BRS Beacon Rise Holdings Plc

RNS Number:8909X
Bristol & West PLC
06 June 2007


6 June 1007

                    Bristol & West - transfer of business

On 19 February 2007 Bristol & West announced that it proposes to transfer its
business to its ultimate parent company, the Governor and Company of the Bank of
Ireland ("Bank of Ireland") (the "Transfer"). The Transfer is to be effected
pursuant to a banking business transfer scheme under Part VII of the Financial
Services and Markets Act 2000 (the "Scheme"). Today Bristol & West has made an
application to the High Court for approval of the Transfer.

It is proposed that, under the Scheme, Bank of Ireland will be substituted
as obligor in place of Bristol & West under Bristol & West's listed bonds,
being the Subordinated Bonds due 2018 (LSE: BB84) and the Unsecured Perpetual
Subordinated Bonds (LSE: BRS).

It is further proposed that Bristol & West will apply to Court for approval of a
reduction in its share capital following the Transfer. The holders of Bristol &
West's listed Non-cumulative Non-redeemable Preference Shares (the "Preference
Shares") will be offered the option of retaining their Preference Shares
following the reduction or having them cancelled and repaid at par together with
any accrued but unpaid dividend. Bank of Ireland proposes to provide ongoing
support to Bristol & West in relation to dividend and capital payments to those
holders who retain their Preference Shares. A circular convening a class
meeting of holders of the Preference Shares to consider and vote on these
matters will be dispatched in due course, containing further details of the
proposals.

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 further
announcement will be made containing details about how to access the explanatory
statement and the date for the Court hearing to consider the Scheme.

/ends

Enquiries:-

Richard Holden, Company Secretary, Bristol & West plc 00-44-117-9432583


                     This information is provided by RNS
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