Coca-Cola Hellenic Proposes Recapitalisation Measures
Coca-Cola Hellenic is proposing a capital return to its shareholders of €0.34 per share. The proposal comprises a decrease in the par value of the company’s shares by approximately €125 million or €0.34 per share which will be paid to shareholders. The proposed transaction will be financed from the cash position of the company and is subject to shareholder and regulatory approvals.
As a separate item, Coca-Cola Hellenic is also proposing for a further decrease in the par value of its shares by approximately €55 million or €0.15 per share, in order to extinguish accumulated losses in an equal amount. Coca-Cola Hellenic’s board of directors have endorsed the plan for both transactions. The board believes that the proposed recapitalisation is appropriate, as it reflects the company’s strong and sustained cash flow generation. At the same time it will enable Coca-Cola Hellenic to maintain an efficient balance sheet.
Both proposals will be presented to the company’s shareholders at Coca-Cola Hellenic’s annual general meeting to be held on 25 June 2012.
