Bank of Cyprus buyers on Friday accepted the itemizing of the monetary establishment’s frequent shares on the Athens Stock Exchange (ATHEX), pending a delisting from the London Stock Exchange (LSE).
The investor poll occurred all through an exceptional fundamental convention (EGM) on the monetary establishment’s head workplace in Nicosia.
The motion, based mostly on final authorization from the ATHEX Listing Committee on September 17, 2024, notes a substantial motion for the monetary establishment because it prepares to delist from the London Stock Exchange (LSE)
The convention was participated in by 36 buyers, both nose to nose or by proxy, standing for over 213 million shares, which is 48.08 % of the monetary establishment’s full launched share funding.
During the convention, buyers enacted favour of noting the agency’s shares on ATHEX’s Main Market, which will definitely be carried out based mostly on Greek regulation.
The monetary establishment specified that the selection “remains subject to approval from the Listings and Market Operation Committee of ATHEX”.
If accepted, the delisting from the LSE will definitely work from 8:00 a.m. on September 19, 2024, with the final day of buying and selling anticipated to be September 18, in response to a monetary establishment declaration.
Additionally, the monetary establishment means to finish its share buyback program on the LSE after buying and selling closes on the very same day, although the buyback program on the Cyprus Stock Exchange will definitely proceed untouched.
The EGM likewise noticed buyers settle for modifications to the agency’s posts of group. The monetary establishment saved in thoughts that full data of the resolutions and poll outcomes are available within the spherical launched on August 19, 2024.
Moreover, based mostly on UK Financial Conduct Authority legal guidelines, a reproduction of the resolutions will definitely be despatched to the National Storage Mechanism.
Before the poll occurred, crew chairman Takis Arapoglou knowledgeable buyers that the Bank of Cyprus has truly at the moment been modified proper into“a strong bank, with a high-quality balance sheet, ample capital and liquidity, and sustainable recurring profitability”
“This has allowed us to reward our shareholders through the return of dividends, a share buyback programme, and a dividend policy that is both ambitious and sustainable,” he included.
He described that due to this, the monetary establishment’s share value has truly enhanced considerably in the previous couple of years.
Arapogolou described that that is “not just due to high interest rates, as many believe, but also as a result of the successful transformation of the bank, its strong performance, its pursuit of ambitious goals, and our ability to create value for our shareholders”.
“However, despite these facts, the liquidity of our shares, although gradually improving over recent months, remains low, limiting the expansion of our investor base,” he included.
He fearful that “it is clear that our listing on the London Stock Exchange played a crucial role in providing the bank with international visibility and credibility during the transformation process”.
“Nevertheless”, he proceeded,“the board of directors believes that delisting from the London Stock Exchange and re-listing our shares on the Athens Stock Exchange offers the potential to enhance the liquidity of our shares and the recognition of the group among a wider group of interested investors, benefiting both shareholders and the bank itself”
He after that verified that the monetary establishment will definitely stay to protect its existence and buying and selling of its shares on the Cyprus Stock Exchange (CSE)
“This belief is the result of a holistic evaluation carried out after detailed consultation with our key investors, stock analysts, and brokers,” Arapogolou claimed.
Furthermore, he claimed that“the re-listing of our shares on the Athens Stock Exchange represents the next step in our journey to further enhance the bank’s profile”
“We are building on the significant efforts made in recent years to attract investors and analysts in order to raise the bank’s recognition,” he included.
As cases, he identified the Investor Information Event in June 2023 and the routine analysis of economic establishment’s targets and objectives.
“The re-listing will mark the return of the Bank of Cyprus to the Athens Stock Exchange, where we were listed before 2017,” he specified.
He talked about that “the Athens Stock Exchange is now a mature European exchange with a growing reputation in line with Greece’s steady economic growth”,
What is additional, Arapoglou specified that re-listing the depend on the Athens Stock Exchange is ready for to extend the monetary establishment’s presence amongst a broader number of institutional and unique capitalists.
He likewise saved in thoughts that it might definitely promote easier distinction with the 4 important Greek monetary establishments, which the monetary establishment considers as its closest friends.
Finally, he mentioned that this motion will surely present greater accessibility to funding from capitalists energetic on the Athens Stock Exchange and, in time, could make Bank of Cyprus eligible for addition in much more provide indices.
