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Invest Cyprus 30/04-30/03/2019
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HB: Share Capital Increase of €150M

HB: Share Capital Increase of €150M

Hellenic Bank has announced the successful Share Capital Increase of €150m , further to its announcement of 29 January 2019.  

Taking into account the Share Capital Increase of €150 m, the Group’s pro forma Common Equity Tier 1 ratio and Capital Adequacy ratio (both on transitional basis) are estimated at 17,8% and 20,4%, respectively, subject to the relevant regulatory approvals.

The Company’s successful Share Capital Increase provides a number of strategic advantages including:

- Strengthens significantly the Company’s capital position following the acquisition of certain assets and liabilities of the ex -Cyprus Cooperative Bank, that has allowed the Company to become the leading retail bank in Cyprus;
- Underpins the Company’s business plan to further build its franchise and provides optionality for a faster resolution of non-performing exposures;  
- Facilitates improved access to the capital markets;
- Enhances stakeholders’ confidence in the Company.
 
Taking into account the completion of the Share Capital Increase, the shareholders expected to hold more than 5% of the Company’s share capital are:
 
Wargaming Group Ltd 20,61% 
Demetra Investment Public Ltd 18,42%
Poppy Sarl 17,30%
Third Point Hellenic Recovery Fund LP 12,59%
7Q Financial Services Ltd 9,99% 
 

The Company’s Board of Directors (“Board”), in its meeting on 14 March 2019, examined and approved the allocation of 113.340.432 new ordinary shares of nominal value of €0,50 each (“New Ordinary Shares”) to 2.209 shareholders that exercised 157.418.575 Rights in total, during the Rights Exercise Period, raising €79.338.302,40 of shareholders’ equity.

As per the Prospectus and in line with the subscription agreement with Demetra Investment Public Ltd (“Demetra”), the Board has allocated the remaining 29.561.360 New Ordinary Shares in relation to unexercised Rights to Demetra, raising an additional €20.692.952,00 of shareholders’ equity.

As per the Prospectus and in line with the private placement agreement with Poppy Sarl, a company owned by investment funds controlled by Pacific Investment Management Company LLC or a related company, (the “Private Placement”), the Board will allocate 71.428.572 New Ordinary Shares at a price of €0,70 per New Ordinary Share to Poppy Sarl for a total consideration of €50.000.000,40, subject the satisfaction of conditions precedent. It is noted that Poppy Sarl has obtained the relevant regulatory approval for its investment in the Company.

As a result of the Rights Issue, the allocation of the unsubscribed shares to Demetra and the Private Placement, the number of issued and fully paid ordinary shares of nominal value of €0,50 each will increase from 198.474.712 to 412.805.076. The date of dispatch of the New Ordinary Shares’ Allotment Letters is 18 March 2019. The New Ordinary Shares arising from the Share Capital Increase, totaling 214.330.364, are expected to be listed on the Cyprus Stock Exchange on 28 March 2019, subject to the relevant regulatory approvals.

The Bank’s CEO, Yannis Matsis, commented on the Share Capital Increase, “We are pleased with the outcome of the Share Capital Increase and the overall support provided by both the Company’s existing and new shareholders, testifying their trust towards us. The significantly strengthened capital position supports the faster implementation of our strategic plan and solidifies the Company’s position as a leading financial institution in the island, able to support the prospects of the Cypriot households and businesses and the further development of the domestic economy.” 

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