50PU Sg Issuer 24

RNS Number:1217B
Aer Rianta Finance PLC
22 July 2004

                             AER Rianta Finance plc

Euro250,000,000 6.15 per cent. notes due 2011 of Aer Rianta Finance plc, guaranteed
                        by Aer Rianta cpt (the "Notes")

                     Legislation and proposed restructuring

Further to the RNS announcement issued on 22 June, the State Airports Act 2004
(the "Act"), which deals with the proposed restructuring of Aer Rianta cpt, the
guarantor of the Notes (the "Guarantor"), was signed into law by the President
yesterday. The purpose of the Act is to provide a statutory basis for the
restructuring of the Guarantor that was announced by the government on 10 July
2003.

The Act provides for the establishment of two new companies to act as fully
independent and legally autonomous airport authorities for Cork and Shannon
airports (Cork Airport Authority plc and Shannon Airport Authority plc
respectively). The Act includes statutory pre-conditions to the implementation
of the proposed restructuring. These include the following:

-    a requirement that the Minister for Finance and the Minister for Transport
     must each be satisfied as to the state of operational and financial 
     readiness, including business planning, of Dublin, Cork and Shannon 
     airports;

-    no assets may transfer from the Guarantor to the new airport authorities at
     Cork or Shannon prior to 30 April 2005; and

-    the implementation of the restructuring is subject to the capital 
     maintenance requirements of Part IV of the Companies (Amendment) Act, 1983.

The Act provides that all three airport authorities will be state owned.


22 July 2004

Enquiries:     Ray Gray, Director -Finance
               Telephone number: +353 1 814 5265



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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