Goldman Sachs Reports Transactions in Permanent TSB Shares Under Irish Takeover Panel Rule 38.5(b)

Goldman Sachs' Advisory Role in Permanent TSB Transaction

Goldman Sachs Bank Europe SE is formally identified as adviser to the offeree in relation to Permanent TSB Group Holdings plc, an Irish retail and commercial bank headquartered in Dublin. Permanent TSB offers lending, deposit-taking, and related financial services within Ireland. Its revenue primarily derives from net interest income on loans, financial service fees, and treasury operations. This disclosure confirms Goldman Sachs' advisory capacity during this corporate transaction period.

The advisory relationship constitutes a material disclosure under Irish Takeover Panel rules, requiring connected parties, including advisers, to publicly report their holdings and transactions in the target company's shares. This ensures market transparency and mitigates conflicts of interest during takeover activities. The filing exemplifies regulatory oversight of investment banking conduct amid heightened corporate activity affecting Irish-listed firms.

Details of Share Purchase on 21 July 2026

On 21 July 2026, Goldman Sachs executed a "Borrow New" purchase of 17,689 ordinary shares in Permanent TSB Group Holdings plc. The announcement did not specify the price per share. The "Borrow New" classification indicates acquisition via newly borrowed stock, a typical practice in market-making or principal trading. Although significant to Goldman Sachs' position, the transaction size is modest compared to Permanent TSB's total issued shares.

The transaction occurred on a single day and was disclosed the following day. Its timing, concurrent with Goldman Sachs' advisory role, suggests it forms part of the bank's broader involvement in the transaction. Goldman Sachs confirmed no derivatives, options, or complex financial instruments were involved, reflecting a straightforward share purchase without hedging.

Goldman Sachs' Current Long Position: 38,942 Shares

Following the 21 July transaction, Goldman Sachs disclosed a long position totaling 38,942 Permanent TSB ordinary shares, representing 0.00% of issued share capital. This holding includes both directly held shares and those acquired through the Borrow New transaction. The position size aligns with Goldman Sachs' market-making and principal trading activities during a period of increased market interest.

Disclosure of this long position complies with Irish Takeover Panel Rule 38.5(b) requirements for connected exempt principal traders. It provides market participants and regulators visibility into Goldman Sachs' beneficial interest and exposure in Permanent TSB equity as of the close of trading on 21 July 2026. Investors analyzing Permanent TSB's shareholder structure should factor in this disclosed stake.

Short Position of 21,253 Shares Also Disclosed

Goldman Sachs additionally reported a short position of 21,253 Permanent TSB ordinary shares, also representing 0.00% of the issued share class. This short position likely serves as a hedge or inventory management tool common among principal traders and market makers. The disclosure ensures full transparency of Goldman Sachs' market exposure under Irish Takeover Panel rules.

The combined long and short positions—38,942 shares long and 21,253 shares short—result in a net long exposure of approximately 17,689 shares, matching the volume purchased on 21 July 2026. This indicates a controlled net position with no derivative instruments involved, as confirmed by Goldman Sachs. The short position reflects actual borrowed shares sold, not synthetic instruments.

Overview of Permanent TSB's Irish Banking Operations

Permanent TSB Group Holdings plc operates as an Irish retail and commercial bank, providing mortgages, personal and business loans, deposits, and related financial services exclusively within Ireland. Its revenue model centers on net interest income from lending spreads, supplemented by fees and treasury activities. The bank is regulated by the Central Bank of Ireland, which oversees its capital, liquidity, and risk management.

Permanent TSB's ordinary shares trade on Euronext Dublin under the ticker symbol -PTSB, with a nominal value of EUR 0.01 per share. As a significant player in Ireland’s financial sector, the company has faced regulatory scrutiny and shareholder activism on matters including capital allocation and loan loss provisions. Goldman Sachs' disclosed holdings and transactions reflect strong institutional and advisory engagement during periods of corporate activity.

Irish Takeover Panel Rule 38.5(b) Disclosure Framework

Form 38.5(b), mandated by the Irish Takeover Panel under the Takeover Rules 2013, implements the EU Takeover Directive in Ireland. It requires connected exempt principal traders—those not acting in a client-serving capacity—to disclose dealings in securities of companies involved in takeovers or similar transactions. This ensures transparency of adviser and connected party trading, preventing conflicts of interest and providing market participants with material information.

The disclosure includes the trader’s identity, company details, security class, transaction date, comprehensive holdings and short positions post-transaction, trade volumes and prices, and confirmation of any derivative arrangements. Goldman Sachs' 22 July 2026 filing meets all these requirements, confirming no derivative agreements exist. Contacts listed are Papa Lette and Andrzej Szyszka, reachable at +33(1) 4212 1459 and +48(22) 317 4817. Such transparency supports market integrity and investor confidence in Irish-listed securities.

No Use of Derivatives or Structured Products

The disclosure confirms Goldman Sachs Bank Europe SE did not employ any derivatives, options, purchase or sale agreements, or structured products in connection with its Permanent TSB share dealings on 21 July 2026. Sections related to derivatives and options in the Form 38.5(b) filing remain unfilled, indicating all positions were taken through outright share purchases and short sales.

This absence of derivative instruments simplifies Goldman Sachs' risk exposure and eliminates leveraged or contingent interests beyond the stated shareholdings. Additionally, Goldman Sachs confirmed no agreements or understandings involving options or derivatives exist with other parties, ensuring full transparency of its economic exposure.

Market Impact and Investor Implications

The immediate impact on Permanent TSB's share price was not evident from public sources at the time of filing. The disclosure serves as a regulatory notification rather than a corporate update with strategic or financial guidance. Goldman Sachs' modest net long position of approximately 17,689 shares reflects routine principal trading rather than a significant strategic investment.

Given Goldman Sachs’ advisory role and minimal percentage holding, no fundamental valuation or strategic shifts for Permanent TSB are implied. The transaction aligns with typical market-making activities during corporate events. Investors should consider this disclosure within the broader context of takeover panel filings and market developments, monitoring for additional connected party transactions or formal announcements.

Recommendations for Investors Monitoring Permanent TSB

Investors in Permanent TSB Group Holdings plc (-PTSB) should track ongoing Rule 38.5(b) disclosures and related takeover panel filings to observe connected party activity during this corporate transaction phase. Goldman Sachs’ disclosed position as of 21 July 2026 provides a baseline, but further transactions may prompt additional disclosures. These filings ensure near-real-time access to material information about connected party dealings.

Reviewing shareholder registers and voting rights announcements can help investors understand Permanent TSB's ownership distribution among institutional, retail, and connected parties. Goldman Sachs’ 38,942-share long position, representing 0.00% of issued capital, suggests a broad shareholder base without dominant institutional control. During takeover proceedings, accumulation of strategic positions by advisers and shareholders may signal important developments. Investors should also monitor announcements from Permanent TSB’s board, parent entities, or the Irish Takeover Panel for comprehensive context.