ENP Newswire -
Release date- 15072014 - Founded in 1899,
The Group provides a wide range of financial products and services which include retail and commercial banking, finance, factoring, investment banking, brokerage, fund management, private banking, life and general insurance. The Group operates through a total of 300 branches, of which 130 operate in
NOT FOR DISTRIBUTION IN
This announcement shall not constitute an offer to sell or a solicitation of an offer to purchase any securities in the Unites States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities are not being registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
Further to its announcement on
The transaction structure currently being contemplated by the Bank would allow existing shareholders to participate in three principal ways:
1. The first phase of the transaction involves a private placement to: (i) certain institutional investors in the
Following the solicitation of investor interest in the first phase, the Board of Directors will meet in order to consider the bids received from investors, whether to proceed with the capital increase and, if so, the price per share and the allocation of shares among investors. At the end of the first phase, participating investors (including eligible existing shareholders who wish to participate) will enter into firm commitments in respect of their orders and the Bank will call an Extraordinary General Meeting of shareholders (expected to take place in
2. In the second phase of the transaction, existing shareholders will be able to apply to purchase up to 20% in aggregate of the total number of shares offered to qualified investors in the first phase and at the same price as in phase 1 (the 'clawback'). The minimum purchase per investor in the clawback will be
3. In addition to the above, following the approval and publication of a prospectus, the Bank will make available a further
The subscription price for the shares will be the same at all phases and for both new investors and existing shareholders.
The decision to proceed with a capital increase and the terms of the transaction would be subject to the approval of existing shareholders at the Extraordinary General Meeting that will be convened as appropriate, pursuant to the provisions of the Company's Articles of Association.
Existing shareholders, who meet the profile of a qualified investor, are interested in participating in the first phase described above and are eligible to do so may contact The
The foregoing represents the structure of the transaction as currently contemplated by the Bank. Any change in the structure or timing would be announced as appropriate.
1 The definition of 'qualified investor' includes (i) entities which are required to be authorised or regulated to operate in the financial markets, including credit institutions, investment firms, other authorised or regulated financial institutions, insurance companies, collective investment schemes and management companies of such schemes, pension funds and management companies of such funds, commodity and commodity derivatives dealers and other institutional investors, (ii) large undertakings meeting two of the following size requirements on a company basis: (a) balance sheet of
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