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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.