The Board of Pancypriaki Finance Organisation Ltd., in agreement with the management of the Hellenic Bank Ltd., main shareholders of the Organisation with 99.58% participation, decided to request postponement of the listing of its titles on the CSE which was decided by its shareholders on the 4 September 2000.
The Organisation submitted its application for listing on the CSE on the 29 May 2000 and it has now officially requested the CSE and the Securities & Exchange Commission to postpone its application. The Board of the Organisation and the management of the Hellenic Bank reached the decision taking into consideration the recently prevailing conditions of the stockmarket and the lack of interest by investors, factors which it considers will not ensure the success of the issue. Further, investors, including shareholders of the Hellenic Bank, will not benefit at this stage from such issue to the degree desired by the Organisation and the management of the Hellenic Bank, with the possibility of even sustaining losses. Finally, under the present conditions, the amount of funds which could be raised would not suffice towards implementation of the company’s expansion plans.
The Board states that it is clear from the above that the interests of shareholders of the Hellenic Bank and investors in general are best served by the indefinite postponement of listing of its titles rather than their listing at an inappropriate time.
It was underlined that the Organisation has not collected any funds by the sale of any of its shares.
The Organisation submitted its application for listing on the CSE on the 29 May 2000 and it has now officially requested the CSE and the Securities & Exchange Commission to postpone its application. The Board of the Organisation and the management of the Hellenic Bank reached the decision taking into consideration the recently prevailing conditions of the stockmarket and the lack of interest by investors, factors which it considers will not ensure the success of the issue. Further, investors, including shareholders of the Hellenic Bank, will not benefit at this stage from such issue to the degree desired by the Organisation and the management of the Hellenic Bank, with the possibility of even sustaining losses. Finally, under the present conditions, the amount of funds which could be raised would not suffice towards implementation of the company’s expansion plans.
The Board states that it is clear from the above that the interests of shareholders of the Hellenic Bank and investors in general are best served by the indefinite postponement of listing of its titles rather than their listing at an inappropriate time.
It was underlined that the Organisation has not collected any funds by the sale of any of its shares.
Monday, 30 April, 2001 - 00:00