HB: EGM approved redenomination of capital in euros and amendment of Art. of Association
27/3/2008 9:45
The Extraordinary General Meeting held on March 26, 2008 approved 2 resolutions, which are as follows:
Ordinary Resolution
“That, in order to comply with the Law on the Adoption of the Euro 2007 (N.33 (I)/2007) from January 1, 2008:
a) The share capital of the Bank be redenominated from Cyprus pounds in euros.
b) The nominal value of the share be converted and increased after the upward rounding from £0.25 to €0.43.
c) The nominal capital of the Bank be redenominated from £150,000,000 (€256,290,216.21) divided into 600,000,000 shares of nominal value of £0.25 each to €258,000,000 divided into 600,000,000 shares of nominal value €0.43 each.
d) The issued share capital of the Bank be redenominated and increase from £72,735,747.50 (€124,276,403.02) to €125,105,485.70 divided into 290,942,990 shares of nominal value €0.43 each and that this increase be realized via the capitalization of part of the “share premium reserve” so that the number of issued shares remains the same as the number of shares after the enforcement of the provisions of this resolution”.
Special Resolution
“That the aforementioned Articles of the Articles of Association be amended as follows:
a) Article 11. Replacement of the sum of 50 mils with the sum of €0.08.
b) Article 12. Replacement of the sum of 25 mils with the sum of €0.04.
c) Article 21. Replacement of the sum of 125 mils with the sum of €0.20”.
Ordinary Resolution
“That, in order to comply with the Law on the Adoption of the Euro 2007 (N.33 (I)/2007) from January 1, 2008:
a) The share capital of the Bank be redenominated from Cyprus pounds in euros.
b) The nominal value of the share be converted and increased after the upward rounding from £0.25 to €0.43.
c) The nominal capital of the Bank be redenominated from £150,000,000 (€256,290,216.21) divided into 600,000,000 shares of nominal value of £0.25 each to €258,000,000 divided into 600,000,000 shares of nominal value €0.43 each.
d) The issued share capital of the Bank be redenominated and increase from £72,735,747.50 (€124,276,403.02) to €125,105,485.70 divided into 290,942,990 shares of nominal value €0.43 each and that this increase be realized via the capitalization of part of the “share premium reserve” so that the number of issued shares remains the same as the number of shares after the enforcement of the provisions of this resolution”.
Special Resolution
“That the aforementioned Articles of the Articles of Association be amended as follows:
a) Article 11. Replacement of the sum of 50 mils with the sum of €0.08.
b) Article 12. Replacement of the sum of 25 mils with the sum of €0.04.
c) Article 21. Replacement of the sum of 125 mils with the sum of €0.20”.
