Bristol & West PLC Retirement of Legacy Perpetual Instruments (6507U)
25 11월 2023 - 2:16AM
UK Regulatory
TIDMBWSA
RNS Number : 6507U
Bristol & West PLC
24 November 2023
Bank of Ireland Group plc (together with its subsidiaries, the
"Group")
Retirement of legacy perpetual instruments
24 November 2023
The Group is today announcing further progress in respect of the
retirement of its legacy perpetual instruments.
At an Extraordinary General Court ("EGC") of The Governor and
Company of the Bank of Ireland ("GovCo") and class meetings for the
holders of the GovCo 12% Euro Preference Stock and the GovCo
12.625% Sterling Preference Stock (the "Instruments") held earlier
today, the conversion of the Instruments to redeemable stock units
(the "Conversion") was approved and the Instruments are scheduled
to be redeemed by GovCo on 11 December 2023 (the "Redemption").
Holders of the Instruments may object to the Conversion of their
individual holding of preference stock into redeemable stock on or
before 1.00 p.m. (Irish time) on 8 December 2023 (or, in respect of
the Instruments held in uncertificated form, an earlier deadline
set by Euroclear and/or CREST), and such holdings will not become
redeemable or be redeemed on 11 December 2023.
In the event that any stockholder objects to the Conversion of
its Euro Preference Stock into redeemable stock units, the Group
intends (1) to also object to its 66% holding of Euro Preference
Stock being converted into redeemable stock units so that it can
tender its holding of Euro Preference Stock in a subsequent tender
offer intended to be launched by a member of the Group, and (2) to
launch such a tender offer to acquire all of the remaining Euro
Preference Stock in issue. The price payable in respect of such
tender offer may be higher or lower than the price to be paid on
the Redemption. Depending on the number of objecting stockholders
other than the Group, the 80% acceptance threshold required for
triggering the compulsory acquisition procedure under the Irish
Companies Act 2014 may be satisfied in respect of a subsequent
tender offer, and in such circumstances there is a significant risk
that any remaining holders of Euro Preference Stock that object to
the Conversion could be subject to a compulsory acquisition, which
may be at a price lower than the redemption price being offered as
part of the Redemption.
GovCo has today released further announcements as required by
the listing rules, comprising the results of the EGC and class
meetings and a delisting notice in respect of the Instruments.
GovCo will separately issue a notice in respect of the Redemption
to all registered holders of the Instruments.
The Group has also announced the following proposals regarding
Bristol & West plc ("B&W"), a subsidiary within the
Group:
a) an invitation to holders of B&W Preference Shares to
tender any and all of their B&W Preference Shares to GovCo;
b) the cancellation of the admission to trading of the B&W
Preference Shares on the Main Market of the London Stock
Exchange;
c) adoption of amended articles of association for B&W (the
"Amended Articles") to facilitate a members' voluntary
liquidation;
d) an intention to commence winding up of B&W through a
members' voluntary liquidation process if the Amended Articles are
approved (the "Liquidation").
The proposed Liquidation and adoption of the Amended Articles
are conditional upon the passing of special resolutions of the
B&W Preference Share Holders and of all B&W Shareholders at
general meetings which will take place on 18 December 2023.
Further details of today's announcements are available on the
Group's website, along with additional documentation relating to
the GovCo EGC and class meetings at
https://investorrelations.bankofireland.com/shareholder-information/extraordinary-general-meeting/
.
Details in respect of the Extraordinary General Meeting and
Preference Shareholder meeting of Bristol & West plc are
available at www.linkgroup.eu/bristolandwest .
Ends
For further information please contact:
Bank of Ireland
Mark Spain, Group Chief Financial Officer +353 1 2508900 ext
43291
Eamonn Hughes, Chief Sustainability & Investor Relations
Officer +353 (0)87 2026325
Darach O'Leary, Head of Group Investor Relations +353 (0)87
9480650
Damien Garvey, Head of Group External Communications and Public Affairs +353 (0)86 8314435
DISCLAIMERS
This announcement contains certain forward-looking statements
that reflect the GovCo's intent, beliefs or current expectations
about the future and can be recognised by the use of words such as
"expects," "will,", "anticipate," "intends" or words of similar
meaning. These forward-looking statements are not guarantees of any
future performance and are necessarily estimates reflecting the
best judgment of the directors of GovCo and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
As a consequence, these forward-looking statements should be
considered in light of various important factors that could cause
actual results to differ materially from estimates or projections
contained in the forward-looking statements, which include, without
limitation, the risk factors set forth in the documentation
accompanying the notice of EGC sent to stockholders of GovCo on 1
November 2023. GovCo cannot guarantee that any forward-looking
statement will be realised, although it believes it has been
prudent in their respective plans and assumptions. Achievement of
future results is subject to risks, uncertainties and assumptions
that may prove to be inaccurate. Should known or unknown risks or
uncertainties materialise, or should underlying assumptions prove
inaccurate, actual results could vary materially from those
anticipated, estimated or projected. GovCo undertakes no obligation
to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances or to
reflect the occurrence of unanticipated events, except as required
by applicable law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBIBFTMTITBTJ
(END) Dow Jones Newswires
November 24, 2023 12:16 ET (17:16 GMT)
Bristol&w.prf (LSE:BWSA)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Bristol&w.prf (LSE:BWSA)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024