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Twitter ----Solomon RC Ali? @SolomonRCAli
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INVESTING IN STOCKS FOR BEGINNERS - THE INTELLIGENT INVESTOR BY BENJAMIN GRAHAM ANIMATED BOOK REVIEW #learntomake...
Twitter/Solomon RC Ali?
@SolomonRCAli
The Lord is my light and my salvation whom shall I fear the Lord is the strength of my life of whom shall I be afraid....Watt a as...l
Buy-back over?
I still have my dividend
Really....? Been known to be a scam for years yet it still gets so much attention.
Selling 905k for 905$
Come on, I want news "good or bad"I don't give a sh*t
400k for 0,002
500000 for 0,003
For sail 500000 /0,005
NATL BANK OF GREECE nyse... 0,85
In Athens-40%
#Greece banks' recap needs to amount to less than €7bn vs €25bn foreseen in bailout agreement. Capital increase processes concluded Friday.
National Bank Of Greece Reached My Price Target Of Zero - Now What?
| About: National Bank of Greece SA (NBG), Includes: ALBKY, BPIRF, EGFEY
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)
Summary
I have warned many times not to invest money in National Bank of Greece.
Final private placement offers for Greek bank shares indicate a substantial discount compared to the average weekly close.
In the case of National bank of Greece, investors will purchase shares at a 95% discount compared to the close of Tuesday.
As you all know Greek banks are in the middle of a capital raising effort in order to stay solvent. While I am disappointed that a good and bad bank scenario did not play out, nevertheless my thesis that all current shareholders of Greek banks will go to zero -- or close enough to zero -- played out.
Piraeus Bank (OTCPK:BPIRF) announced a reverse split of 100 to 1. This means that at current prices (Tuesday's close 0.036 euros), the stock would have opened at 3.6 euros if the reverse split was finished. According to the local Greek site bankingnews.gr -- that specializes in Greek bank news as the name suggests -- book-building bids are in the 0.30 euro range, post reverse split prices. Or in other words, at a discount of about 95% % to Tuesday's close.
We don't know yet. More should be known after 1600GMT
It all takes too long to be good
1.4 million for 1 cent
#Greece banks' shareholder's dilution 95%~98%. A bloody massacre caused 100% by politicians (Syriza).
National Bank of Greece : Resolutions of the Extraordinary General Meeting of common Shareholders of National Bank of Greece
National Bank of Greece announces that the Extraordinary General Meeting ?f its common shareholders was held today, 17 November 2015, at 93 Eolou St. (Megaro Mela), Athens.
The General Meeting convened with a quorum of 66.04% of the Bank's paid up share capital and adopted the following resolutions:
1. Resolved upon (i) the increase in the Bank's share capital by EUR 1.20 due to capitalization of part of the Bank's special reserve of article 4.4a of Codified Law 2190/1920, and concurrent (ii) increase in the nominal value of each common registered voting share of the Bank from EUR 0.30 to EUR 4.50 and reduction in the aggregate number of such shares from 3,533,149,631 to 235,543,309 new common registered shares with voting right by means of a reverse split, at a ratio of 15 old common shares of the Bank to 1 new common share of the Bank, and (iii) the reduction in the share capital of the Bank through reduction in the nominal value of each common registered voting share of the Bank (as it stands after the reverse split), from EUR 4.50 to EUR 0.30 with a view to forming an equivalent special reserve, through setting off against losses. Furthermore, it decided to amend accordingly article 4 of the Bank's Articles of Association and to grant relevant authorities.
2. Resolved upon the increase in the Bank's share capital pursuant to the provisions of Law 3864/2010, as amended, and Cabinet Act 36/02.11.2015, to raise up to EUR 4,482,000,000 by issuing new common registered voting shares, through payment in cash and/or contribution in kind, and offer of such shares, as regards the In-Cash Increase, through private placement to qualified investors abroad and through a public offering in Greece and/or to the HFSF (if the HFSF participates in cash), and, as regards the contribution in kind, to the persons under article 6a of Law 3864/2010, as amended, in the event of the provision of a capital injection by the HFSF, due to mandatory conversion of capital instruments and/or other eligible liabilities, and to the HFSF (if it participates through contribution in kind). In particular, taking into account the detailed circumstances and targets of the re-capitalisation process, and given the need to calculate the level of the amount offered by means of the Offer Abroad and the Public Offering, as well as the circumstances in the Greek market, it has been initially decided for the allocation between the Offer Abroad and the Public Offering to be as follows (subject to increased demand): (i) In case an amount of €1,456 million is raised in the context of the Offer Abroad, then New Shares which will correspond to a total of capital raised equal to €146 million could be offered by the Bank in the Public Offering. (ii) In the event of increased demand in the context of the Offer Abroad, as per the above, the amount that will be offered in the Public Offering will not exceed 10% of the above increased amount of final coverage of the Offer Abroad. (iii) In case the amount of coverage of the Offer Abroad is lower than €1,456 million, then New Shares corresponding to a total amount of capital raised up to €300 million to be offered by the Bank in the Public Offering. The Board of Directors was granted authority to finally determine the allocation between the Offer Abroad and the Public Offering, within the above context. The General Meeting resolved upon the cancellation of the pre-emption rights of existing shareholders as regards both modes of increase and the granting of authorities to the Bank's Board of Directors to specify the terms of the said share capital increase, including authority to specify the offer price as per Article 13.6 of Codified Law 2190/1920, as applicable, and the allocation of the new shares offered in the Public Offering and the allocation between the Offer Abroad and the Public Offering. Moreover, it decided to amend accordingly article 4 of the Bank's Articles of Association.
