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Court rejects BoC shareholder challenge

The Nicosia district court has rejected a request from old Bank of Cyprus shareholders seeking an order preventing a capital increase before the “real” value of their shares was restored.

The 285 shareholders wanted an injunction banning the increase in share capital before the value of their stock was restored to the level of March 15, 2013 or else suspend an EGM.

The EGM will go ahead on Thursday as scheduled.

Numbering approximately 88,000, the bank’s old shareholders saw their shares’ value diminished to 1.0 per cent in March 2013 when the bank was restructured following a conversion of 47.5 per cent of uninsured deposits into equity, the absorption of failed Laiki bank and the selling off of the bank’s Greek operations to Piraeus bank.

A related lawsuit will go ahead, the court said.

The shareholders also filed a lawsuit against BoC, the state, the Central Bank, and Laiki’s administrator.

They want a court statement saying the composition of the shareholding is wrong due to wrong calculations.

The EGM was called to approve a capital increase of about €1.0 billion pledged by foreign investors and the European Bank of Reconstruction and Development.

 

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