By Stelios Orphanides
Bank of Cyprus, the island’s biggest bank, said that it would suspend the trading of its existing shares on Tuesday, January 10 at the exchanges in Nicosia and Athens, so that the shares of the bank’s holding company would start being traded London nine days later.
The suspension of trading outside the Cyprus Stock Exchange (CSE) and Athens Stock Exchange (ATHEX) will begin on Monday, January 9 at 5:30 pm, and will include “off exchange transfers, transfers between Cyprus Stock Exchange and Athens Stock Exchange and vice versa, transfers between operators, transfers from operators to the special investor account and vice versa and ‘over the counter’ transactions with a transaction date after 9 January 2017, except if such transactions are required for the settlement of stock exchange transactions carried out until and including 9 January 2017,” the bank said in an announcement on Thursday.
At an EGM last month, shareholders approved a proposal to exchange outstanding shares with shares of the bank’s Ireland-based holding company at a ratio of 20 to 1, as part of the lender’s effort to have its share traded at the London Stock Exchange (LSE). The suspension of trading in ATHEX will be permanent.
“Subject to obtaining the necessary regulatory approvals, and based on the expected timetable of principal events contained in the shareholders’ circular published by the bank on 21 November 2016 setting out the full details of the scheme, the trading in new shares on the CSE and the LSE is expected to commence on 19 January 2017,” it said. “Any amendments to this timetable will be announced by the Bank and/or BOCH in due course, including a posting of the announcement on the Bank’s website”.
Bank of Cyprus added that its shareholders must submit the share election form by January 10, 2017.