PTSB has proceeded to publish a document for shareholders outlining the expected timing of its €1.6 billion takeover by Austrian group BAWAG.

The development follows a hearing in the Court of Appeal where a group of shareholders who are challenging the deal failed to get a stay on an court order which authorised PTSB to hold an extraordinary general meeting on July 30.

However, the Court of Appeal decided there will be a further hearing on July 8.

The issue relates to a challenge brought by three shareholders, led by former investment banker Piotr Skoczylas of Scotchstone Capital, who own less than 1% of PTSB.

Earlier this week the three shareholders argued in the High Court that there should be a hearing into whether the Minister for Finance Simon Harris should be categorised differently to other shareholders.

The Minister holds 57.5% of the shares in PTSB on behalf of the State following the taxpayer’s bailout of bank in 2011.

Mr Harris is supportive of BAWAG’s takeover offer which has been recommended by the PTSB board.

Mr Skoczylas argued in court this week that the Minister “is a different animal” to other shareholders.

But the High Court ruled that the issue of the composition of shareholders could be dealt with when the takeover comes before the courts for approval later this year.

Speaking after today Court of Appeal hearing Mr Skoczylas said the judgement today was “important” because if the hearing on July 8 found in favour of the three shareholders the EGM meeting would not proceed.

Speaking to RTÉ News PTSB spokesperson said that “there’s been no decision on the substantive nature of the issue”, meaning the decision whether the Minister for Finance Simon Harris should be classified differently to other shareholders “will be dealt with later”.

PTSB unions call for retention of branch network and workers’ terms and conditions

Unions at PTSB have said that the retention of the bank’s branch network and workers’ terms and conditions is critical to the future of the business.

The call from Unite, FSU and Mandate is contained in an opinion on the proposed sale of PTSB to BAWAG, submitted under Irish Takeover Panel rules.

The unions have stressed that the bank’s viability as a strong competitor to the other two pillar banks depends on utilising the knowledge and professionalism of its employees and retaining the existing branch network.

The group of unions also stated that existing collectively negotiated terms and conditions must be protected going forward.

“If PTSB is to offer a real challenge to the other two ‘pillar banks’, a new owner must commit to investing in the retention and expansion of that branch network, ensuring that staff can deliver a high-quality customer experience to both retail and business customers,” said Unite Regional Officer Jean O’Dowd.

FSU Industrial Relations Organiser James Callaghan said as the largest shareholder in PTSB, there is an obligation on the Minister for Finance to achieve a deal that is in the best interest of the economy, consumers and the staff of PTSB.

“He must ensure any new owner will invest in infrastructure, technology and importantly staff,” Mr Callaghan said.

Mandate Divisional Organiser John O’Donnell said the commitment, knowledge and experience of staff cannot be understated.

“Whoever the new owner is they must acknowledge this and how retaining this talent is essential to the future success of the bank,” Mr O’Donnell said.