In the cases of acceptance of a Public Offer or exercise of a Squeeze out Right pursuant to the Regulatory framework (RAA 96/2008 - as amended), the Cyprus Stock Exchange (CSE) keeps the sums paid for securities pledged or frozen under an Order.
In relation to the said consideration regarding pledged securities, the Lender and/or Debtor may submit a request to the Cyprus Stock Exchange to receive the consideration or waive the same, as the case may be, according to the forms set by the aforementioned Regulatory Decision.
In addition, in case of securities frozen under an Order, interested parties should sumbit to the CSE any Court decision issued annulling the previous Order under which the securities had been frozen and/or which may provide for other actions in relation to the frozen securities.
Recently, the CSE had informed interested Natural and Legal Persons by letter to proceed with the necessary actions and submit their requests in accordance with the relevant procedures (as described in the above Regulation), but without receiving significant response.
The CSE would like to point out that the above sums are subject to the imposition of charges and possible imposition of negative interest rates by the Banking Credit Institutions in which they are kept, which results every year in the decrease of such sums. Furthermore, in order to deal with increased operating costs arising from this Service, the CSE has imposed an annual charge of 1% to the sums kept in a bank account. This rate will be deducted as of 1 January 2021, in addition to the actual costs of the Account (e.g. Account fee, account negative interest rate) and will be taken into account in the calculation and payment of the fee to the beneficiary, when requested. Therefore, when the investor requests payment of the sum allocated to him, he will receive the sum resulting after deduction of the above fees / charges.
The CSE once again invites interested Natural and Legal Persons to submit their requests on time, in order to avoid being charged with additional costs resulting in receiving reduced sums in the cases of acceptance of Public Offer or exercise of Squeeze Out Rights.
Nicosia, 25 November 2020