Transfer of B&W plc business

6 Jun 2007 15:01

Bank of Ireland(Governor&Co)06 June 2007 6 June 2007 Bank of Ireland - transfer of Bristol & West plc business to Bank of Ireland On 19 February 2007 Bank of Ireland announced that one of its subsidiaries,Bristol & West plc ("Bristol & West"), proposes to transfer its business to Bankof Ireland (the "Transfer"). The Transfer is to be effected pursuantto a banking business transfer scheme under Part VII of the Financial Servicesand Markets Act 2000 (the "Scheme"). Today Bristol & West has made anapplication to the High Court in London for approval of the Transfer. It is proposed that, under the Scheme, Bank of Ireland will be substitutedas obligor in place of Bristol & West under Bristol & West's listed bonds,being the Subordinated Bonds due 2018 (LSE: BB84) and the Unsecured PerpetualSubordinated Bonds (LSE: BRS). It is further proposed that Bristol & West will apply to Court for approval of areduction in its share capital following the Transfer. The holders of Bristol &West's listed Non-cumulative Non-redeemable Preference Shares (the "PreferenceShares") will be offered the option of retaining their Preference Sharesfollowing the reduction or having them cancelled and repaid at par together withany accrued but unpaid dividend. Bank of Ireland proposes to provide ongoingsupport to Bristol & West in relation to dividend and capital payments to thoseholders who retain their Preference Shares. A circular convening a classmeeting of holders of the Preference Shares to consider and vote on thesematters will be dispatched in due course, containing further details of theproposals.Further details about the Transfer and the Court process will be set out in an explanatory statement to be made available later this month. A furtherannouncement will be made containing details about how to access the explanatorystatement and the date for the Court hearing to consider the Scheme. /ends Enquiries:- Dan Loughrey, Head of Group Corporate Communications 00-353-1-604-3833 This information is provided by RNS The company news service from the London Stock Exchange