HB: Mechanism for mandatory conversion of CCS1 to shares
29/8/2014 17:49
Hellenic Bank Public Company Ltd, within the framework of the implementation of the provisions of the Prospectus dated September 30, 2013, announces the activation of the Mechanism for the Mandatory Conversion of the Convertible Capital Securities 1 (CCS1) into shares.
Specifically, as a result of the Common Equity Tier 1 ratio of the Group and the Bank, which stands below 8% based on the approved results dated August 29, 2014, results for the period ended June 30, 2014, CCS1 of total value €15 million are irrevocably converted and without any obligation for consent by the holders of CCS1 into shares so that the lowest of the two, the Common Equity Tier 1 ratio of the Bank and the Group stands at 8%. It is clarified that the remaining CCS1 that will not be converted into shares of total value €25 million will continue to be valid and to bear all rights and obligations stemming from their Prospectus.
The mandatory conversion applies mutatis mutandis to the outstanding balance of the CCS1 for each investor at the conversion date (transactions conducted by 29/8/2014, record date 3/9/2014). It is clarified that for investors having 2 or more registration numbers in the CSE (e.g. common account and personal account), each registration number is considered a separate entity for conversion purposes.
Each CCS1 is converted into ordinary shares with a voting right. In case that as a result of the conversion there are fractional rights on the shares, for fractional balances below 0.50 no share will be given, while for fractional balances above 0.50 (inclusive) one additional share will be given.
The price of the Mandatory Conversion of the CCS1 into shares stands at €0.10.
The relevant notification to the holders of CCS1 will be published in newspapers “Phileleftheros” and “Politis” on Saturday, August 30, 2014, pursuant to the provisions of paragraph 14 Part IV/B/II of the Prospectus.
The Bank will send the allocation letters to the holders of the CCS1 in due time.
All shares emerging from the mandatory conversion will be listed on the Cyprus Stock Exchange, after securing the necessary approvals.
Taking into account the share capital resulting from the conversion of the CCS1, the Capital Adequacy Index of the Group on June 30, 2014, stands at 12.3% (Bank 12.3%), the Tier 1 ratio at 11.2% (Bank: 11.2%) and the Common Equity Tier 1 ratio at 8.0% (Bank 8.0%) based on Pillar 1 and pursuant to the New Legislation and Directive of the European Central Bank on the Capital Requirement Regulation (CRR)/Capital Requirement Directive (CRD) dated June 26, 2013 that became effective from January 1, 2014 and the relevant circulars of the Central Bank of Cyprus.
Specifically, as a result of the Common Equity Tier 1 ratio of the Group and the Bank, which stands below 8% based on the approved results dated August 29, 2014, results for the period ended June 30, 2014, CCS1 of total value €15 million are irrevocably converted and without any obligation for consent by the holders of CCS1 into shares so that the lowest of the two, the Common Equity Tier 1 ratio of the Bank and the Group stands at 8%. It is clarified that the remaining CCS1 that will not be converted into shares of total value €25 million will continue to be valid and to bear all rights and obligations stemming from their Prospectus.
The mandatory conversion applies mutatis mutandis to the outstanding balance of the CCS1 for each investor at the conversion date (transactions conducted by 29/8/2014, record date 3/9/2014). It is clarified that for investors having 2 or more registration numbers in the CSE (e.g. common account and personal account), each registration number is considered a separate entity for conversion purposes.
Each CCS1 is converted into ordinary shares with a voting right. In case that as a result of the conversion there are fractional rights on the shares, for fractional balances below 0.50 no share will be given, while for fractional balances above 0.50 (inclusive) one additional share will be given.
The price of the Mandatory Conversion of the CCS1 into shares stands at €0.10.
The relevant notification to the holders of CCS1 will be published in newspapers “Phileleftheros” and “Politis” on Saturday, August 30, 2014, pursuant to the provisions of paragraph 14 Part IV/B/II of the Prospectus.
The Bank will send the allocation letters to the holders of the CCS1 in due time.
All shares emerging from the mandatory conversion will be listed on the Cyprus Stock Exchange, after securing the necessary approvals.
Taking into account the share capital resulting from the conversion of the CCS1, the Capital Adequacy Index of the Group on June 30, 2014, stands at 12.3% (Bank 12.3%), the Tier 1 ratio at 11.2% (Bank: 11.2%) and the Common Equity Tier 1 ratio at 8.0% (Bank 8.0%) based on Pillar 1 and pursuant to the New Legislation and Directive of the European Central Bank on the Capital Requirement Regulation (CRR)/Capital Requirement Directive (CRD) dated June 26, 2013 that became effective from January 1, 2014 and the relevant circulars of the Central Bank of Cyprus.
