Hellenic Bank Public Company Ltd, within the framework of the implementation of the provisions of the Prospectus dated September 30, 2013, warns the holders of the Convertible Capital Securities 1 and 2 for the implementation of the provisions of the mandatory cancellation of the interest payment as a result of not having the required Available for Distribution Data for such interest payment and at its sole discretion.
Pursuant to the provisions of the Prospectus, “Available for Distribution Data” are “the net profit of the Bank for the year prior of such date of interest payment together with any net profits and retain earnings transferred from previous years and any net transfers from any reserve accounts, which are available for distribution to the shareholders of the bank minus any losses transferred, profits that cannot be distributed pursuant to the Law or the Articles of Association of the Bank and amounts deposited to non-distributable reserves, pursuant to the Law or the Articles of Association of the Bank, the losses and reserves concerning the accounts of the Bank and not the consolidated accounts of the Group”.
The mandatory cancellation of interest payment will be valid unless the Bank warns the holders of the Convertible Capital Securities 1 and 2 otherwise.
Pursuant to the provisions of the Prospectus, the cancellation of interest payment is not an event of default of the obligation, it does not impose any restrictions to the Bank and it does not give the right to the holders of the Convertible Capital Securities 1 and/or 2 to submit an application for the liquidation or dissolution of the Bank.
It is clarified that the above cancellation of interest payment is not a result of violation of the capital claims of the Bank or the Group. Taking into account the capital secured via the Restructuring and Enhancement of Capital Base Plan, the Capital Adequacy Index of the Group, based on Pillar 1 of the Directive of the Central Bank of Cyprus, on September 30, 2013 stood at 16.3% (Bank: 15.5%), the Equity Ratio at 15.1% (Bank: 15.0%) and the Core Tier 1 Capital at 9.5% (Bank: 9.3%).
Pursuant to the provisions of the Prospectus, “Available for Distribution Data” are “the net profit of the Bank for the year prior of such date of interest payment together with any net profits and retain earnings transferred from previous years and any net transfers from any reserve accounts, which are available for distribution to the shareholders of the bank minus any losses transferred, profits that cannot be distributed pursuant to the Law or the Articles of Association of the Bank and amounts deposited to non-distributable reserves, pursuant to the Law or the Articles of Association of the Bank, the losses and reserves concerning the accounts of the Bank and not the consolidated accounts of the Group”.
The mandatory cancellation of interest payment will be valid unless the Bank warns the holders of the Convertible Capital Securities 1 and 2 otherwise.
Pursuant to the provisions of the Prospectus, the cancellation of interest payment is not an event of default of the obligation, it does not impose any restrictions to the Bank and it does not give the right to the holders of the Convertible Capital Securities 1 and/or 2 to submit an application for the liquidation or dissolution of the Bank.
It is clarified that the above cancellation of interest payment is not a result of violation of the capital claims of the Bank or the Group. Taking into account the capital secured via the Restructuring and Enhancement of Capital Base Plan, the Capital Adequacy Index of the Group, based on Pillar 1 of the Directive of the Central Bank of Cyprus, on September 30, 2013 stood at 16.3% (Bank: 15.5%), the Equity Ratio at 15.1% (Bank: 15.0%) and the Core Tier 1 Capital at 9.5% (Bank: 9.3%).
Monday, 9 December, 2013 - 09:38