HB: Proposal for acquisition of Pancyprian Finance
19/5/2008 10:32
Within the framework of the internal reorganization and the achievement of synergies, Hellenic Bank Public Company Ltd announces the following:
1. The Bank decided to address to all shareholders of the Pancyprian Finance Public Company Ltd for the acquisition of its total share capital, which stands at 22,400,000 shares.
The price that the Bank will offer for every share of Pancyprian Finance stands at €0.133 and has been calculated with the method of net assets, which is regarded as the most suitable and fairest method for the calculation of the value of shares.
It is noted that the Bank holds 99.96% of Pancyprian Insurance Ltd, which now holds 99.73% of the shares in the capital of Pancyprian Finance.
2. The Bank decided that after the expiry of the deadline for the acceptance of the above offer for the purchase of the total share capital of Pancyprian Finance, the Bank will proceed with the absorbance of the latter’s activities – via a Reorganization and Merger Plan pursuant to the Companies’ Law Chapter 113 – and as a result the total assets and liabilities of Pancyprian Finance will be transferred to the Bank and Pancyprian Finance will be dissolved without liquidation.
As a result, the remaining shareholders of Pancyprian Finance will become shareholders of the Bank.
The Central Bank of Cyprus has already approved all the above.
1. The Bank decided to address to all shareholders of the Pancyprian Finance Public Company Ltd for the acquisition of its total share capital, which stands at 22,400,000 shares.
The price that the Bank will offer for every share of Pancyprian Finance stands at €0.133 and has been calculated with the method of net assets, which is regarded as the most suitable and fairest method for the calculation of the value of shares.
It is noted that the Bank holds 99.96% of Pancyprian Insurance Ltd, which now holds 99.73% of the shares in the capital of Pancyprian Finance.
2. The Bank decided that after the expiry of the deadline for the acceptance of the above offer for the purchase of the total share capital of Pancyprian Finance, the Bank will proceed with the absorbance of the latter’s activities – via a Reorganization and Merger Plan pursuant to the Companies’ Law Chapter 113 – and as a result the total assets and liabilities of Pancyprian Finance will be transferred to the Bank and Pancyprian Finance will be dissolved without liquidation.
As a result, the remaining shareholders of Pancyprian Finance will become shareholders of the Bank.
The Central Bank of Cyprus has already approved all the above.
