Holders of this type of shares can offer them to the subject from July 5 to 11
This Wednesday, Abanca launched a cash buyback of the preferred shares it issued for 250 million euros in 2018. The entity itself reported this to the National Commission for the Securities Market (CNMV). The bank also reported on a new issue of CoCos in the total amount of EUR 250 million.
Holders of preferred rights can offer them to the subject between July 5 and 11, although Abanca can extend, withdraw or terminate the repurchase when it sees fit. The price that the subject will pay for the preferred shares upon redemption will be equal to 100% of their principal amount.
In addition, the bank intends to pay the equivalent of any accrued and unpaid fees for this issue up to and including the settlement date, which it expects to be no later than July 14. Units not validly tendered and accepted for repurchase will remain open after the settlement date.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
