Ulster Bk.11.75 Discussion Threads

[woodenman] 14/5/2010 17:38

Has anyone received the May interest on this yet? Nothing's showing in my TD Waterhouse ISA and I wanted to check before having a nag

[p@] 09/3/2010 07:52

Please let me have your opinion on the survivability of Ulster bank,I have my doubts about RBS ,rumours of their pension deficit are just surfacing.

[cerrito] 26/2/2010 17:42

I went through the RBS results to see if there was any commentary on FAP/Ulster Bank; reading these results you can see that FAP is the very least of the issues that they have.
Commentary on Page 61 of the report on Ulster Bank(of which FAP would be a small amount) and this shows that Impairment charges were £649m(08-£106m) and with operating profits at just £281m they had a post impairment annual loss of £368m(08-a £218m profit).
I guess there will be more info when the RBS annual report comes out.

[p@] 15/2/2010 09:48

Well spotted Cer Thnx.

[cerrito] 15/2/2010 09:41

For the record the RNS of today confirming that Ulster bank Ireland the new issuer
quote
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 £30,000,000 11.375% Subordinated Bonds (ISIN: IE0004325399);

(b) STG £20,000,000 11.75% Subordinated Bonds (ISIN: IE0004325514); and

(c) STG £25,000,000 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 [phone]

Fax: + 353 1 608 4046

[p@] 23/12/2009 17:30

Cer-Lets hope that RBS hangs around for a couple of years. LOL

[cerrito] 23/12/2009 17:18

p@
I made the same call today and got the same answer as you..as I do not understand why it is not affected pushed abit but they seem very confident that it will not be affected
I need to say that when they have the time RBS will do something about this in a tidying up excersize..not sure what but would be surprised if this instrument hangs around for more than say a couple of years

[cerrito] 27/11/2009 18:39

p@
I guess given no share price reaction today the market agrees with your prognosis.
I do not want to be a party pooper but reading the RBS statement today suggests that FAP should be subject to the two year coupon standstill.
FAP is a direct or indirect sub of RBSG and these are tier two instruments.
Perhaps it was an oversight that they were not included in the Oct 20 list.
Hopefully I am being pessimistic and I need to get hold of someone in FAP to find out the situation.If you say the upcoming FAP merger with Ulster Bank is a suresign that RBS is not going to walk away from FAP(as I do), then at these prices and yields the market clearly feels there are dangers ahead.
why else can you buy FAP on a 12.93% yield-except perhaps the 20% Irish Tax.

[p@] 27/11/2009 11:29

Divs on this not affected by E.U. rules!

[p@] 06/11/2009 23:44

Thanks for that Cer.

[cerrito] 06/11/2009 10:05

posted on nwbd
As a FAP holder not happy to read in today's IMS about the increased loan impairments taken by the overall Ulster Bank Group with special impact in the Republic. This increase covered mortgages, general and corporate loans.
The quarter on quarter increase in impairment losses throughout the year has been £17m,£90m and £144m and there has been a decline in operating profits caused partly by a decrease in NIM itself caused by the competition offered by Irish banks with their govt guarantee.
As we have no individual figures for FAP not possible to work out how this impacts on FAP's balance sheet. Prospectus says that that interest will not be paid if payment of such interest means they break Central bank regulations and /or would cause/contribute to the failure of the company.
No movement in the share price this week but given so little trading that does not tell us anything
One strongly assumes that interest due next week will be paid and one suspects that overall RBS management have not really made up their mind what to do about interest going forward. Once the merger into Ulster Bank ROI is completed in the first quarter they may well want to do some balance sheet tidying up and do a tender offer.
If one can sell at 77 post costs one is foregoing a running yield of 15.2% assuming one can offset the Irish 20% withholding tax.
My reading of the prospectus is that interest is not cumulative
In the Ulster Bank financials this debt is classified as tier two but does not say if upper or lower.

[p@] 04/11/2009 09:53

How does this fit in with RBS new terms?

