National Bank of Greece (NBG), one of the four systemic banks in the country, will proceed with a reverse split, its top management announced on Friday.
In a detailed press release, NBG stated that a recent annual general assembly of the bank’s shareholders, which took place last month, decided the following:
(i) the increase of the share capital by EUR 0.90, due to capitalization of an equal part of the Bank's special reserve of Article 4.4a of Codified Law 2190/1920, and at the same time,
(ii) the increase of the nominal value of each common registered voting share of the Bank from EUR 0.30 to EUR 3.00 and reduction of the aggregate number of the Bank's old common registered shares from 9,147,151,527 to 914,715,153 new common registered shares with voting rights by means of a reverse split at a rate of ten (10) old common shares of the Bank to one (1) new common share of the Bank.
Any fractions of shares arising from the reverse split, shall be sold by the Bank as per the applicable stock market legislation.
On 22/08/2018, the decision No. 88158/22.08.2018 of the Ministry of Economy and Development approving the amendment of the relevant article of the Bank's articles of association regarding the above corporate actions was filed with the General Commercial Registry (G.E.MI.).
The Athens Exchange Corporate Actions Committee on 24/08/2018 approved the admission to trading on the Securities Market of the Athens Exchange of the above 914,715,153 new shares, of a nominal value of EUR 3.00, in replacement of the existing 9,147,151,527 common, registered shares.
By virtue of a decision of the Bank, 28/08/2018 is designated as the last day of trading of the 9,147,151,527 existing common, registered shares of the Bank on the Athens Exchange.
As from the following business day, 29/08/2018, there shall be a temporary cease of trading of the shares of the Bank, in order for their replacement to be concluded, according to what is stipulated herein above.
Beneficiary shareholders of the new shares resulting from the reverse split shall be the persons that have been registered in the records of the Dematerialised Securities System (DSS), on 30/08/18 (record date) as shareholders of the Bank.
The commencement of trading of the 914,715,153 new shares on the Athens Exchange with the new nominal value of EUR 3.00 euro per share is set out to be on 03/09/2018.
As from the same date, the new total shares of the Bank that can be traded on the Athens Exchange amounts to 914,715,153 common registered shares of a nominal value of EUR 3.00 each. The opening trading price of the new shares of the Bank on the Athens Exchange shall be established in accordance with the Athens Exchange Rulebook and decision no. 26 of the Board of Directors of the Athens Exchange, as in force, and the new shares shall be credited in the share accounts and the securities accounts of the beneficiary shareholders in the Dematerialised Securities System (DSS).
