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National Bank of Greece S.A., $2.25 Non-cumulative Preference Shares Series A
Ticker Symbol: NBGPY* CUSIP: 633643507 Exchange: OTOTC
* NOTE: This security is no longer trading as of 12/14/2015
Security's Distribution is Suspended!
Security has been Called for: Monday, December 14, 2015
Dec. 11, 2015 -- OTC Daily Updates notes: Effective 12/14/2015, Holders of the Preference ADSs will be required, on a mandatory basis, to surrender their Preference ADSs for cancellation and exchange for the new Common ADSs. Preference ADS holders are entitled to receive 23.631723 new Common ADSs for every Preference ADS surrendered. No fraction of a Common ADS will be distributed. BNY Mellon will attempt to sell any fractional Common ADS and distribute the cash proceeds to Preference ADS holders __________ _______________November 30, 2015 -- American depositary receipts (ADRs) of National Bank of Greece S.A. NBG are in the process of being delisted, as announced by the NYSE on Nov 27. The move comes on the heels of nearly a 14% value decline on Friday and a year-to-date slump of 91%. The NYSE initiated the proceedings to delist the American Depositary Shares (each representing one ordinary share) trading under the ticker symbol NBG as well as American Depositary Shares, Series A (each representing one Non-Cumulative Preference Shares, Series A) trading under the ticker symbol NBG PRA. The ADRs were suspended immediately. Reasons for Delisting. While the year-to-date plunge of 91% was a major factor, the exchange stated that the National Bank of Greece is no longer suitable for listing based on “abnormally low” prices of the ADRs, pursuant to Section 802.01D of the NYSE Listed Company Manual. Also, the bank failed to meet the trading standards and also failed to cross the $1.00 mark since mid-July, resulting in the NYSE’s determination to delist the bank’s ADRs. ____________
From the form 6-K filed with the SEC on 7/5/2011 -- The General Meeting resolved upon non-payment of a dividend to holders of ordinary shares, holders of preference shares under Law 3723/2008 owned by the Hellenic Republic, and holders of redeemable preference non-voting and non-cumulative shares, pursuant to the provisions of article 44a in combination with articles 42c and 43 of Codified law 2190/1920 (the Companies Act) and the Bank’s Articles of Association.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: National Bank of Greece S.A., $2.25 Non-cumulative Preference Shares, Series A, liquidation preference US$25 per share, redeemable at the issuer's option on or after 6/6/2013 and any anniversary thereafter at US$25 per share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 9.00% ($2.25) per annum are paid quarterly on 3/6, 6/6, 9/6 & 12/6 to holders of record on the record date fixed by the board (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by these preference shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-26 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (NBGGY)
IPO - 6/3/2008 - 25.00 Million Shares @ $25.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: NBG-A Changed: 12/08/2015
Market Value $625.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Foreign Address and Phone Numbers |
| Address: 86 Eolou Street, GR-102 32, Athens, Greece |
| Main Phone Number |
+30 210 334 1000 |
| Fax Number |
+30 210 334 1702 |
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Inv Rel Phone Number
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+30 210 334 1537 |
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