Proton Bank announces its intention to proceed with a capital increase of €50 million in favour of its existing shareholders.
The Board of Directors of Proton Bank announces today its intention to proceed with a capital increase by payment in cash, with pre-emption rights to existing shareholders, for approximately € 50 million, subject to its shareholders' approval at the Annual General Meeting.
The aim of the proposed capital increase is:
- The further strengthening of the Bank's capital position in view of a stricter regulatory framework, and
- The further improvement of the Bank's position in the context of the current economic environment.
In order to proceed to the Share Capital Increase, the Bank will initially call the Annual General Meeting of common shareholders, in order, among other issues, to resolve upon the following:
(i) the reduction of the nominal value of the common registered shares of the Bank without increasing the number of outstanding shares,
(ii) the increase of the share capital of the Bank, with pre-emption rights to the existing shareholders, of approximately € 50 million, and
(iii) the issuance of a convertible bond loan of up to € 50 million with waiver of the existing shareholders' pre-emption rights, so that the Bank further improves its capital adequacy ratios.
The specific terms of the Share Capital Increase as well as of the convertible bond issue, including the offering price will be set by the Board of Directors of the Bank, following the relevant authorisations by the upcoming Annual General Meeting.