Co-op buyout on Hellenic shareholders’ July 11 meeting

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By Stelios Orphanides

Hellenic Bank said it would inform its shareholders about its intention to buy out the assets of the Cyprus Cooperative Bank at an extraordinary meeting on July 11, the day it already rescheduled its annual general meeting a month ago.

The management of the bank, which is among the bidders who filed a binding offer a week ago, will inform shareholders also “in relation to the options that are being evaluated by the bank in the event that any capital is required for the purposes of the proposed transaction,” Hellenic said in a statement on the website of the Cyprus Stock Exchange on Monday.

The decision to call an extraordinary shareholder meeting followed a request by Demetra Investment Plc, which owns one tenth of the bank’s shares, Hellenic said.

Shareholders will also receive information about the selection procedures of consultants, the financial position of the Co-op, as well as “the invitation, briefing and negotiation with potential partners or(and) co-investors or(and) investors who will take part in the proposed transaction,” Hellenic said.

In March, software developer Logicom, acquired the state-owned Co-op’s 18.5 per cent stake in Demetra Investment for €20.4m.

The July 11 shareholders meeting will be held at the bank’s headquarters in Nicosia at noon.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • almostbroke

    Hellenic ! With not a ‘pot to piss in ‘ buying into a lame duck Bank !

    • Cydee

      It’s a joke, isn’t it…

    • JS Gost

      ……and all the taxpayers money goes missing – not that’s magic. We will even pay to get rid of the staff and the premises – not that’s us shafted again.

  • Bruce

    This is an extraordinary proposed transaction by Hellenic Bank.So should not an extraordinary meeting be called well before July 11 to inform and get the approval of shareholders? By July 11 the situation of the Coop may be worse allowing Hellenic Bank to cherry-pick its assets at a much lower price at the expense of law-abiding tax payers! And what happens if shareholders do not approve the proposal?

  • Barry White

    Attention Cyprus taxpayers and creditors. The Coop has been judged to be worthless or worse as a ‘business’.

    Even the Hellenic Bank doesn’t want the overpriced Coop ’employees’ from the money pit.

    The taxpayers will ‘have’ to employ them somehow. Add another couple of thousand layabouts to the ‘Civil Service’ holding paddocks along with their pensions.The certainly are not listed under the asset column.

    ‘Hellenic Bank said it would inform its shareholders about its intention to buy out the assets of the Cyprus Cooperative Bank ‘

  • JS Gost

    One turd + One turd = a working bank ? when I went to school the answer was one big turd.. With maths like this, no wonder the banks crashed.

  • Barry White

    Photo caption contest entry: ‘ And the band played on….’