HB: EGM on 4/8 for issue of convertible capital securities of up to €150m
9/7/2010 8:35
Taking into account the current conditions in the economic environment and for the strengthening of the bank’s capital adequacy, at the meeting held today, the Board of Directors of Hellenic Bank Public Company Ltd decided to propose to the Extraordinary General Meeting to take place on Wednesday, August 4, 2010, the issue of Non-Cumulative Convertible Capital Securities of indefinite duration of up to €150 million. The Non-Cumulative Convertible Capital Securities will be offered to the existing shareholders to the ratio of 2 Non-Cumulative Convertible Capital Securities for every 5 shares of the Bank. On the basis of this ratio, up to €123,197,527 will be offered in order of precedence to the existing shareholders. The remaining €26,802,473 will be offered to the public without being offered to the existing shareholders first.
The proposed terms of issue include the following:
- The Non-Cumulative Convertible Capital Securities will be issued in securities of €1 and its multiples.
- The Non-Cumulative Convertible Capital Securities will be distributed in order of precedence to the existing shareholders to the ratio of €2 for every 5 shares held on the record date. The remaining sum up to €150 million, that is, €26,802,473 will be offered to the public.
- The shareholders will be able to register to the issue of Non-Cumulative Convertible Capital Securities paying the corresponding sum of the required consideration in cash.
- If the issue is not covered, the indisposed sums together with the €26,802,473, which will not be offered in order of precedence to the shareholders of the Bank, will be disposed to the public to the Bond Holders 2016 and the Capital Security Holders 2003 of the Bank. Applications for the registration may be submitted by investors, shareholders or not, paying the corresponding sum of the required consideration either in cash or with the payment of Bonds 2016 or with the payment of the Capital Securities 2003.
- The Non-Cumulative Convertible Capital Securities will bear a stable annual interest rate of 6.25%.
- The interest is payable on a three-month basis at the end of each period of interest payment.
- The Non-Cumulative Convertible Capital Securities is of indefinite duration without expiry date. The Bank – following a notification by the shareholders – may decide to acquire together with any payable sums, the total – and not part of – the Non-Cumulative Convertible Capital Securities on December 31, 2015 or any other date of interest rate payment after that.
- The Non-Cumulative Convertible Capital Securities might be converted in ordinary shares of Hellenic Bank during the conversion periods. The first period of conversion has been set at December 15-31, 2012 and the last period of conversion is December 15-30, 2020.
- The conversion price will be determined on the basis of the average closing price of the bank’s share in the CSE at the closing of the last 5 trading days prior to the conversion period minus 20% with a minimum conversion price of €1.40.
- The Manager of the issue will be Hellenic Bank (Investments) Ltd.
- The main terms of issue will be posted together with the notification for the EGM, which has been set at August 4, 2010.
The proposed terms of issue include the following:
- The Non-Cumulative Convertible Capital Securities will be issued in securities of €1 and its multiples.
- The Non-Cumulative Convertible Capital Securities will be distributed in order of precedence to the existing shareholders to the ratio of €2 for every 5 shares held on the record date. The remaining sum up to €150 million, that is, €26,802,473 will be offered to the public.
- The shareholders will be able to register to the issue of Non-Cumulative Convertible Capital Securities paying the corresponding sum of the required consideration in cash.
- If the issue is not covered, the indisposed sums together with the €26,802,473, which will not be offered in order of precedence to the shareholders of the Bank, will be disposed to the public to the Bond Holders 2016 and the Capital Security Holders 2003 of the Bank. Applications for the registration may be submitted by investors, shareholders or not, paying the corresponding sum of the required consideration either in cash or with the payment of Bonds 2016 or with the payment of the Capital Securities 2003.
- The Non-Cumulative Convertible Capital Securities will bear a stable annual interest rate of 6.25%.
- The interest is payable on a three-month basis at the end of each period of interest payment.
- The Non-Cumulative Convertible Capital Securities is of indefinite duration without expiry date. The Bank – following a notification by the shareholders – may decide to acquire together with any payable sums, the total – and not part of – the Non-Cumulative Convertible Capital Securities on December 31, 2015 or any other date of interest rate payment after that.
- The Non-Cumulative Convertible Capital Securities might be converted in ordinary shares of Hellenic Bank during the conversion periods. The first period of conversion has been set at December 15-31, 2012 and the last period of conversion is December 15-30, 2020.
- The conversion price will be determined on the basis of the average closing price of the bank’s share in the CSE at the closing of the last 5 trading days prior to the conversion period minus 20% with a minimum conversion price of €1.40.
- The Manager of the issue will be Hellenic Bank (Investments) Ltd.
- The main terms of issue will be posted together with the notification for the EGM, which has been set at August 4, 2010.
