RCS - Bank of Cyprus Hldgs - Launch of share buyback programme on the ATHEX

Bank of Cyprus HoldingsAnnouncement

23/09/2024 09:00

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RNS Number : 2054F  Bank of Cyprus Holdings PLC  23 September 2024

Announcement

 

Launch of share buyback programme on the Athens Stock Exchange

 

 

Nicosia, 23 September 2024

 

 

Bank of Cyprus Holdings Public Limited Company (the "Company") announces today
the commencement of the buyback of its ordinary shares (the "Ordinary Shares")
on the Main Market of the Regulated Securities Market of the Athens Stock
Exchange ("ATHEX"). The commencement of the share buyback programme on ATHEX
forms part of the share buyback programme previously announced on 19 April
2024 to repurchase Ordinary Shares for up to a maximum aggregate consideration
of €25 million (the "Programme"), of which €10,700,995 and 4,061,795
Ordinary Shares remain to be utilised for buyback as at immediately prior to
this announcement. The share buyback programme on ATHEX will not change the
size of the Programme and will run concurrently with the share buyback on the
Cyprus Stock Exchange, which continue pursuant to the Programme and will not
be affected.

 

As previously announced, the Company delisted its Ordinary Shares from the
international commercial companies secondary listing category of the Official
List of the London Stock Exchange Group plc (the "LSE") and cancelled its LSE
listing with effect from 19 September 2024 (the "Delisting"). As a result of
the Delisting, the Company terminated the share buyback programme on the LSE
with effect from 19 September 2024.

 

In connection with the commencement of the share buyback programme on ATHEX,
the Company has entered into a non-discretionary agreement with The Cyprus
Investment and Securities Corporation Ltd ("CISCO") acting as lead manager to
conduct the Programme on ATHEX and to repurchase Ordinary Shares on the
Company's behalf and to make trading decisions under the Programme
independently of the Company in accordance with certain pre-set parameters.

 

The purpose of the Programme is to reduce the Company's share capital and
therefore, the Ordinary Shares repurchased on ATHEX will be cancelled.

 

The commencement of the Programme on ATHEX is set for today, 23 September 2024
and may continue until 14 March 2025, subject to market conditions, the
ongoing capital requirements of the business and early termination rights
customary for a transaction of this nature. The Programme was approved by the
European Central Bank ("ECB") on 15 March 2024 and the approval remains in
force for a year; i.e. until 14 March 2025 (the "ECB Approval"). The maximum
number of Ordinary Shares that may be repurchased under the ECB Approval is
1.6% of the total outstanding Ordinary Shares as at 31 December 2023 (i.e. up
to 7,343,249 Shares).

 

The Programme will be conducted in accordance with (and within the parameters
prescribed by):

(i)         the Company's general authority to repurchase Ordinary
Shares (which authorises the repurchase of a maximum of 44,619,993 Ordinary
Shares, being approximately 10% of the issued share capital of the Company),
as approved by shareholders at the Company's Annual General Meeting ("AGM") on
17 May 2024, which is subject to renewal at the AGM due to take place in 2025;

 

(ii)        the ECB Approval; and

 

(iii)       the Market Abuse Regulation (EU) No 596/2014 ("MAR") and the
Commission Delegated Regulation (EU) No 2016/1052.

 

 

 

 

 

 

On days where a buyback of shares exceeds 25% of the average daily trading
volume, the Company will not benefit from the exemption contained in Article
5(1) of MAR, which may be the case today, as there will be no daily volume
weighted average price ("VWAP") given that today is the first day of trading
on ATHEX. Until such time that 20 trading days preceding the date of purchase
of Ordinary Shares has occurred on ATHEX, the daily VWAP will be calculated by
reference to trading dates on ATHEX.

 

For further information, please contact Investor Relations at
investors@bankofcyprus.com (mailto:investors@bankofcyprus.com)

 

 

 

Group Profile

 

The Bank of Cyprus Group is the leading banking and financial services group
in Cyprus, providing a wide range of financial products and services which
include retail and commercial banking, finance, factoring, investment banking,
brokerage, fund management, private banking, life and general insurance. At 30
June 2024, the Bank of Cyprus Group operated through a total of 58 branches in
Cyprus, of which 3 operated as cash offices. The Bank of Cyprus Group employed
2,860 staff worldwide. At 30 June 2024, the Group's Total Assets amounted to
€25.5 bn and Total Equity was €2.6 bn. The Bank of Cyprus Group comprises
Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank of Cyprus
Public Company Limited and its subsidiaries.

 

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