Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola HBC, CCHBC, Company) announced today that its Board of Directors has proposed the issuance of 1 bonus share for every 2 shares owned, bringing the Company's total shares outstanding to 363 million. The new issuance is subject to Coca-Cola HBC shareholder and applicable regulatory approvals.
Coca-Cola HBC's shareholders have been invited to attend an Extraordinary General Assembly on 15 October 2007 to approve the proposed bonus share issuance through the capitalisation of share premium reserves. Following shareholder approval and receipt of the required regulatory authorisations, the share price will adjust and the new shares will be credited to the accounts of existing shareholders. The record date (the date at which the right will detach) and the date when the share price will be adjusted will also be announced at that time. The new bonus shares are expected to be admitted for trading in November of 2007.
Coca-Cola HBC's Board of Directors recognises the consistent growth of the Company's share price witnessed over recent years and believes that the proposed transaction is expected to make the stock accessible to a broader range of investors and improve the liquidity of the shares.
The bonus share issuance seeks to restructure Coca-Cola HBC's existing capital reserves, and will therefore have no impact on the total shareholders' equity of Coca-Cola HBC. As such, there will be no change to the economic interest and voting rights of existing shareholders.
Coca-Cola HBC is one of the world's largest bottlers of products of The Coca-Cola Company and has operations in 28 countries serving a population of 540 million people. CCHBC shares are listed on the Athens Exchange (ATHEX: EEEK), with secondary listings on the London (LSE: CCB) and Australian (ASX: CHB) Stock Exchanges. CCHBC's American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE: CCH).