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Alpha Bank shareholder vote on recap plan postponed to April 16
April 11, 2013 / 10:01 AM / 4 years ago

Alpha Bank shareholder vote on recap plan postponed to April 16

ATHENS, April 11 (Reuters) - Greece’s third-largest lender Alpha Bank postponed a shareholder vote on its 4.57 billion euro ($6 billion)recapitalisation plan to April 16 after a meeting on Thursday lacked the required quorum.

Alpha is seeking shareholder approval for a 457.1 million euro rights issue of new stock, and a further 92.9 million euros issue on which existing shareholders will waive their rights.

The meeting was attended by shareholders representing just 26.9 percent of the company’s shares, below a required quorum of 50 percent. The required attendance in a repeat assembly set for next week falls to one-fifth of Alpha’s voting shares.

Greece’s four major banks need 27.5 billion euros in fresh funds to restore their solvency ratios to levels required by the country’s central bank after incurring losses from a sovereign debt writedown and impaired loans.

Under the terms of the recapitalisation scheme, at least 10 percent of banks’ new common equity must be raised from the market for them to stay privately run. Alpha has said it plans to raise 12 percent of the 4.57 billion euros it needs from private investors to avoid nationalisation. ($1 = 0.7642 euros) (Reporting by George Georgiopoulos; Editing by David Holmes)

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