Goldman Sachs Reports Trading in Permanent TSB Shares Under Irish Takeover Panel Regulations

Permanent TSB Group Holdings: Ireland’s Retail Banking Leader

Permanent TSB Group Holdings plc is an Irish financial services company primarily focused on retail banking. It offers a wide range of banking products and services across Ireland, holding a significant position in the country’s retail banking sector. Listed on the Irish stock exchange, Permanent TSB operates under the supervision of the Central Bank of Ireland and relevant regulatory bodies.

The company’s ordinary shares are denominated in euros with a par value of EUR 0.01 per share, reflecting its core market and currency. Permanent TSB’s business strategy centers on retail customers through deposit-taking, lending, and related banking services. Regulatory compliance with Irish and European banking standards governs its operations and disclosure requirements. Goldman Sachs International’s advisory role to the offeree suggests ongoing corporate activity or strategic initiatives necessitating investment banking expertise.

Goldman Sachs International’s Advisory Role and Share Positions After 22 July Trade

As advisor to the offeree, Goldman Sachs International is classified as a connected party under Irish Takeover Panel regulations. This status mandates transparent disclosure of any trading in Permanent TSB securities to avoid conflicts of interest and uphold market integrity during corporate transactions. The Form 38.5(b) filing adheres to these strict rules for connected exempt principal traders operating without recognised intermediary status or not dealing in a client-serving capacity.

Following trading on 22 July 2026, Goldman Sachs reported a long holding of 40,685 shares (0.00% of issued capital) and a short position of 49,722 shares (also 0.00%). These minimal stakes align with Goldman Sachs’ advisory function rather than a strategic ownership role. The 0.00% figure reflects the granularity of the share register and the small scale of these positions relative to total issued capital. No derivatives or options were reported in connection with these holdings.

Transaction Details: Partial Loan Return of 8,652 Shares on 22 July

The sole transaction disclosed was a purchase classified as a partial loan return involving 8,652 ordinary shares of Permanent TSB. This indicates a partial unwinding of a securities lending arrangement where Goldman Sachs returned borrowed shares, reducing its borrowing obligations. Such loan returns are common in securities lending, allowing incremental reductions in borrowed positions based on market or strategic considerations.

No unit price was disclosed for this transaction, consistent with the "N/A" notation in the Form 38.5(b) filing. Loan returns typically do not involve negotiated market prices but occur under the terms of lending agreements. The disclosure was made to the Irish Takeover Panel on 23 July 2026, one business day after the transaction, complying with mandatory reporting deadlines under Rule 38.5(b).

No Derivatives or Options Positions Held by Goldman Sachs in Permanent TSB Shares

Goldman Sachs International confirmed it held no derivative or options positions related to Permanent TSB shares as of the disclosure date. The Form 38.5(b) filing showed zero holdings in derivatives or options, indicating a straightforward equity position without hedging or synthetic exposure strategies. This simplifies the bank’s disclosure obligations and reflects a direct shareholding adjustment via loan return.

Additionally, no agreements to purchase or sell options, nor any contingent transactions, were reported. The absence of such instruments highlights that the transaction was a simple adjustment to physical shareholdings, without complex derivative arrangements or contingent liabilities.

Compliance with Irish Takeover Panel Rule 38.5(b) and Connected Party Disclosure

The disclosure follows the Irish Takeover Panel Act 1997 and Takeover Rules 2013, specifically Rule 38.5(b), which requires connected exempt principal traders without recognised intermediary status, or those not dealing client-serving, to disclose dealings promptly. This rule ensures transparency of transactions by parties privy to sensitive corporate information, such as financial advisors involved in takeovers or strategic deals.

Goldman Sachs’ advisory role triggered this disclosure obligation, requiring reporting within one business day. The Form 38.5(b) provides detailed data on transaction nature, volume, timing, and resulting long and short positions, including derivatives and options if applicable. The filing also lists contacts Papa Lette and Andrzej Szyszka for further inquiries.

Connected Party Status and Advisory Role Amid Corporate Developments

Goldman Sachs International’s designation as advisor to the offeree creates a connected party relationship with Permanent TSB under Irish Takeover Panel rules. This reflects the bank’s involvement in advising on corporate activities such as takeovers, mergers, or strategic transactions. The role grants access to material non-public information, necessitating strict disclosure to prevent conflicts of interest or misuse of insider knowledge.

The disclosure does not specify the exact corporate activity underway, but the offeree designation implies ongoing strategic initiatives. The regulatory framework ensures advisors do not exploit privileged information through trading. Goldman Sachs’ timely disclosures demonstrate adherence to these principles, supporting investor confidence during significant corporate events.

Minimal Shareholding Percentages Reflect Immaterial Positions

Both the long position of 40,685 shares and short position of 49,722 shares were reported as 0.00% of Permanent TSB’s issued share capital. This indicates the holdings are too small to register above two decimal places in percentage terms, consistent with typical investment bank trading positions that are modest relative to total public float.

The simultaneous long and short holdings, with a net short exposure of approximately 9,037 shares, likely arise from securities lending, hedging, or market-making activities to provide liquidity. These modest positions confirm Goldman Sachs’ role as advisor and trader rather than a strategic shareholder with controlling interest.

No Agreements or Understandings Affecting Voting Rights or Future Transactions

Goldman Sachs International stated that no agreements, arrangements, or understandings exist regarding voting rights or future acquisition or disposal of Permanent TSB shares. This assurance, included in the Form 38.5(b) filing’s "Other Information" section, confirms the bank’s shareholdings are straightforward economic interests without coordinated voting or conditional sale arrangements.

This transparency supports market integrity by ensuring no undisclosed coordination or contingent transactions influence Goldman Sachs’ share positions. It aligns with Irish Takeover Panel requirements for full disclosure of all relevant shareholding and derivative arrangements by connected parties during active corporate periods.

Disclosure Timing and Contact Details via Investegate

Goldman Sachs International submitted its Form 38.5(b) disclosure on 23 July 2026, one business day after the 22 July transaction, complying with Irish Takeover Panel Rule 38.5(b) timelines. The filing was made available through the Investegate regulatory news service, granting public access to details of connected party trading activity.

Contacts listed for further inquiries are Papa Lette and Andrzej Szyszka, with telephone numbers provided. These contacts facilitate transparency and communication with investors, media, and regulators regarding the disclosure. This openness reflects Goldman Sachs’ commitment to clear and accessible regulatory reporting during periods of significant corporate activity involving Permanent TSB shares.