see 30 in few month.
    9 Mar, 01:53 PM Reply Like
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