articles | 14 November 2014

Bank of Cyprus looking to trade again in December 2014

Bank of Cyprus said recently it expected to list again on the Athens and Nicosia stock exchanges in December 2014.

“The Bank has filed a draft Prospectus with the Cyprus Securities and Exchange Commission with respect to the listing of its unlisted ordinary shares on the CSE and ATHEX and the Retail Offer,” said a BoC statement.

It said subject to obtaining required regulatory approvals, the Prospectus is expected to be issued within the next couple of weeks and the listing is expected to occur in December.

“Shareholders are required to have an active Investor Share Code and Securities Account with the CSE or the Dematerialised Securities System (DSS) of the Hellenic Exchanges in order for ordinary shares to be credited to their account so that they will be able to trade these shares as soon as they are admitted to trading,” BoC said.

The bank has been de-listed since the bailout/bail-in of last year. The Bank will cease to effect share transfers via its Shares & Loan Stock Department as of 3:00PM on November 21. Once the Bank’s unlisted ordinary shares are admitted to listing and trading on the CSE and ATHEX, the procedure for the transfer of shares as per the Bank’s announcement of 30 January 2014 will cease to apply.  

Shareholders of the Bank will be eligible to participate in the Retail Offer unless they are resident or located in certain excluded jurisdictions such as Australia, Canada, Japan, South Africa or the United States (Qualifying Shareholders).

The Retail Offer is an invitation by the Bank to Qualifying Shareholders to apply to subscribe for up to a total of 416,666,667 new ordinary shares at a price per share of €0.24. The exact terms and timing of the Retail Offer and its subscription period will be set out in the Prospectus.

Source: InCyprus

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