Product  Description - Regulatory & Legal Framework

A new financial instrument, Covered Warrants, is listed in the Athens Exchange, within the framework of the recapitalization of the Greek banks. Warrants are traded in the "Securities Market" of ATHEX and are registered in the Dematerialized Securities System (DSS), the registry and settlement system of HELEX.

The warrants were issued as an incentive to investors that participated in the Share Capital Increases (SCIs) of the Greek banks. They were offered for free to shareholders, provided that a minimum 10% of total funds were raised from investors that participated in the SCI.

 Warrants are traded in a separate market segment under the name "Warrants". They are freely transferable securities, listed in the Exchange along with the new common shares that were issued as a result of the SCIs of the banks. Warrants incorporate the characteristics of Bermudan style covered call warrants, i.e. they give their holders the right but not the obligation, to receive: 

  • a specific number of the underlying common shares of the Bank which is recapitalized
  • at a specific price (exercise price or strike price)
  • on a specific future date

until a predetermined time in the future, 4.5 years (or 54 months) from the issue date of the warrants.

The warrants are covered by the shares already held by the FSF, which means that no new shares are issued by the issuing bank at each exercise, and the total number of the bank's shares already issued remains unchanged.
 

 

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