BCB Bank Approves Proposed Restructuring

September 18, 2012 | 0 Comments

Bermuda Commercial Bank Limited [BCB] announced that at the Bank’s Special General Meeting held earlier today [Sept 18], the Merger Agreement between BCB, BNL I Limited and Bermuda National Limited was unanimously approved and adopted.

Shareholders interested in 5,931,905 Shares in BCB representing approximately 84.11 per cent. of the Bank’s issued share capital voted in favour of the resolution.

Michael Collier, the chairman of BCB commented, “We are pleased that the Bank’s Shareholders have voted overwhelmingly in favour of the restructuring. The BCB directors believe that this marks an exciting development for the Bank and offers its shareholders the ability to participate in a diversified and expanding financial services group.”

It is proposed that the restructuring of the Bank will be completed on or around 1 October 2012. The expected timetable of
principal events is set out below:

  • Last day of dealings in, and for registrations of transfers of, BCB Shares 24 September 2012
  • Effective Time of Merger 12.01 a.m. on 1 October 2012
  • Cancellation of admission to trading on the Bermuda Stock Exchange of BCB Shares 1 October 2012
  • Admission of, and commencement of dealings in, BNL Shares on the BSX 1 October 2012

Defined terms in this announcement have the same meaning as in the Bank’s Circular to Shareholders dated 31 August 2012.

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