Allied Irish to Issue $85 Million in ADRs

LONDON - Allied Irish Banks PLC plans to issued $85 million worth of American depositary receipts as early as September.

The new shares will not exceed 5% of Allied's shares currently at issue. One ADS will equal six ordinary shares.

The offer price will be the dollar equivalent of the share price on the Dublin Stock Exchange at the time of the offering.

The proceeds will be used for the proposed acquisition of Midlantic Corp's York Bank and Trust Co., Allied said.

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