Bank of Cyprus calls EGM to change share option price

Bank of Cyprus Public Company Ltd (BOCY) has decided to call an EGM on Tuesday , 23 June to examine the resolution calling for an amendment of the terms of the Share Options Plan of the Bank, for the employees of the Bank of Cyprus Group, that were approved at the Annual General Meeting of the Bank on 14 May 2008.
At the Annual General Meeting of the shareholders which took place on 14 May 2008, shareholders approved the establishment of a Share Options Plan for the employees of the Bank and authorised the Board to issue up to 15 mln shares of the Bank during the period 2008-2010 with an exercise price of EUR 9,41. The last exercise date was set as 31 December 2012.
The Board of Directors of the Bank now wants to amend the terms so that the exercise price is reduced to EUR 5.50.