Substitution of Issuer


 

TIDMFAP 
 
RNS Number : 1063H 
First Active PLC 
15 February 2010 
 

Company name:First Active plc 
Headline:Substitution of Issuer 
 
First Active plc 
15 February 2010 
?Substitution of Issuer 
By Ministerial Order issued on 8 December 2009 (the "Order"), the Minister for 
Finance in Ireland approved a scheme for the transfer of the banking business of 
First Active plc ("First Active") to Ulster Bank Ireland Limited ("UBIL") under 
Section 33 of the Central Bank Act, 1971 of Ireland ("Section 33").  First 
Active and UBIL also entered into a business transfer agreement on 8 October 
2009 (the "Business Transfer Agreement") relating to the transfer of the First 
Active's banking business to UBIL.  By virtue of the transfer of the banking 
business of First Active to UBIL pursuant to Section 33 and the Business 
Transfer Agreement, the relevant assets, rights, liabilities and obligations of 
First Active will transfer to UBIL on the 15th of February 2010 or such later 
date as First Active and UBIL may agree (the "Transfer Date"). The Order and the 
Business Transfer Agreement will give effect to the transfer of business covered 
by the Order and other business under Irish law, including the securities 
referred to below. 
On the Transfer Date, the following liabilities and obligations of First Active 
become the liabilities and obligations of UBIL and UBIL shall be substituted in 
place of First Active as issuer and principal debtor, on identical terms, in 
respect of the following securities: 
(a)         IEP GBP30,000,000 11.375% Subordinated Bonds (ISIN: IE0004325399); 
(b)         STG GBP20,000,000 11.75% Subordinated Bonds (ISIN: IE0004325514); 
and 
(c)         STG GBP25,000,000 Floating Rate Subordinated Bonds (ISIN: 
IE0004325282). 
The title and ISIN of the above securities will remain the same. 
For further information, please contact 
 
Patrick Passmore 
First Active plc 
Ulster Bank Group Centre 
George's Quay 
Dublin 2 
Ireland 
 
Telephone        +353 1 608 4488 
Fax:                 + 353 1 608 4046 
 
 
 
 
This announcement has been issued through the Companies Announcement Service of 
                            the Irish Stock Exchange. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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