Witholding Tax form.-


now Ulster bank 11.75%

[energyi] 18/10/2007 08:30

As of August 31, 2007, the Company's net assets, including C$129.5 Million in bank borrowing, amounted to C$541.7 Million with a net asset value per share of C$7.83.

As of August 31, 2007, 55.7% of the portfolio was invested in securities where either the issue or the issuer was rated "A" or better, or judged by the Investment Manager to be of equivalent quality.

The credit quality and maturity breakdown of the portfolio was as follows
(more? see link)
31, 2007, the portfolio was invested as follows:
Currency Exposure (%) Geographic Exposure (%)
Australia 20.7 39.5
New Zealand 0.2 1.8
United States 61.1 * 1.4
Canada 4.0 4.0
Mexico 1.6 1.6
South Korea - 4.6
Singapore 3.5 1.4
Thailand 1.4 1.0
Philippines 1.2 17.3
Malaysia 4.1 4.2
India 0.5 2.2
China - 1.4
Hong Kong - 4.0
Indonesia 1.7 14.8


As of August 31, 2007, the average maturity of the portfolio was 9.2 years.
A revolving credit loan facility, in the amount of US$120,000,000, was entered into on October 5, 2006 with the Bank of Nova Scotia, in order to fund the redemption of the Company's Auction Market Preferred Stock ("AMPS") that took place in October 2006. In November 2006, approximately 25% of the loan was drawn in Canadian dollars in place of U.S. dollars. The leverage is used with the intent of enhancing returns by borrowing at interest rates that are lower than the relatively higher yields of the Asian-Pacific fixed income securities in which the Company
invests. The Company has entered into interest rate swap agreements in order to fix the interest payable on an aggregate notional amount of US$76.8 million, which represents 64% of the bank loan facility.

.more:

[energyi] 18/10/2007 08:15

Aberdeen Asia-Pacific Income Fund, Inc Announces Monthly Distribution
March 19, 2007

[a2336418] 25/11/2005 14:27

When will we be receiving our dosh.....please someone?

[r33skyline] 24/10/2005 22:49

Great effort on the thread

No charts

No News

and you ask ....

Emptage - 24 Oct'05 - 14:17


Anyone why teh share price up 60% toaday plse



UK smallcap opening - Faupel surges on agreed MMR offer late Friday

LONDON (AFX) - Shares in Faupel soared 62 pct higher this morning, adding 9
pence at 23-1/2 as investors reacted to news of an agreed takeover bid for the
textiles firm after-hours on Friday.
Faupel revealed on Friday that it has agreed terms of a recommended 25 pence
per share cash for the company with Max Money Resources, valuing Faupel at 3.93
mln stg.
The offer represents a premium of 72.4 pct to Thursday's closing price of
14.5 pence per Faupel share.
MMR is a private company which is currently the holder of approximately 20.1
pct of Faupel's issued share capital.
Laurence Mead, chief executive of Faupel, is a shareholder and director of
MMR.

jmh/vjt/

[romust] 24/10/2005 22:39

Said as if narrating on a documentary...'THE END'

[alistair richmond] 24/10/2005 22:29

emptyhead.......read the afx??

[emptage] 24/10/2005 14:17

Anyone why teh share price up 60% toaday plse

[bird of dawning] 06/1/2005 22:10

Hallo ALS,

I agree with your net debt result at interims. My gearing calc was the American one of using long term debt only (a sly one that)....not the advfn gross gearing, but hey!.....positive NCAV...where can you go wrong at this 16% discount level? I'm waiting for the share price to fall to 25-33% below liquidation value (I see this as a kind of basic support level).....before I'm looking to buy in. I might now take a sneak peek at Sherwoods ladies nightwear.....its the right hour.

In case you're further interested in the rag trade (as well as the riches) then check out Albion (AON). They're currently selling at a 25% discount to liquidation value including the pension liability. I can also be reached (debt free) on www.moreinfo247.com/8821255/free
Regards
bod

[arthur_lame_stocks] 28/12/2004 09:44

I'm not sure where you get the idea that there is no gearing.

Net debt at the interim stage was 5.1m!

Have you seen the stuff they sell too? Ladies nightwear? Not a patch on Sherwoods.