Bank of Cyprus investors on Friday accepted the listing of the financial institution’s common shares on the Athens Stock Exchange (ATHEX), pending a delisting from the London Stock Exchange (LSE).
The investor ballot happened throughout a phenomenal basic conference (EGM) at the financial institution’s head office in Nicosia.
The action, based on last authorization from the ATHEX Listing Committee on September 17, 2024, notes a considerable action for the financial institution as it prepares to delist from the London Stock Exchange (LSE)
The conference was participated in by 36 investors, either face to face or by proxy, standing for over 213 million shares, which is 48.08 percent of the financial institution’s complete released share funding.
During the conference, investors enacted favour of noting the firm’s shares on ATHEX’s Main Market, which will certainly be carried out based on Greek regulation.
The financial institution specified that the choice “remains subject to approval from the Listings and Market Operation Committee of ATHEX”.
If accepted, the delisting from the LSE will certainly work from 8:00 a.m. on September 19, 2024, with the last day of trading anticipated to be September 18, according to a financial institution declaration.
Additionally, the financial institution means to end its share buyback program on the LSE after trading closes on the exact same day, though the buyback program on the Cyprus Stock Exchange will certainly proceed untouched.
The EGM likewise saw investors accept modifications to the firm’s posts of organization. The financial institution kept in mind that complete information of the resolutions and ballot outcomes are readily available in the round released on August 19, 2024.
Moreover, based on UK Financial Conduct Authority laws, a duplicate of the resolutions will certainly be sent to the National Storage Mechanism.
Before the ballot happened, team chairman Takis Arapoglou informed investors that the Bank of Cyprus has actually currently been changed right 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 because of this, the financial institution’s share cost has actually enhanced substantially in the last few years.
Arapogolou described that this 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 worried 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 financial institution will certainly remain to preserve its existence and trading 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 instances, he pointed out the Investor Information Event in June 2023 and the routine evaluation of financial institution’s targets and goals.
“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 mentioned 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 extra, Arapoglou specified that re-listing the rely on the Athens Stock Exchange is prepared for to increase the financial institution’s presence amongst a broader variety of institutional and exclusive capitalists.
He likewise kept in mind that it would certainly promote simpler contrast with the 4 significant Greek financial institutions, which the financial institution considers as its closest peers.
Finally, he discussed that this action would certainly provide higher accessibility to funding from capitalists energetic on the Athens Stock Exchange and, in time, can make Bank of Cyprus eligible for addition in even more supply indices.
