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Tuesday, May 21, 2024

The Bank of Cyprus share buyback program begins

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The program is implemented for the first time and is in addition to the dividend of €0.25 cents per share that the bank announced it will distribute to its shareholders

ΑρχΙζει το π&rhoγρ αμαεααρας της εζας Κyπρου /></p>
<p>The Bank of Cyprus has announced that the bank's share buyback program with a total value of €25 million is starting today, which is expected to be completed by March 14, 2025.</p>
<p>The buyback program of shares is applied for the first time and is in addition to the dividend of €0.25 cents per share that the bank announced it will distribute to its shareholders.</p>
<p>“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”, announced the bank.</p>
<p>As stated, the bank 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.</p>
<p>“The repurchase of Shares will take place on the London Stock Exchange and the Cyprus Stock Exchange ('CSE'), after which the shares will be cancelled,” it says.</p>
<p>According to the bank, the program will start today, April 19, 2024, is expected to be completed by March 14, 2025, and is subject to market conditions, the continuous assessment of the Company's capital requirements and early termination rights customary for transactions of this nature.</p>
<p>It is recalled that the was approved by the European Central Bank (ECB) on March 15, 2024, with the relevant approval remaining in force for one year, i.e. until March 14, 2025, with the maximum repurchase limit of own shares amounting to 1.6% of the total of existing Shares (ie up to 7,343,249 shares).</p>
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Source: www.kathimerini.com.cy

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