Orphanides activities have not been affected further after Eurogroup decisions
2/4/2013 9:14
Following the recent unfavourable developments in the banking sector and the economy in general and in order to fully inform the investing public, Orphanides Public Company Ltd announces the following:
1) With regard to the Company’s activities, it is well know that the Company is under administration since January 31, 2013 due to certain problems. By extension, its activities have not been affected further.
2) In relation to the cash available of the official Receivers/Administrators, the amount of €916,000 that was in an account in Cyprus Popular Bank, has been blocked and it is not available.
3) The Company held 9,150,000 Convertible Enhanced Capital Securities of Cyprus Popular Bank, which have already been converted in 91,500,000 fully paid ordinary shares of the bank. The initial nominal value of the Capital Securities was €9,150,000 while on December 31, 2012 the value of the specific shares was calculated at €3,934,500.
We do not know what the value of the aforementioned shares is today because the issue has not been yet clarified. The Company is monitoring the developments and will inform the investing public accordingly.
1) With regard to the Company’s activities, it is well know that the Company is under administration since January 31, 2013 due to certain problems. By extension, its activities have not been affected further.
2) In relation to the cash available of the official Receivers/Administrators, the amount of €916,000 that was in an account in Cyprus Popular Bank, has been blocked and it is not available.
3) The Company held 9,150,000 Convertible Enhanced Capital Securities of Cyprus Popular Bank, which have already been converted in 91,500,000 fully paid ordinary shares of the bank. The initial nominal value of the Capital Securities was €9,150,000 while on December 31, 2012 the value of the specific shares was calculated at €3,934,500.
We do not know what the value of the aforementioned shares is today because the issue has not been yet clarified. The Company is monitoring the developments and will inform the investing public accordingly.
