Announcement
Launch of share buyback
programme
Nicosia, 19 April 2024
Following the announcement of 20
March 2024 in relation to the FY2023 proposed cash dividend and
intention to commence share buyback programme (the 'Programme'),
Bank of Cyprus Holdings Public Limited Company (the 'Company')
announces today the launch of the Programme. The Programme concerns the repurchase of
ordinary shares in the Company (the 'Shares') for up to a maximum
aggregate consideration of €25
million. The purpose of the Programme is to reduce the Company's
share capital and therefore Shares purchased under the Programme
will be cancelled, in line with this announcement.
The Company has entered into
non-discretionary agreements with Numis
Securities Limited (trading as 'Deutsche Numis')
and The Cyprus Investment and Securities Corporation Ltd
('CISCO') acting as joint lead managers, to
conduct the Programme and to repurchase Shares on the Company's
behalf and to make trading decisions under the Programme
independently of the Company in accordance with certain pre-set
parameters. The Shares will be repurchased on the London Stock
Exchange ('LSE') and the Cyprus Stock Exchange ('CSE') and
will be cancelled.
The Programme will commence today,
19 April 2024 and may continue until 14 March
2025, subject to market conditions, the ongoing capital
requirements of the business and early termination rights customary
for a transaction of this nature. The Programme was approved by the
European Central Bank ('ECB') on 15 March 2024 and the approval remains in force for a year; i.e.
until 14 March 2025 (the 'ECB Approval'). The
maximum number of shares that may be repurchased under the ECB
Approval is 1.6% of the total outstanding shares as at 31 December
2023 (i.e. up to 7,343,249 Shares).
The Programme will be conducted in
accordance with (and within the parameters prescribed
by):
(i) the
Company's general authority to repurchase Shares (which authorises
the repurchase of a maximum of 44,619,993
Shares, being approximately 10% of the issued
share capital of the Company), as approved by shareholders at the
Company's Annual General Meeting ('AGM') on 26 May 2023, which is
subject to renewal at the AGM scheduled to take place on 17 May
2024;
(ii) the ECB
Approval; and
(iii) the Market Abuse
Regulation (EU) No 596/2014 and the Commission Delegated Regulation
(EU) No 2016/1052 (including as each of them forms part of retained
EU law in the United Kingdom ('UK') from time to time, including,
where relevant, pursuant to the UK's European Union (Withdrawal)
Act 2018 and as well as the applicable laws and regulations of the
UK Financial Conduct Authority and the CSE.
For further information, please
contact Investor Relations at investors@bankofcyprus.com.
Group
Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. At 31 December 2023,
the Bank of Cyprus Group operated through a total of 64 branches in
Cyprus, of which 4 operated as cash offices. The Bank of Cyprus
Group employed 2,830 staff worldwide. At 31 December 2023, the
Group's Total Assets amounted to €26.6 bn and Total Equity was €2.5
bn. The Bank of Cyprus Group comprises Bank of Cyprus Holdings
Public Limited Company, its subsidiary Bank of Cyprus Public
Company Limited and its subsidiaries.