Bank of Cyprus Holdings PLC Response to statement by LSF XI Investments LLC (8616A)
September 27 2022 - 6:09AM
UK Regulatory
TIDMBOCH
RNS Number : 8616A
Bank of Cyprus Holdings PLC
27 September 2022
Announ cement
Response to statement by LSF XI Investments LLC
Nicosia, 27 September 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. At 30 June 2022, the
Bank of Cyprus Group operated through a total of 86 branches in
Cyprus, of which 11 operated as cash offices*. The Bank of Cyprus
Group employed 3,422 staff worldwide**. The Bank of Cyprus Group
comprises Bank of Cyprus Holdings Public Limited Company, its
subsidiary Bank of Cyprus Public Company Limited and its
subsidiaries.
*The number of branches and cash offices were reduced by 15 and
7 respectively on 1 July 2022.
** The number of staff has been reduced by c.550 employees
following the completion of a voluntary staff exit plan in July
2022.
The board of directors of Bank of Cyprus Holdings PLC ('Bank of
Cyprus' or the 'Company' and the 'Board') notes the announcement
made by LSF XI Investments LLC ('Lone Star') on 27 September 2022
confirming that it does not intend to make an offer for Bank of
Cyprus under Rule 2.7 of the Irish Takeover Rules and is therefore
bound by the restrictions under Rule 2.8 of the Irish Takeover
Rules.
As announced by the Company on 19 August 2022, the Board has
received and unanimously rejected three unsolicited, conditional,
non-binding proposals from Lone Star on the basis that Lone Star's
proposals fundamentally undervalued the Company and its future
prospects. The Board confirms that it has not received any further
approach from Lone Star following its rejection of Lone Star's
third proposal on 22 July 2022.
The Board remains confident in the Company's future prospects
and remains committed to delivering its strategy of becoming a
sustainably profitable institution capable of further supporting
the Cypriot economy. Bank of Cyprus updated its medium-term
strategic targets in February 2022 and upgraded its expectations in
May and again in August 2022. The Board reiterates the upgraded
guidance given in August 2022, including delivery of a return on
tangible equity of greater than 10% in 2023 and, subject to
regulatory approvals and market conditions, a return to meaningful
dividend distributions from 2023 onwards. The Board remains
confident in its ability to implement its strategic objectives,
delivering strong shareholder returns in the medium and long
term.
For further information, please contact:
Bank of Cyprus Holdings PLC Aurrera Communications
Annita Pavlou Karen Le Cannu
Manager Investor Relations & Managing Director
ESG
investors@bankofcyprus.com karen.lecannu@aurreracomms.com
Tel: +357 2212 2239 Tel: +33 (0) 6 98 23 86 13
Goldman Sachs International (Joint Financial Adviser to Bank of
Cyprus)
+44 (0) 20 7774 1000
Harry Eliades
Francesco Paolicelli
Owain Evans
Dimitris Kofitsas
Cara Pazdon
Jorge Torrecilla
HSBC (Joint Financial Adviser and Corporate Broker to Bank of
Cyprus)
+44 (0) 20 7991 8888
Anthony Parsons
Simon Alexander
Alexander Paul
Sam McLennan
Richard Carr
Alex Thomas
Goldman Sachs International (' Goldman Sachs') , which is
authorised by the Prudential Regulation Authority (' PRA') and
regulated by the Financial Conduct Authority ('FCA') and the
Prudential Regulation Authority in the UK, is acting exclusively
for Bank of Cyprus and no one else in connection with the matters
referred to in this announcement and will not be responsible to
anyone other than Bank of Cyprus for providing the protections
afforded to clients of Goldman Sachs or for providing advice in
connection with the matters referred to in this announcement. No
representation or warranty, express or implied, is made by Goldman
Sachs as to the contents of this announcement.
HSBC Bank plc is authorised by the PRA and regulated by the FCA
and the PRA in the United Kingdom and is acting exclusively for
Bank of Cyprus and no one else in connection with the possible
offer and other matters referred to in this announcement and will
not regard any other person (whether or not a recipient of this
announcement) as a client in relation to the possible offer or any
other matters referred to in this announcement and is not, and will
not be, responsible to anyone other than Bank of Cyprus for
providing the protections afforded to its clients or for providing
advice in relation to the possible offer, the contents of this
announcement or any transaction or arrangement referred to in this
announcement.
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