ICC Bank has written to the minority shareholders who hold 0.1 per cent of the bank to propose the payment of a special cash dividend upon sale of the bank, writes Jane O'Sullivan.

It is also asking shareholders for their consent to the waiver of certain provisions of the take-over rules which it believes are inappropriate given the shareholding structure of ICC and the proposed sale process.

The State, through the Minister for Finance, has a 99.9 per cent stake in the bank. But the other 0.1 per cent or some 1,239 shares are held by descendants of the original founders, directors and former directors of the bank which was set up in 1933.

The proposed dividend will only be paid to the 48 minority shareholders and is expected to be equal to the amount per share of the offer made for the bank.

Payment of the dividend is conditional on the passing of both resolutions at an extraordinary meeting to be held at the offices of the bank at noon on May 14th.

Among the biggest private shareholders are members of the Ginnell family of Mullingar who own 460 ICC shares inherited from their grandmother, Ms Marcella Ginnell, who supported the bank share offer in 1933.