FBD Trust, a registered not-for-profit entity, has significantly increased the number of ordinary shares it holds in FBD Holdings plc in recent months.
In a single transaction last week, the trust purchased, after arranging short-term finance, over 900,000 ordinary shares in the plc at a price of €12.80 each.
Since August of last year, the trust has increased the number of ordinary shares it holds by more than 50% to 4,643,301.
Combined with the two million preference shares it has held for many years, it means the trust now controls 16.59% of shareholder votes in FBD plc, making it the second-largest voting block behind Farmer Business Developments plc which holds 28.07% of voting rights.
The trust’s stake has increased as Norwegian insurance company Protector Fossikring sold down its holding in FBD Holdings plc.
It is unclear why the trust has decided to build its holding at this time. Shares in FBD plc are trading at close to 10-year highs, and at more than twice the level seen in 2020.
The FBD Trust was established 50 years ago with the aim of advancing and supporting the interests of Irish farm families and communities in rural Ireland.
More than 30 years
As a not-for-profit and a company limited by guarantee, it has no shareholders.
Four of the current six-member board of the trust, including former FBD Holdings plc chair Michael Berkery, have served for more than 30 years each.
The board’s directors are listed as Michael Berkery, John Donnelly, John McCullen, Michael McBennett, Jer Bergin and Elaine Farrell.
The trust recently contributed to the €6m fund for the development of the Padraig Walshe Research Centre in Teagasc Moorepark. It also invested in funding the establishment of the ICBF and the Paddy O’Keeffe Animal and Grassland Innovation Centre in Moorepark.