Extract Text from String then Convert to a Date (Month/Year)

I have the following text in a cell A1: "ACTD 12/12" and I want to convert this into a date (to be used in a lookup formula). I have a formula in cell B1 that reads: =RIGHT(+a1,5). This returns the following: 12/12. However, when I try to convert the result of 12/12 (in cell B1) to a date, it returns the current year of 2013 rather that the year of 2012. How do I get formula to read the last 2 digits as the year represented (instead of the current year)? I have additional cells in my spreadsheets with other years (like ACTD 6/11, ACTD 5/10, etc.) - so I really need a formula to remove the "ACTD" and then read the numbers and convert to appropriate month/year. Any help would be greatly appreciated. Thanks.

I'm sure that this cat can be skinned many ways. But:

For last of month:
=DATE(RIGHT(A1,2)+100,LEFT(RIGHT(A1,5),2)+1,0)
For first of month:
=DATE(RIGHT(A1,2)+100,LEFT(RIGHT(A1,5),2),1)

=substitute(right(a1,5),"/","/1/")+0