At the expiry of the Subscription Period of the Bank of Cyprus Ltd (“Company”) Centenary Warrants 1999/2003 (“Warrants”), 22.622.768 Warrants (67,2% of the total Warrants) were exercised by their holders and 11.041.458 Warrants remained unexercised. According to the provisions of paragraph 4.0 (iv) of the Terms of Issue of the Warrants, the Company may, within 14 days of 31 October 2003, exercise such Warrants (or part thereof) and sell the resultant shares, provided that the net proceeds of sale after deduction of all costs and expenses incurred exceed the Subscription Price of the Warrants (C£1,25). The Company shall distribute pro rata the said net proceeds to the persons entitled thereto within two months of 31 October 2003.
Acting in the context of the provisions of paragraph 4.0 (iv) of the Terms of Issue of the Warrants, the Board of Directors of the Company decided to launch, and hereby announces the launch of, an auction procedure (“Auction”), in order to determine the number of the Warrants not exercised by their holders that the Company can exercise and to sell the resultant shares.
Up to 11.041.458 shares of the Company are offered at the Auction.
According to the Terms of the Auction (“Auction Terms”):
· Bids can be submitted in Cyprus and in Greece to the Authorised Persons/Offices referred in the Auction Terms.
· The Auction is addressed only to those persons acting in the context of their usual business activities and to other persons who wish to submit a bid of at least C£30.000 or €50.000.
· Bids can be submitted from Friday, 7 November 2003 until Tuesday, 11 November 2003 (inclusive).
· Bids must be accompanied with payment for the full amount of the bid.
· The price (per share) of each bid should exceed the Subscription Price of the Warrants (C£1,25) (€2,144 ).
· Every bid is irrevocable and must state the number of shares and the price per share each bidder is prepared to pay.
· Each bidder may submit more than one bid.
· The allotment of the shares will be based on the price per share offered in each bid, satisfying the higher price (per share) bids first.
The complete Auction Terms are available at the Group’s website www.bankofcyprus.com and at all Bank of Cyprus branches in Cyprus and Greece.
Interested bidders can obtain further information by contacting the Authorised Persons/
Offices set out in the Auction Terms.
The Auction Coordinator is the Cyprus Investment and Securities Corporation Limited (CISCO).
The closing price of the Company’s share on 5 November 2003 was C£1,35 at the Cyprus Stock Exchange and €2,38 at the Athens Stock Exchange.
Acting in the context of the provisions of paragraph 4.0 (iv) of the Terms of Issue of the Warrants, the Board of Directors of the Company decided to launch, and hereby announces the launch of, an auction procedure (“Auction”), in order to determine the number of the Warrants not exercised by their holders that the Company can exercise and to sell the resultant shares.
Up to 11.041.458 shares of the Company are offered at the Auction.
According to the Terms of the Auction (“Auction Terms”):
· Bids can be submitted in Cyprus and in Greece to the Authorised Persons/Offices referred in the Auction Terms.
· The Auction is addressed only to those persons acting in the context of their usual business activities and to other persons who wish to submit a bid of at least C£30.000 or €50.000.
· Bids can be submitted from Friday, 7 November 2003 until Tuesday, 11 November 2003 (inclusive).
· Bids must be accompanied with payment for the full amount of the bid.
· The price (per share) of each bid should exceed the Subscription Price of the Warrants (C£1,25) (€2,144 ).
· Every bid is irrevocable and must state the number of shares and the price per share each bidder is prepared to pay.
· Each bidder may submit more than one bid.
· The allotment of the shares will be based on the price per share offered in each bid, satisfying the higher price (per share) bids first.
The complete Auction Terms are available at the Group’s website www.bankofcyprus.com and at all Bank of Cyprus branches in Cyprus and Greece.
Interested bidders can obtain further information by contacting the Authorised Persons/
Offices set out in the Auction Terms.
The Auction Coordinator is the Cyprus Investment and Securities Corporation Limited (CISCO).
The closing price of the Company’s share on 5 November 2003 was C£1,35 at the Cyprus Stock Exchange and €2,38 at the Athens Stock Exchange.
Thursday, 6 November, 2003 - 16:55