BOC Hold­ings’ list­ing on LSE could boost liq­uid­ity for CSE

Financial Mirror (Cyprus) - - FRONT PAGE -

Bank of Cyprus’ de­ci­sion to list on the Lon­don Stock Ex­change (LSE) could bring a much-needed boost to liq­uid­ity in the Cyprus Stock Ex­change (CSE), an ex­pert told the an­nual gen­eral meet­ing of the Cyprus Association of Listed Com­pa­nies on Tues­day, echo­ing the sup­port of both the Fi­nance Min­is­ter and the CSE Di­rec­tor.

At­ten­bor­ough, of UK Large Caps, Eq­uity pri­mary mar­kets at the Lon­don Stock Ex­change Group, said that the bank’s list­ing will have a spillover ef­fect and will in­crease liq­uid­ity in the Cyprus bourse.

He said that in­vestors will be­gin to look for new op­por­tu­ni­ties to in­vest in, not just in the Bank of Cyprus, but in other Cypriot com­pa­nies, as well.

Min­is­ter of Fi­nance Min­is­ter Har­ris Ge­or­giades ex­pressed the govern­ment’s con­tent over the list­ing de­ci­sion and spoke of “a prospect of strate­gic im­por­tance”.

“Among other things we re­gard this as a bridge of co­op­er­a­tion be­tween our stock ex­change, where the Bank of Cyrus will main­tain a list­ing, and one of the largest stock ex­changes in the world,” he noted.

CSE Di­rec­tor Gen­eral Non­tas Me­taxas added the need for the EU to cut red tape so as to in­crease cap­i­tal raised via the stock ex­change.

On Mon­day, Bank of Cyprus called for an ex­tra­or­di­nary gen­eral meet­ing on De­cem­ber 13, where share­hold­ers will need to ap­prove the trans­fer of the en­tire share cap­i­tal to a new hold­ing com­pany, reg­is­tered in Ire­land, which will be­come the in­stru­ment for the list­ing in Lon­don.

The Group al­ready an­nounced on Novem­ber 15 that it in­tends to main­tain a list­ing on the Cyprus Stock Ex­change, but will no longer be listed on the Athens Ex­change.

The EGM will be called to ap­prove the in­tro­duc­tion of Bank of Cyprus Hold­ings Plc as a new hold­ing com­pany of the bank. The Di­rec­tors con­sider the scheme to be fair and rea­son­able, the an­nounce­ment said.

In ad­di­tion, the Di­rec­tors be­lieve the scheme to be in the best in­ter­ests of BOC and the share­hold­ers as a whole, and ac­cord­ingly, unan­i­mously rec­om­mend that share­hold­ers vote in favour of the scheme and the scheme res­o­lu­tions at the EGM, as they in­tend to do in re­spect of their own ben­e­fi­cial share­hold­ings.

Ac­cord­ing to the res­o­lu­tion pro­posed at the EGM, the is­sued share cap­i­tal of Bank of Cyprus Public Com­pany Lim­ited will be re­duced from EUR 892,294,453.30 di­vided into 8,922,944,533 or­di­nary shares of a nom­i­nal value of 10c each to nil by can­celling all the shares com­pris­ing the is­sued share cap­i­tal. The au­tho­rised share cap­i­tal of the com­pany be in­creased to EUR 4,767,759,272.00 di­vided into 47,677,592,720 or­di­nary shares with a nom­i­nal value of 10c each through the cre­ation of 8,922,944,533 new but unis­sued or­di­nary shares, each of which shall have the same rights and shall rank pari passu with the ex­ist­ing or­di­nary shares of the com­pany.

All shares will then be is­sued and al­lot­ted, cred­ited as fully paid, to Bank of Cyprus Hold­ings plc.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.