Bank of Cyprus wants Cytrustees

Bank of Cyprus Public Company Limited (BOCY) announced that it has decided to submit a Public Offer seeking up to 50% of the capital of Cytrustees Investment Pcl (CYTR) in a deal valued at EUR 26.5 mln.

Cytrustees is an approved closed end investment company listed on the Cyprus Stock Exchange and was incorporated in 1990 in Cyprus and was converted into a public company in 1991.

The Offer consideration is EUR 2,20 in cash for each Cytrustees share or a premium of 28% compared to the Monday closing price of CYTR of EUR 1.71 per share.

Based on Cytrustees’ last public announcement, its net asset value per share as at 30 November 2006 was EUR 2,60.

It is noted that Bank of Cyprus holds 661.119 Cytrustees shares, or 2,74% of Cytrustees’ total issued share capital, and Eurolife Ltd (a 100% subsidiary of Bank of Cyprus) holds 1.676.855 Cytrustees shares i.e. 6,95% of Cytrustees’ total issued share capital. The total issued share capital of Cytrustees amounts to 24.122.098 shares of a nominal value of CYP 0,67 each.

The Public Offer is conditional to obtaining all necessary approvals from the relevant regulatory authorities pursuant to current legislation. To this end Bank of Cyprus will proceed with all necessary actions to obtain such approvals.

Detailed terms of the Public Offer and other information will be included in the Public Offer Document which will be drafted pursuant to the existing legislation in Cyprus.

The announcement is made in accordance with Article 9(1) of the Cyprus Securities and Stock Exchange (Public Offer for Acquisition of Securities and Merger of Companies Listed on the Stock Exchange) Regulations 1997-2006.