Coca-Cola Hellenic Announces Proposal for a Capital Return of €0.34 per Share and Other Transactions
ATHENS, Greece, May 9, 2012 /PRNewswire/ --
Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola Hellenic, the Company) announces a proposed capital return to its shareholders of €0.34 per share. The proposal comprises a decrease in the par value of the Company's shares by approximately €125 million or €0.34 per share which will be paid to shareholders. The proposed transaction will be financed from the cash position of the Company and is subject to shareholder and regulatory approvals.
As a separate item, Coca-Cola Hellenic also announces a proposal for a further decrease in the par value of the Company's shares by approximately €55 million or €0.15 per share, in order to extinguish accumulated losses in an equal amount.
Coca-Cola Hellenic's Board of Directors endorsed the plan for both transactions in its meeting on 8 May 2012. The Board of Directors believes that the proposed recapitalisation is appropriate, as it reflects the Company's strong and sustained cash flow generation. At the same time it will enable Coca-Cola Hellenic to maintain an efficient balance sheet.
As previously announced Coca-Cola Hellenic's Annual General Meeting will be held on 25 June 2012 where both proposals will be presented to the Company's shareholders. If approved, the capital return is expected to be paid out on 8 August 2012 with a record date (the date at which registered shareholders will qualify for the return of capital) on 3 August 2012.
SOURCE Coca-Cola Hellenic Bottling Co SABack to top