"The sale of Wilbur Ross’s remaining stake in Bank of Ireland (IRE), giving up the board seat which he held for just under three years, reinforces our view that there remains little in the way of incremental positive catalysts on the horizon," says Nomura. “Further overhang remains with over 60% of the shares in the hands of the top 10 investors, although most are in it for the long haul.”
Down nearly 4% in early action, Bank of Ireland is now off 2.5% in London action. The ADRs fell 2.1% in New York trade yesterday following the news.
Previously: Ross exiting rest of Bank of Ireland position