Marfin Popular €488 mln rights issue gets OK from Cyprus SEC

The Cyprus Securities and Exchange Commission has approved the Marfin Popular Bank prospectus for the issue and listing of 976,335,208 nil paid rights available only in Cyprus, Greece and the United Kingdom. These rights will be offered free of charge to shareholders registered as at January 7, 2011, at a ratio of one nil paid right for every ordinary share. Every two nil paid rights that shall be exercised at a total price of EUR 1.00, shall be converted into one fully paid new share of the bank, raising EUR 488 mln in fresh capital. The rights will be issued and traded from January 24 to February 4 and the exercise period of the rights will end on February 11. Commencement of trading of new shares begins on February 25.