Bank of Cyprus delists from LSE, returns to ATHEX
Source: Financial Mirror
Bank of Cyprus Holdings PLC, the Ireland-registered parent of Bank of Cyprus Group, delisted from London and returned to the Athens Stock Exchange after a seven-year absence, trading on Monday at €4.78.
By early afternoon, the stock had gained ground from Friday’s closing price on the Cyprus Stock Exchange and was trading in the €4.91-4.95 range.
The shares were also supported through a €25 mln buyback programme announced in April.
Back in August, the company said it expected to attract a broader investor base from being listed “in a market complementary to that of the company.”
The bank, which listed on the London Stock Exchange in 2017, said the Athens bourse offers it the opportunity to boost its visibility in a market more complementary to that of the company, according to Reuters.
“Trading in the more focussed ecosystem of ATHEX and the increased potential for peer comparison has the potential to attract long term institutional holders to the company,” the bank stated last week.
On its final day of trading on the LSE, Bank of Cyprus shares were 0.5% higher at 390.00 pence (€4.67). It listed on the London stock market in January 2017 at 285p, struggled to attract investor interest and only recovered to above 300p in January and February this year.
The Bank of Cyprus ordinary shares trade on the ATHEX Main Market under the symbol ‘BOCHGR’ and will continue to be traded on the CSE under the symbol ‘BOCH/ΤΡΚΗ’.
Ireland will remain the company’s home member state for the purpose of the EU Transparency Directive.
Bank of America Europe DAC (BofA Securities) has acted as corporate broker in connection with the listing on ATHEX. Arthur Cox LLP acted as Irish legal advisers, PotamitisVekris acted as Greek legal advisers and Chryssafinis & Polyviou LLC acted as Cypriot legal advisers.
“Trading on the Athens Stock Exchange is another milestone for the Group, which is now a strong financial services organisation with a high-quality balance sheet, ample capital and liquidity, and sustainable recurring profitability,” said board Chairman Takis Arapoglou.
“The board believes that the listing has the potential to enhance the liquidity of our shares and the Group’s visibility among a broader group of relevant investors.”
Bank of Cyprus also appointed Euroxx Securities S.A. as a market maker on ATHEX with the purpose to enhance the company’s liquidity.
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