ADRs Of Allied Irish Banks Worth Just $1.19; Will Drop To That Level Within 7 Months
- At $1.66, AIBYY is seriously overvalued.
- Each share of AIBYY represents underlying assets consisting of about 86 cents in cash and 2.262 Irish shares of AIB. The total value of those assets is just $1.24.
- ABIYY’s shareholders will be forced to redeem their shares for cash around December 2014. The payout at redemption should be around $1.19 after deduction of a 5 cent "depositary fee."