Tue, 9th Aug 2011 15:47
www.lse.co.uk/...eHeadline=Delayed_Settlement_Security_Results
RNS Number : 0479M
Bank of Ireland(Governor&Co)
09 August 2011
EXCHANGE OFFERS AND CONSENT SOLICITATIONS
DELAYED SETTLEMENT SECURITY RESULTS INDICATIVE ANNOUNCEMENT
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND ANNOUNCES THE INDICATIVE RESULTS OF THE EXCHANGE OFFER IN RESPECT OF THE DELAYED SETTLEMENT SECURITY.
The Governor and Company of the Bank of Ireland (the "Bank") announced on 8 June 2011 that it had made an invitation to certain holders of the securities listed in that announcement (the "Existing Securities") to offer to exchange their Existing Securities for Option 1 Consideration (plus any accrued interest) or Option 2 Consideration (without any accrued interest) (the "Exchange Offers").
In conjunction with the Exchange Offers, the holders of the Existing Securities have been invited to consent to certain modifications to the terms of their Existing Securities (the "Consent Solicitations" and, together with the Exchange Offers, the "Offers").
The Offers include an Exchange Offer and a Consent Solicitation in respect of the Bank's Fixed/Floating Dated Subordinated Notes due September 2015 (ISIN: CA062786AA67) (the "Delayed Settlement Security").
The full terms and conditions of the Offer relating to the Delayed Settlement Security are set out in a Consent and Exchange Offer Memorandum dated 8 June 2011 (the "Consent and Exchange Offer Memorandum"). Capitalised terms used and not otherwise defined in this announcement have the meaning given to such terms in the Consent and Exchange Offer Memorandum.
This announcement is the Delayed Settlement Security Results Indicative Announcement referred to in the Consent and Exchange Offer Memorandum.
Delayed Settlement Security Indicative Results
As at the Expiration Deadline of 11.00 a.m. (New York time) on 8 August 2011, CAD38,740,000 in aggregate nominal amount of the Delayed Settlement Security had been validly Offered for Exchange for Option 1 Consideration and CAD1,075,000 in aggregate nominal amount of the Delayed Settlement Security had been validly Offered for Exchange for Option 2 Consideration.
Delayed Settlement Security Late Participation FX Rate
The Delayed Settlement Security Late Participation FX Rate, determined in accordance with the terms of the Offers as set out in the Consent and Exchange Offer Memorandum, is 1.4218.
The Delayed Settlement Security Late Participation FX Rate is relevant for determining the Euro-Equivalent Option 1 Consideration Amounts in respect of any Delayed Settlement Security Offered for Exchange for Option 1 Consideration after the Early Participation Deadline and before the Expiration Deadline.
Results and Consent Solicitation
The Meeting relating to the Consent Solicitation in respect of the Delayed Settlement Security has been convened for 10 August 2011. The Bank will determine whether or not it accepts any Offers to Exchange in respect of the Delayed Settlement Security following conclusion of the Meeting. It expects to announce the results of the Exchange Offer and Meeting in respect of the Delayed Settlement Security tomorrow.