Building Society to go public

By Andrew Bushe

DUBLIN – A share bonanza will follow the almost unanimous decision of 70,000 members of the First National Building Society to convert it to a publicly quoted company.

Over 97 percent of the members voted in favor of FNBS going public at the annual general meeting this week and now they will get free shares worth an estimated _1,170.

There are estimated to be 220,000 members with qualifying accounts who will each get the free 450 shares but their value will depend on the price at which the shares are traded.

After the flotation in the autumn, the Society will be known as First Active.