Insider Business Hellenic: Main shareholders after share capital increase announced

Hellenic: Main shareholders after share capital increase announced

Wargaming is Hellenic Bank’s biggest shareholder following the recent successful share capital increase of €150m. Demetra is the second largest with 18.42% and Poppy Sarl (Pimco) third with 17.30%.

In an announcement on Friday, Hellenic Bank said following 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.

It said the 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 Hellenic to become the leading retail bank in Cyprus;
  • Underpins its 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.

It said that 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%

In its announcement, Hellenic said the board had on March 14 examined and approved the allocation of 113,340,432 new ordinary shares of nominal value of €0.50 each 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 , 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 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. It is noted that Poppy Sarl has obtained the relevant regulatory approval for its investment.

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 shares arising from the share capital increase, totalling 214,330,364, are expected to be listed on the Cyprus Stock Exchange on 28 March 2019, subject to the relevant regulatory approvals.

Top Stories

164 new cases, one death announced on Thursday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 178,...

Where to get antigen rapid tests on Friday

The Health Ministry announced the following antigen rapid test sites for Friday, 22 January 2021: LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Parking place Lidl supermarket, Limassol...

Alcohol consumption among Cypriot students high

Alcohol consumption among students has been reduced, the Cyprus National Addictions Authority ascertained on the basis of a European research, conducted every four years....

Earthquake measuring 5 felt all over Cyprus

An earthquake measuring 5 on the Richter scale occurred around 16:30 and was felt all over Cyprus. Due to the earthquake, the Parliament session that...

UK hits 5m vaccine doses as health minister defends scheduling change

British health minister Matt Hancock on Thursday (January 21) lamented another record daily number of COVID-19 deaths, but hailed the achievements of the UK's...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...