Announced the publication of circular and summary note, as well as the date of the Extraordinary General Meeting on September 13
By Panagiotis Rougalas
The Bank of Cyprus (BOC) proceeded to publish a circular for September 13 regarding the approval of its listing on the Athens Stock Exchange (ATH), but which also means its deletion from the London Stock Exchange (LSE).
As reported, on August 8, 2024, Bank of Cyprus Holdings Public Limited Company (the “Company”) announced that the Board of Directors approved the proposed listing of its ordinary shares on the Main Market of the Regulated Market of the Athens Stock Exchange, the delisting of the Ordinary Shares from the secondary listing of international trading companies on the Official Register of the London Stock Exchange Group plc and the subsequent cancellation of the listing on the LSE, subject to the approval of the Company's shareholders and the Market Operations Committee of the AX, as well as under the market conditions.
As announced on August 8, 2024, the Board of Directors believes that the Listing and Delisting have the potential to deliver a number of long-term strategic benefits to both the Company and shareholders and strengthen the Company's market presence. In particular, the Board of Directors believes that the Listing and Delisting have the potential to enhance liquidity in the Ordinary Shares and enhance the Company's market visibility from a potentially wider investor base through its listing in a market compatible with its profile. Company. Additionally, as she emphasizes, the transactions in the more concentrated system of the AX market and the increased possibility for comparison with peer banks, may attract long-term institutional shareholders to the Company.
He notes in the announcement that the change in the listing structure will not have an effect on the activities of the Company, which will remain an Irish company and a tax resident of Cyprus, or on the Company's subsidiaries and it is clarified that no change is proposed in the listing of the Company on the Cyprus Stock Exchange .
Publication of shareholder circular and summary note
Regarding the Listing, the Company has today published a shareholder circular calling for an Extraordinary General Meeting of its shareholders to consider and, if deemed appropriate, approve the Listing. The EGM has been convened for September 13, 2024 at 11:00 am. (Cyprus time)/9.00 am (Irish time) at the Company's headquarters.
The resolution to approve the Listing (the “Resolution 1”) requires the approval of more than 50% of the votes of shareholders voting either in person or by proxy at the EGM. A second resolution will be proposed to the shareholders to consider and, if deemed appropriate, to approve the adoption of amended articles of association of the Company with effect from the convergence of the EGM in relation to the Listing (the “Resolution 2”). Resolution 2 is a special resolution and requires the approval of at least 75% of shareholders voting either in person or by proxy at the AGM.
The Entry and Deletion will not proceed if Resolution 1 is not approved and may not proceed if Resolution 2 is not approved, in any case, by the required majority of shareholders at the AGM. Subject to approval by the required majority of the shareholders at the EGM and by the Admissions and Markets Operation Committee of the AX, it is expected that the Admission will become effective at 10:15 am. (Cyprus time)/10:15 am (Greece time)/8:15 am (Irish time) on 23 September 2024.
“The Board believes that the Entry and Deletion is in the best interests of the Company and the shareholders as a whole and therefore unanimously recommends that the shareholders to vote in favor of the resolutions at the EGM, as the Board of Directors intends to do in relation to its own shares”, the announcement concludes.
