Banif – Banco Internacional do Funchal, S.A. informs about the deliberations approved in the General Meeting held on 16 January 2013

21-1-2013 — /europawire.eu/ — Banif – Banco Internacional do Funchal, S.A (”Banif) informs that, the General Meeting, held on 16 January 2013, at Funchal, approved all the proposals submitted by the Board of Directors, related to the four items of the agenda, namely:

1. Item one of the agenda: approved that the recapitalization plan includes accessing the public investment under the terms of the law 63-A/2008 of 24 November and, within such framework, approved Banif’s recapitalization plan, upon related commitments and obligations, including the necessary capital increase foreseen in the first and second stages of the recapitalization plan approved (both making part of the Recapitalization Plan). It was also deliberated to grant to Banif’s Board of Directors all the necessary powers to implement the measures comprised in the Recapitalization Plan, as well as, its eventual adjustment, in accordance with the decision of the Ministry mentioned in law 63-A/2008 of 24 November;

2. Item two of the agenda: approved the modification of article 5 of the company’s bylaws and introduction of a new paragraph 1A according to the following terms: “article 1A. After the injection of the public funds corresponding to the first phase of the recapitalization process, approved by the General Meeting held on 16 January 2013, the Board of Directors must deliberate a share capital increase in the amount of €450.000.000, by way of cash contributions until 30 June 2013 through one or more issues.

3. Item three of the agenda: approved the suppression of the pre-emption rights of the shareholders on the subscription of the share capital increase, in the amount of €700 million, to be subscribed by the Portuguese State, through the issuance of 70.000.000.000 of new shares designated as special according to article 4º of the law 63-A/2008 of 24 November, at an issuance price of €0.01/share. It was also deliberated to approve the suppression of the pre-emption rights of the shareholders as regards capital increases to be resolved by the Board of Directors, with the favourable opinion of the Audit Committee, by way of cash contributions, in the amount of €450 million, through a public offer to occur until 30 June 2013.

4. Item four of the agenda: approved the issue of contingently convertible subordinated bonds, eligible as core tier 1, in the amount of €400 million and the share capital increase in the amount of €700 million, through the issuance of 70.000.000.000 of new shares designated as special according to article 4º of the law 63-A/2008 of 24 November, of which 44.511.019.900 shares with voting rights and 25.488.980.100 shares with restricted voting rights according to the limitations foreseen in paragraph 8 of article 4 of the law nº4/2012, January 11, , at an issuance price of €0.01/share. Both situations comprise the form of public investment to be subscribed by the Portuguese State within the framework of the Recapitalization plan. It was also approved the capital increase up to the amount of €450 million, under the terms and conditions established in the Recapitalization Plan, granting, in any case, an authorisation to the Board of Directors to establish the terms of the issues.

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