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Financial Mirror (Cyprus) - - FRONT PAGE -

Small lender At­tica Bank post­poned to next month a share­holder vote on a 434-mln-euro cash call to plug a cap­i­tal short­fall, say­ing it needed more time to fi­nalise talks with for­eign in­vestors.

Share­hold­ers agreed to re­con­vene on Novem­ber 10 to vote on a plan for a re­verse share split to re­duce the num­ber of the bank’s out­stand­ing shares and an is­sue of new eq­uity almost six times its cur­rent mar­ket worth of 75 mln euros.

At­tica, which is 51% owned by the en­gi­neers’ pen­sion fund TSMEDE, plans to raise the funds through a rights is­sue to ex­ist­ing share­hold­ers and a pri­vate place­ment with strate­gic in­vestors.

At­tica has hired UBS, PwC and Clayton to find strate­gic in­vestors to take part in its planned re­cap­i­tal­i­sa­tion. More than six in­vest­ment funds have so far ex­pressed in­ter­est in the of­fer­ing.

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