BWSA.L Regulatory News (BWSA)

1 Oct 2007 12:34

Bristol & West PLC01 October 2007 B&W Transfer Further to announcements on 19 February 2007, 6 and 14 June 2007, 8 and 31August and 18 September 2007, Bristol & West plc ("Bristol & West") is pleasedto announce that the business of Bristol & West transferred to the UnitedKingdom branch of the Bank of Ireland ("Bank of Ireland") today pursuant abanking business transfer scheme under Part VII of the Financial Services andMarkets Act 2000 ("Transfer"). Bristol & West will be deauthorised by the Financial Services Authority witheffect from today. Bank of Ireland has also replaced Bristol & West as issuer in respect of GBP75,000,000 13 per cent. Unsecured Perpetual Subordinated Bonds and GBP75,000,000 103/4 per cent. Subordinated Bonds due 2018 (together, the "Bonds").Certain consequential changes to the Trust Deeds relating to the Bonds have alsobeen made today pursuant to supplemental trust deeds. These changes have beenmade to reflect the substitution of Bank of Ireland in place of Bristol & Westas the principal debtor and issuer under the Bonds and the Trust Deeds. The Bonds have accordingly been delisted as Bristol & West debt securities andsimultaneously listed today on the Official List of the United Kingdom ListingAuthority and admitted for trading on the London Stock Exchange as Bank ofIreland debt securities. The reduction in the share capital of Bristol & West ("Reduction") also tookeffect today. Under the Reduction, 45,963,766 8.125 per cent. non-cumulative non-redeemablepreference shares of £1 each in the capital of Bristol & West ("PreferenceShares") were cancelled, leaving Bristol & West with 79,036,234 authorisedPreference Shares of which, at the date of the Reduction, 32,593,734 are issuedfully paid up and the remainder are unissued. Bank of Ireland has replaced Bristol & West as the principal employer of theBristol & West pension scheme and will take on all funding responsibilities.There is no intention to make any other changes to the current pensionarrangements as a result of the Transfer. Further details of the replacement andthe agreement reached with the trustees are included in a separate communicationwhich has been sent to the members of the scheme directly. 1 October 2007 Contact:Richard Holden, Company Secretary, Bristol & West plc, Tel: 00 44 (0) 117 9432583 This information is provided by RNS The company news service from the London Stock Exchange