By Stelios Orphanides
Bank of Cyprus said 446,199,933 shares of its Irish holding company will be floated on LSE on Thursday at a nominal value of €0.10 each
The ordinary shares are expected to be admitted to the standard list segment of the official list of the UK’s Financial Conduct Authority, to trade on the main market for listed securities of the London Stock Exchange (LSE), the lender said in a statement on Wednesday.
The shares will also list on the Cyprus Stock Exchange (CSE) and trade on its main market, the statement added.
In a separate statement, the CSE said trading will begin on Thursday at a listing price of €3.21, which is 20 times the closing price of Monday, January 9, when the trading was suspended.
Last month, Bank of Cyprus shareholders approved a scheme to exchange 8,922,944,533 Bank of Cyprus shares with Bank of Cyprus Holdings Plc shares at a ratio of 1 to 20.
The total number of the holding company shares announced on Wednesday, exceeds by 4.5 per cent, the quotient of dividing 8,922,944,533 by 20 as the lender said that it would round the number upwards in cases of shareholders having 19 shares or less to convert.
During the first three days of trading following the introduction of the bank’s share, no daily fluctuation limits will apply, the CSE said.