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Bank of Cyprus has announced the launch of its share buyback program

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Η ;ρεζρουκοεναξη ;ρογρματοαναοιδωνμ&epsilon ;τοχoν

Bank of Cyprus Holdings Public Limited Company today announced the start of its own share buyback program for the year ending December 31, 2023.

The purpose of the program is to reduce the share capital of the company and therefore the shares that will be purchased under the program will be cancelled, according to the bank's announcement.

The bank's announcement

< p>Following the announcement on 20 March 2024 of the proposed cash dividend and intention to initiate a share repurchase program (the 'Program') for the year ending 31 December 2023, Bank of Cyprus Holdings Public Limited Company (the 'Company' ') announces today the start of the Program. The Program concerns the repurchase of ordinary shares by the Company (the 'Shares') with a total amount of up to €25 million. The purpose of the Program is to reduce the share capital of the Company and therefore the Shares that will be purchased under the Program will be cancelled, according to this announcement.

The Company has entered into non-discretionary agreements with Numis Securities Limited (trading as 'Deutsche Numis') and the Cyprus Investments and Securities Organization Ltd ('CISCO') acting jointly as lead managers ('Joint Lead Managers' ) for carrying out the Program, for repurchasing the Shares on behalf of the Company, as well as for making trading decisions within the Program, independently of the Company, according to certain predetermined parameters. The Shares will be repurchased on the London Stock Exchange and the Cyprus Stock Exchange ('CSE'), after which the Shares will be cancelled.

The Program will begin today, April 19, 2024, is expected to be completed by March 14, 2025, and is subject to market conditions, the ongoing assessment of the Company's capital requirements and early termination rights customary for transactions of this nature. The Program was approved by the European Central Bank ('ECB') on 15 March 2024, with the relevant approval remaining in force for one year, i.e. until 14 March 2025 (the 'ECB Approval'). The maximum limit for repurchasing own shares is up to 1.6% of all existing Shares (ie up to 7,343,249 Shares).

The Program is implemented in accordance with (and within the predefined parameters):

(i) The general authorization of the Company for the repurchase of Shares (which allows the repurchase of up to 44,619,993 Shares, representing approximately 10% of the issued of the Company's share capital), as approved by the shareholders at the Annual General Meeting ('AGM') on 26 May 2023, which is subject to renewal at the AGM scheduled to take place on 17 May 2024 (the '2024 AGM' ),

(ii) The Approval by the ECB, and

(iii) The Regulation on Market Abuse of the European Union ('EU') number 596/2014 and the EU Delegated Regulation No. 2016/1052 (inter alia, as both Regulations form from time to time part of the surviving EU legislation in the United Kingdom ('UK'), inter alia, where relevant, under the legislation on withdrawal of the UK from the EU in 2018, and also in accordance with the applicable legislation and the Financial Conduct Authority of the UK and the CSE.

Source: www.philenews.com

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