Bank of Cyprus completes 41 per cent of share buyback programme

The Bank of Cyprus completed approximately 41 per cent of its maximum share buyback programme value by the end of August, according to an announcement by the bank.

The announcement noted that as of August 31, 2024, the total issued share capital of the bank amounted to 443,894,907 ordinary shares with a nominal value of €0.10 each, with each ordinary share carrying one voting right.

This figure of 443,894,907 can be used by shareholders as a denominator when calculating whether they need to disclose their shareholding or any changes in their shareholding in the company.

This is in accordance with the Transparency Regulation of Ireland (Directive 2004/109/EC) of 2007 (as amended), the Central Bank of Ireland’s 2019 Investment Market Conduct Rules, and the Disclosure and Transparency Rules of the Financial Conduct Authority (FCA) in the United Kingdom.

According to the purpose of the share buyback programme announced on April 19, 2024, aimed at reducing the company’s share capital, the total number of shares repurchased under this programme up to August 31, 2024, stands at 2,425,620 ordinary shares.

Of these, 2,305,026 ordinary shares have been cancelled by August 31, 2024. These shares were repurchased for a weighted average price of €4.22, totalling €10,231,335.

Moreover, on August 31, the bank purchased 31,031 of its own shares on the London Stock Exchange (LSE) at a weighted average purchase price of £4.14 and 12,300 shares on the Cyprus Stock Exchange (CSE) at an average price of €4.93.