Picture of Bank of Cyprus Holdings logo

BOCH Bank of Cyprus Holdings News Story

0.000.00%
cy flag iconLast trade - 00:00
FinancialsBalancedMid CapSuper Stock

REG - Bank of Cyprus Hldgs - Notice of EGM

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240819:nRSS8962Aa&default-theme=true

RNS Number : 8962A  Bank of Cyprus Holdings PLC  19 August 2024

 

Announcement

 

Bank of Cyprus Holdings Public Limited Company announces publication of a
Circular and Summary Document and announces date of Extraordinary General
Meeting to approve the listing on the Athens Stock Exchange and confirms its
intention to de-list from the London Stock Exchange

 

 

Nicosia, 19 August 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS
OF THAT JURISDICTION

 

 

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.

On 8 August 2024, Bank of Cyprus Holdings Public Limited Company (the
"Company") announced that the Board had approved the proposed listing of its
ordinary shares (ISIN code: code IE00BD5B1Y92) (the "Ordinary Shares") on the
Main Market of the Regulated Securities Market of the Athens Stock Exchange
("ATHEX") (the "Listing"), the delisting of the Ordinary Shares from the
international commercial companies secondary listing category of the Official
List of the London Stock Exchange Group plc (the "LSE") and the subsequent
cancellation of the LSE listing (the "Delisting"), subject to approval from
the shareholders of the Company and the Listings and Market Operation
Committee of ATHEX, as well as subject to market conditions.

 

As announced on 8 August 2024, the Board believes that the Listing and
Delisting have the potential to yield a number of long-term strategic and
capital markets benefits for the Company and shareholders as a whole. In
particular, the Board believes that the Listing and Delisting have the
potential to enhance the liquidity of the Ordinary Shares and to improve
market visibility of the Company from a potentially broader investor base by
being listed in a market complementary to that of the Company. In addition,
trading in the more focussed ecosystem of ATHEX, and the increased potential
for peer comparison has the potential to attract long-term institutional
holders to the Company.

 

The change in listing structure will have no impact on the operations of the
Company, which will remain Irish incorporated and Cyprus tax resident, or on
the Company's subsidiaries. No change is proposed to the Company's listing on
the Cyprus Stock Exchange.

 

Publication of shareholder circular and summary document

 

In connection with the Listing, the Company has today published a shareholder
circular (the "Circular") convening an Extraordinary General Meeting of its
shareholders to consider and, if thought fit, approve the Listing (the "EGM").
The EGM has been convened for 13 September 2024 at 11:00 a.m. (Cyprus
time) / 9.00 a.m. (Irish time) at the Company's headquarters, 51 Stassinos
Street, Ayia Paraskevi, 2002 Strovolos, Nicosia, Cyprus.

 

The resolution to approve the Listing ("Resolution 1") requires the approval
of greater than 50% of the votes cast by shareholders in person or by proxy at
the EGM. A second resolution will be proposed to shareholders to consider and,
if thought fit, approve the adoption of amended articles of association of the
Company with effect from conclusion of the EGM in connection with the Listing
("Resolution 2"). Resolution 2 is a special resolution and requires the
approval of at least 75% of the votes cast by shareholders in person or by
proxy at the EGM. The Listing and Delisting will not proceed if Resolution 1
is not approved and may not proceed if Resolution 2 is not approved, in each
case, by the requisite majority of shareholders at the EGM. Subject to
approval by the requisite majority of shareholders at the EGM and the Listings
and Market Operation Committee of ATHEX, it is expected that the Listing will
become effective at 10:15 a.m. (Cyprus time) / 10:15 a.m. (Greek time) / 8:15
a.m. (Irish time) on 23 September 2024.

 

The Board believes the Listing and Delisting to be in the best interests of
the Company and shareholders as a whole and, accordingly, unanimously
recommends that shareholders vote in favour of the resolutions at the EGM, as
the Board intends to do in respect of their own beneficial holdings.

 

The Company today has also published a summary document for the purposes of
Article 1(5)(j) of the EU Prospectus Regulation (Regulation (EU) No.
2017/1129) (the "Summary Document") in connection with the Listing. The
Summary Document is not a prospectus and has not been approved by the Hellenic
Capital Markets Commission or any other regulatory authority.

 

Full information, including details of the action that shareholders will need
to take, are contained in the Circular and the Summary Document which are
available on the Company's website www.bankofcyprus.com/group/.

 

Notice of intention to delist from the LSE

 

Pursuant to Financial Conduct Authority listing rule 21.2.17R, the Company is
required to give at least 20 business days' notice of the intended Delisting.
Accordingly, it is expected that trading in the Ordinary Shares on the LSE
will be suspended with effect from 4.30 p.m. (London time) on 18 September
2024, with the Delisting to become effective at 8:00 a.m. (London time) on 19
September 2024.

 

Shareholders' attention is drawn to the "Expected timetable of principal
events" set out in the Circular for further information in relation to the key
dates and times to be aware of in connection with the Listing and Delisting.

 

Disclaimer

 

The Company is not offering any new shares nor any other securities to the
public in connection with the Listing. This announcement does not constitute
an invitation or offer to sell, or the solicitation of an invitation or offer
to subscribe for or to buy, any shares nor any other securities of the Company
in any jurisdiction.

 

The actions proposed to be taken by the Company that are described in this
announcement are subject to approval from the Listings and Market Operation
Committee of ATHEX, as well as the decision of the Company to proceed with
such actions. The Company may decide not to proceed with, or to amend these
actions at its absolute discretion.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NOGSFMSIUELSESA

Recent news on Bank of Cyprus Holdings

See all news