In accordance with Cyprus Law 190 (I)/2007, Bank of Cyprus Public Company Ltd (Bank of Cyprus or Bank) announces that it has been notified by Odella Resources Limited that today it acquired 45.724.213 Bank of Cyprus shares (7,57% of the Bank's total share capital). 45.300.000 shares were acquired from the Bank's Employee Provident Funds at a price of €4,90 per share and 424.213 shares were acquired from the market (Cyprus Stock Exchange and Athens Exchange) at an average price of €4,066.
Following the above mentioned transactions, Odella Resources Limited holds a total of 58.596.580 Bank of Cyprus shares, which correspond to a shareholding of 9,70% of the Bank?s current issued share capital of 604.205.955 shares.
Odella Resources Limited has also entered into an agreement with the Bank's Employee Provident Funds to acquire 29.400.000 nil paid rights upon commencement of their trading at an average price of €0,8286 per nil paid right (as derived from today's transaction price of €4,90), which upon exercise will correspond to 8.400.000 new shares. The shareholding of Odella Resources Limited post the rights issue is calculated at 8.98%, assuming it exercises its entitled rights as a shareholder on the Record Date of 9 September 2010 and it exercises the nil paid rights it has agreed to acquire today from the Bank?s Employee Provident Funds.
Odella Resources Limited is a British Virgin Island company which belongs to a Cypriot trust with foreign interest. The new shareholders who have no other banking related interests have expressed their confidence in the prospects of the Bank.