Cytrustees backs bid, Bank of Cyprus raises stake

The Board of Cytrustees Investment Pcl (CYTR) following a thorough examination of the revised public offer by Bank of Cyprus Pcl for the acquisition of up to 50% plus one share of the issued share capital of CYTR for a cash consideration of EUR 2.45 per share, has expressed its opinion that the consideration is fair compared to the latest NAV of the Company (EUR 2.862) and after applying a discount of 15%.

The Chairman and the members of CYTR BoD state that they are willing to accept the current offer of EUR 2.45 as long as CYTR NAV stands around EUR 2.88.

Bank of Cyprus meanwhile announced that on 20 February 2007, through transactions on the Cyprus Stock Exchange it has acquired 57.829 shares in Cytrustees Investment Public Company Limited, which when added to the number of shares already held by Bank of Cyprus exceeds 20,00% of Cytrustees’ issued share capital.

Before these transactions Bank of Cyprus held 4.776.106 shares (19,78%) in Cytrustees. After the abovementioned transactions, Bank of Cyprus’ direct shareholding in Cytrustees is estimated at 20.04%. The announcement is made pursuant to article 171 of the Cyprus Stock Exchange Law of 2005.