Newsroom

HCMC provides clarifications on the treatment – in terms of transparency and mandatory bid rules – of the warrants issued in the context of the Greek Banks recap procedure

HCMC has published a clarification dated 7 June 2013 in respect of warrants issued in the context of the Greek Banks recap procedure, namely:
(i) the acquisition of warrants may not be deemed as providing voting rights before their exercise and therefore it cannot, at this stage, be included in the investor’s numerator when determining whether the investor is under the obligation to submit a mandatory bid (threshold: 33,3%), and
(ii) the corresponding shares are deemed to constitute ‘financial instruments’ for the purposes of the TD implementing law and therefore the warrants must be taken into consideration (and aggregated with other holdings) in the relevant calculation.

Back to Newsroom