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Co-op buyout on agenda of Hellenic shareholders’ July 11 meeting

By Stelios Orphanides

Hellenic Bank said it would inform its shareholders about its intention to buy out the assets of the Cyprus Cooperative Bank at an extraordinary meeting on July 11, the day it already rescheduled its annual general meeting a month ago.

The management of the bank, which is among the bidders who filed a binding offer a week ago, will inform shareholders also “in relation to the options that are being evaluated by the bank in the event that any capital is required for the purposes of the proposed transaction,” Hellenic said in a statement on the website of the Cyprus Stock Exchange on Monday.

The decision to call an extraordinary shareholder meeting followed a request by Demetra Investment Plc, which owns one tenth of the bank’s shares, Hellenic said.

Shareholders will also receive information about the selection procedures of consultants, the financial position of the Co-op, as well as “the invitation, briefing and negotiation with potential partners or(and) co-investors or(and) investors who will take part in the proposed transaction,” Hellenic said.

In March, software developer Logicom, acquired the state-owned Co-op’s 18.5 per cent stake in Demetra Investment for €20.4m.

The July 11 shareholders meeting will be held at the bank’s headquarters in Nicosia at noon.

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