Exercise of BOC centenary warrants 1999/2003 according to term 4.0(iv) of the terms of issue and result of the auction for the sale of Bank of Cyprus LtD shares
At the same time, the Company has today sold the 3.232.900 shares which resulted from the exercise of the said Warrants to the bidders at the Auction (which was announced on 6 November and ended on 11 November 2003) whose bids have been accepted.
The envelopes which contained the bids submitted at the Auction were opened in the presence of the Auction Coordinator, the Cyprus Investment and Securities Corporation Limited (CISCO), the external auditors of the Company, Ernst & Young, the Group Internal Auditor and other officers of the Company. The Company received 72 valid bids for a total of 3.232.900 shares at the weighted average price of C£1,2608 (2,1625 euros) per share. Notice of the allocation of shares to the successful bidders will be sent in due course in accordance with the Terms of the Auction.
The proceeds of the sale of the shares which resulted from the exercise of the Warrants, after deduction of the Exercise Price of the Warrants and of all costs and expenses incurred, in accordance with the provision of Term 4.0(iv) of the Terms of Issue, amounted to £34.000. The Company will distribute the said net proceeds of the sale to the persons entitled thereto (that is, to the Warrantholders who did not exercise their Warrants) by cheque. Amounts less than £1,00 per Warrantholder will not be paid as the expenses relating to the payment of these amounts exceed the said amount.
The total number of Warrants exercised either by their holders or by the Company in accordance with term 4.0 (iv) of the Termns of Issue of the Warrants, amounted to 25.855.668 (76,8% of the total number of Warrants issued). The 7.808.558 Warrants which were not exercised have lapsed.
The exercise of the 25.855.668 Warrants have strengthened the Bank of Cyprus Ltd shareholders? funds by C£32.319.585 (55.434.552 euros).