Shareholders to decide on BOC London listing scheme on December 13

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By Stelios Orphanides

Bank of Cyprus said that it will hold a shareholders’ extraordinary general meeting (EGM) on December 13, which will decide the incorporation of holding company as part of the bank’s efforts for a London Stock Exchange Listing.

Shareholders will vote on a proposed resolution which will reduce the bank’s issued capital to zero, set up Bank of Cyprus Holdings Plc, transfer the bank’s ownership to the holding company, and issue holding company shares to the shareholders in proportion of their current ownership the bank said in two separate emailed statements on Monday.

“The EGM has been convened at the direction of the district court of Nicosia as part of the proposed scheme of arrangement of the bank, which, if approved, will introduce Bank of Cyprus Holdings Plc as a new holding company,” the bank said. “At the EGM, resolutions will be proposed to approve the scheme and the related reduction of capital of the bank. The directors of Bank of Cyprus consider the scheme to be fair and reasonable”.

The bank’s directors also “believe the scheme to be in the best interests of Bank of Cyprus and the shareholders as a whole, and accordingly, unanimously recommend that shareholders vote in favour of the scheme and the scheme resolutions at the EGM, as they intend to do in respect of their own beneficial shareholdings,” the bank said. The December 13, EGM will start at 10:00 am at the bank’s headquarters in Nicosia.

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