As mentioned, based on the estimates of the Central Bank, the former Laiki Bank is the only shareholder with a percentage of more than 5% of the share capital of the Bank, holding about 18% of the total share capital.
At the same time, “the shareholders resulting from the conversion of deposits (haircut) hold approximately 81% of the share capital, while the shares issued as of March 29, 2013 as well as the shares resulting from the conversion of debt securities issued on March 29 currently constitute less than 1% of the Bank's share capital ”.
At this point it is recalled that the Central Bank of Cyprus has issued the Share Capital Issuance of Bank of Cyprus to Compensation of Laiki Bank Decree of 20133 based on which the Bank of Cyprus has issued a share capital to Laiki Bank for the acquisition of specific liabilities, including insured deposits, based on the 2013 Decrees on the Sale of Certain Works of Cyprus Popular Bank Public Co Ltd.
It is also noted that the Transitional Board of Directors of the Bank will exercise its duties until the next Annual General Meeting of Shareholders, which is scheduled for the first fortnight of September 2013.
According to the announcement, “the recapitalization and the ongoing restructuring of the Bank will result in the creation of a strong banking organization with sufficient capital adequacy, able to meet the needs of its customers and the Cypriot economy. With the absorption of the domestic activities of Laiki Bank, the Bank has consolidated its position as the largest financial institution in Cyprus.
"The above developments mark a new era for Bank of Cyprus," the statement said.
At the same time, as it results from the provisions of the Amending Decree on Rescue by Own Instruments of the Bank of Cyprus, the nominal value of all Class D shares (ie the previous shareholders and holders of securities), from € 1,00 each is reduced to Class D shares nominal value € 0,01 each.
According to the Decree, after the conversion of Class A Shares, Class B Shares, Class C Shares and Class D Shares into Ordinary Shares as described in the Amending Decree, every 100 Ordinary Shares with a nominal value of € 0,01 each which will be registered under the same shareholder are consolidated and converted into one (1) Ordinary Share with a nominal value of € 1,00 each.
It is noted that any Ordinary Shares with a nominal value of € 0,01 each will not be consolidated (ie number of shares less than one hundred (100) that may be left in respect of each shareholder) will be canceled and the total nominal value of the canceled shares will be used for the write-off of accumulated losses incurred by the Bank of Cyprus.
All ordinary shares that will result from the above corporate transactions will constitute the one and only class of shares of the Bank and each of them will have the same voting rights and dividend rights as the other ordinary shares.
Source: SigmaLive
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