National Bank of Greece (NBG) Hit as Short-Sale Ban Will be Lifted
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The National Bank of Greece (NYSE: NBG) is getting hit Thursday following reports the Greece will lift its ban on short-sales of bank stocks.
Reuters reported earlier that the ban will expire at the end of July as Greek officials complete bank recapitalizations. The ban was put in place to protect investors during the recapitalization period.
National Bank of Greece also announced that as at June 27, 2013, its 2,274,125,874 new common, registered, voting shares (“New Shares”) of a nominal value of €0.30 each that arose from the Bank’s share capital increase by payment in cash and contribution in kind, as per resolution of the 2nd Repeat Extraordinary General Meeting of Shareholders held on April 29, 2013, and resolution of the Bank's Board of 20 May 2013 which set out in detail, inter alia, the resolutions of the said General Meeting (“the Increase”), will commence trading on the Athens Exchange (the “ATHEX”). As of the same date, the new aggregate of NBG shares listed on the ATHEX will be 2,396,785,994 common, registered voting shares of a nominal value of €0.30 each.
As of the same date the trading of 245,779,626 Warrants will commence; the said Warrants will be issued by the HFSF and granted to private investors who participated in the Increase in accordance with Law 3864/2010 and Cabinet Acts 38/2012 and 6/2013. The start-of-day price of the Warrants will be fixed in accordance with ATHEX Board Decision 33/23.05.2013.
As at June 25, 2013, the ATHEX approved the admission for trading of the New Shares and the Warrants on the ATHEX. The New Shares and Warrants will have been credited to the beneficiaries’ Investor securities accounts in the Dematerialized Securities System (DSS) upon commencement of trading as at June 27, 2013.
Shares are down over 20 percent.
Reuters reported earlier that the ban will expire at the end of July as Greek officials complete bank recapitalizations. The ban was put in place to protect investors during the recapitalization period.
National Bank of Greece also announced that as at June 27, 2013, its 2,274,125,874 new common, registered, voting shares (“New Shares”) of a nominal value of €0.30 each that arose from the Bank’s share capital increase by payment in cash and contribution in kind, as per resolution of the 2nd Repeat Extraordinary General Meeting of Shareholders held on April 29, 2013, and resolution of the Bank's Board of 20 May 2013 which set out in detail, inter alia, the resolutions of the said General Meeting (“the Increase”), will commence trading on the Athens Exchange (the “ATHEX”). As of the same date, the new aggregate of NBG shares listed on the ATHEX will be 2,396,785,994 common, registered voting shares of a nominal value of €0.30 each.
As of the same date the trading of 245,779,626 Warrants will commence; the said Warrants will be issued by the HFSF and granted to private investors who participated in the Increase in accordance with Law 3864/2010 and Cabinet Acts 38/2012 and 6/2013. The start-of-day price of the Warrants will be fixed in accordance with ATHEX Board Decision 33/23.05.2013.
As at June 25, 2013, the ATHEX approved the admission for trading of the New Shares and the Warrants on the ATHEX. The New Shares and Warrants will have been credited to the beneficiaries’ Investor securities accounts in the Dematerialized Securities System (DSS) upon commencement of trading as at June 27, 2013.
Shares are down over 20 percent.
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