Bank of Cyprus launches €25m share buyback programme

Following the announcement of 20 March in relation to the FY2023 proposed cash dividend and intention to commence share buyback programme, Bank of Cyprus Holdings Public Limited Company has announced the launch of the Programme from today, 19 April.

As noted in an announcement by the Bank submitted to the Cyprus Stock Exchange, the Programme concerns the repurchase of ordinary shares in the Company for up to a maximum aggregate consideration of €25 million.

"The purpose of the Programme is to reduce the Company’s share capital and therefore Shares purchased under the Programme will be cancelled, in line with this announcement. The Company has entered into non-discretionary agreements with Numis Securities Limited (trading as Deutsche Numis) and The Cyprus Investment and Securities Corporation Ltd (CISCO) acting as joint lead managers, to conduct the Programme and to repurchase Shares on the Company’s behalf and to make trading decisions under the Programme independently of the Company in accordance with certain pre-set parameters," the announcement goes on to note.

The Shares will be repurchased on the London Stock Exchange (LSE) and the Cyprus Stock Exchange (CSE) and will be cancelled.

The Programme commences today, 19 April 2024 and may continue until 14 March 2025, subject to market conditions, the ongoing capital requirements of the business and early termination rights customary for a transaction of this nature.

"The Programme was approved by the European Central Bank (ECB) on 15 March 2024 and the approval remains in force for a year; i.e. until 14 March 2025 (the ECB Approval). The maximum number of shares that may be repurchased under the ECB Approval is 1.6% of the total outstanding shares as at 31 December 2023 (i.e. up to 7,343,249 Shares)," the Bank's announcement notes.

The Programme will be conducted in accordance with (and within the parameters prescribed by):

(i) the Company’s general authority to repurchase Shares (which authorises the repurchase of a maximum of 44,619,993 Shares, being approximately 10% of the issued share capital of the Company), as approved by shareholders at the Company’s Annual General Meeting (AGM) on 26 May 2023, which is subject to renewal at the AGM scheduled to take place on 17 May 2024;

(ii) the ECB Approval; and

(iii) the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052 (including as each of them forms part of retained EU law in the United Kingdom (UK) from time to time, including, where relevant, pursuant to the UK’s European Union (Withdrawal) Act 2018 and as well as the applicable laws and regulations of the UK Financial Conduct Authority and the CSE.

"For further information, please contact Investor Relations at investors@bankofcyprus.com," the announcement concludes.