Irish Continental Group plc : Result of Tender ...

Irish Continental Group plc

("ICG" or the "Company")

Result of Tender Offer

Date: 5 October 2012

The Board of ICG is pleased to announce the successful result of the Tender Offer described in the Circular issued by the Company to its Shareholders on 7 September 2012 which closed on 4 October 2012 following Shareholder approval at an Extraordinary General Meeting of the Company held on 2 October 2012.

A total of 7,368,557 ICG Units were validly tendered at the Tender Price pursuant to the Tender Offer which equates to approximately 30.2 per cent. of the 24,369,208 ICG Units currently in issue.

In accordance with the terms of the Tender Offer, Shareholders who validly tendered to sell less than or equal to approximately 24.73 per cent. of their shareholdings ('their Guaranteed Entitlement') will have their tender satisfied in full. Shareholders who validly tendered more than their Guaranteed Entitlement, will have their Guaranteed Entitlement satisfied in full and any ICG Units tendered above their Guaranteed Entitlement will be scaled down (to the nearest whole number of ICG Units) to approximately 65.8 per cent of their respective excess applications.

As set out in the Circular, the ICG Units in respect of which tenders have been accepted will be purchased by NCB pursuant to the Tender Offer and the Company will buy-back such tendered ICG Units from NCB. The ICG Units bought back by the Company will be cancelled, reducing the Company's issued share capital from 24,369,208 ICG Units to 18,342,189 ICG Units. The total number of ICG Units to be purchased by the Company pursuant to the Tender Offer is 6,027,019 for a total consideration, before expenses, of approximately €111.5 million.

It is anticipated that the crediting of CREST accounts (in the case of accepted tenders relating to ICG Units in uncertificated form) and the despatch of consideration (in the case of accepted tenders relating to ICG Units in certificated form) will occur by 15 October 2012. In addition, it is anticipated that CREST accounts will be credited for unsuccessfully tendered uncertificated ICG Units by 10 October 2012, and that balance certificates will be issued, and share certificates for unsuccessfully tendered certificated ICG Units will be returned, to Shareholders by 15 October 2012.

Terms used but not defined in this announcement have the same meaning given to them in the Circular.

For Further Information:

Eamonn Rothwell, Chief Executive Officer                 Tel: [phone]
Garry O'Dea, Finance Director                                 Tel: [phone]
Shane Lawlor, NCB                                                Tel: [phone]

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Source: Irish Continental Group plc via Thomson Reuters ONE

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