FBD Trust CLG, the charity set up by FBD more than 50 years ago, has purchased more shares in the insurer, according to a stock-exchange announcement by FBD plc. The Trust has significantly expanded its holding of shares in the insurer in recent years.

The charity, which FBD plc describes as an “independent, not for profit entity” amended its constitution in August 2023 to include a line saying it would work “in partnership with FBD Insurance plc” to complement that business. In practice, that change has seen the Trust become an active buyer of FBD shares since.

At the time of the amendment, the Trust owed 2,984,737 shares in the insurer – an ownership level which had been unchanged for years. Since August 2023, the Trust has increased the number of ordinary shares in the plc it owns by 2.4 million shares to 5,383,930.

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The most recent data available for the Trust’s previous holding in shares, at the end of December 2024, put the number of ordinary shares held at 5,000,435, indicating that the Trust has purchased more than 380,000 shares since then.

Preference shares

Adding the total holding of ordinary shares to the 2 million preference shares the Trust holds means that the Trust now controls 18.24% of the voting rights in FBD Insurance.

Farmer Business Developments plc (the original parent company of the insurer, now more involved in the hotel business) controls 27.83% of the voting shares in the insurer.

In August 2023, the 2,984,737 shares the Trust held were valued at €38.65m. The Trust’s current shareholding of over 5.38m share are worth just over €88m at Tuesday’s closing price of €16.35 each.

When contacted by the Irish Farmers Journal a spokesperson for the Trust said: “FBD Trust CLG is an original & strategic shareholder in FBD Holdings plc. As surplus cash accumulated, FBD Trust CLG, has invested in additional shares in FBD Holdings plc.

FBD Trust CLG is a registered not for profit entity and these share purchases will not impact the ongoing and routine Grant and Sponsorship activities of FBD Trust.”