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pireaus-bank

The next steps for Piraeus Bank's share capital hike

According to market estimates, the International Offer, given the strong interest that has already been expressed, can be closed in a few hours, and it is certain that it will be completed within a day. On the contrary, the Hellenic Offer will remain open for 2-3 days.

Immediately after the completion of Piraeus Bank’s reverse split of existing shares and most likely on April 20 or 21, the book for both international and Greek investors, will open for its share capital hike.

The goal is for the increase is to move ahead as soon as possible, however, the final date will depend on the approval of the prospectus.

Shortly before the launch of capital hike, the bank's management will announce the details of the public offering that will include the number of new shares and the range of prices at which they will be offered to the investing public. The final price of the capital increase will be determined by the demand for the issue from international investors.

What is certain is that the selling price of the new shares will not be less than the new nominal price which, after the completion of a series of corporate changes, will be set at 1 euro. The amount to be raised from the capital boost will significantly exceed 1 billion euros.

According to market estimates, the International Offer, given the strong interest that has already been expressed, can be closed in a few hours, and it is certain that it will be completed within a day. It is noted that the International Offer will be made with a private placement to institutional and other foreign investors, through a book of offers, while in recent days there have been dozens of presentations of the share sale to investors by the bank and its advisors.

On the contrary, the Hellenic Offer will remain open for 2-3 days, so that domestic investors can participate in the capital increase. The price of shares in the Greek Offer will be the same as that which will be formed by the International Offer.

As announced by the bank, there will be a privileged right to participate in the Greek offer for old shareholders: "Shareholders registered in the company's share register on the date set by the Board of Directors will have the right of privileged distribution.  The preferential distribution will extend to individuals, non-specialist investors, as well as to special investors (existing shareholders) who participate in the Hellenic Offer and is expected to cover the proportion of each participation in the share capital of the company.

If the registration of an existing shareholder exceeds the proportion of his participation in the share capital of the company according to the above (subscription), then only the part corresponding to his pro rata (s.s .: proportional) participation will be satisfied as a matter of priority. After the completion of the privileged distribution, the part of the subscription that was not satisfied will be added together with all the other registrations (old and new registered shareholders) and will be satisfied proportionally, as long as there are still shares available.”

The bank has not yet announced the date on which those shareholders registered in the share registers will acquire the privileged right to participate in the share capital increase.

Last day today

Today, Tuesday, April 13, will be the last trading day of the 831,059,164 existing shares of Piraeus Bank. There will be a temporary cessation of trading in order to make the reverse split with the increase of the nominal value and the decrease of the number of shares, with the replacement of the old shares at a ratio of 16.5 old shares to 1 new one.

After the completion of the reverse split, a shareholder with 1,000 shares of Piraeus Bank today will have about 60 new shares, a holder of 3,000 shares will have 181 new and a holder of 5,000 shares will be found with 303 new shares of the bank.

After the completion of the reverse split, the existing 831,059,164 shares will be replaced with 50,367,223 new common shares, the trading of which will start on Monday, April 19th.

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