3. Resolved upon the issuance of a convertible bond loan pursuant to Law 3864/2010, as applicable, and Cabinet Act 36/2.11.2015, through the issuance of direct, unsecured, perpetual and subordinated bonds, contingently convertible into common, dematerialized, registered voting shares of the Bank, payable by contribution in kind or payment in cash. Furthermore, it resolved upon the cancellation of pre-emption rights of the existing shares on taking up the issued convertible bonds and offering them exclusively to the HFSF, in implementation of the aforesaid provisions. Moreover, it decided the granting of authorities to the Board of Directors of the Bank to carry out the actions required to issue and offer the bonds taking into consideration the terms for covering the share capital increase as described in Resolution no 2 above.
4. Resolved upon the granting of authorities to the Bank's Board of Directors with respect to the Bank's share capital increase, pursuant to Article 13.1.b and 13.1.c of Codified Law 2190/1920 and Article 1.11 of Cabinet Act 36/02.11.2015, and cancellation of the pre-emption rights of the Bank's existing shareholders.
5. Resolved upon the issuance of a convertible bond loan, up to the amount of EUR 4,482,000,000 with the issue of unsecured bonds contingently convertible into common, registered voting shares of the Bank, on condition that approval has first been obtained from the European Central Bank and the Hellenic Financial Stability Fund. Furthermore, it decided that the bond loan shall be covered by payment in cash or contribution in kind. Moreover, it resolved upon the cancellation of pre-emption rights of existing shareholders and offer of such rights to private investors and the granting of authorities to the Board of Directors of the Bank to carry out the actions required to issue and offer said bonds.
Greek Banks Ask Investors to Take Leap of Faith Amid Uncertainty
Nikos Chrysoloras
nchrysoloras
Christos Ziotis
November 13, 2015 — 12:44 PM CET
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Lenders initiate book-buildings to cover stress test shortfall
Government still at loggerheads with creditors over bailout
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Greek bank investors are being asked to inject new funds into the lenders for the second time in less than 20 months, even as doubt remains that the country will receive the next round of bailout funds.
The National Bank of Greece SA and Eurobank Ergasias SA joined Piraeus Bank SA and Alpha Bank AE on Thursday in starting book-building processes as they seek to fill part of 14.4 billion-euro ($15.5 billion) hole in their books identified by the European Central Bank. The state-owned Hellenic Financial Stability Fund will contribute the rest from loans from Greece’s latest bailout, but not before imposing mandatory losses or "burden sharing” on shareholders and creditors of the banks.
“The recapitalization of Greek banks, perhaps the most critical problem for the Greek state today, has entered its most critical stage,” Emilios Avgouleas, professor of international banking law and finance at the University of Edinburgh, and Levy Institute President Dimitri B. Papadimitriou, said in a report on Thursday. “Instead of repeating the mistakes of the past, recapitalization should create an environment of hope amidst renewed efforts to repair the Greek economy.”
The fundraising comes as uncertainty hangs over the Greece’s own access to funds. A disbursement of as much as 10 billion euros from the European Stability Mechanism to the HFSF, which will backstop private capital injections with state funds, will only take place if the government reaches an agreement with creditors over a set of milestones detailed in the country’s bailout agreement.
Banks have announced plans to shore up their capital before the end of the year, when legislation puts savers with more than 100,000 euros on the hook for losses. The plans include swap offers to creditors, described by Standard & Poor’s as “distressed exchanges."
The National Bank of Greece said on Thursday it aims to raise 1.6 billion euros from a share sale and expects another 691 million euros of capital from a so-called Liability Management Exercise, which includes the conversion of its debt to equity.
Eurobank said it has received commitments of 353 million euros from a group of anchor investors including Fairfax Financial Holdings and Wilbur Ross. It also has an offer from the European Bank of Reconstruction and Development to commit as much as 80 million euros in its share-capital increase. Alpha Bank also announced a 1.66 billion-euro capital increase on Wednesday together with a 1.1 billion-euro debt-to-equity conversion.
Piraeus Bank was the first Greek lender to start raising funds, seeking at least 1.6 billion euros in equity in addition to the 600 million euros raised from its own LME. Attica Bank, a small lender, said on Wednesday it will raise as much as 750 million euros in capital, following a separate stress test carried out under the auspices of the Bank of Greece.
Bank investors are also being asked to exchange their shares for a smaller number of new ones in what is known as a reverse split. Under such an arrangement, a split of 100 means that the new shares must be priced 100 times higher than what the shareholder paid for the original ones, in order to break even.
Bank shares lost almost 84 percent of their value since the beginning of the year, while the four biggest firms had combined net losses of about 4.6 billion euros in the first nine months. The lenders were hit by increases in bad loans, subdued economic activity, expensive emergency funding requirements from the European Central Bank, and strict limits on capital transfers.
Share prices have plunged this year
Share prices have plunged this year
The lenders cleared the the hurdle of a pan-European review in 2014 thanks to capital increases of more than 8 billion euros and restructuring plans approved by the European Commission, only to see their solvency put to the test when the government of Alexis Tsipras revolted against the terms attached to the country’s bailout lifeline. The standoff resulted in the imposition of capital controls and restrictions on ATM withdrawals, as well as a month-long forced bank holiday in July.
An agreement paving the way for the disbursement of the bank recapitalization funds is feasible by Saturday, a Greek government official said. The so-called Euro Working Group of finance ministry executives will hold a call on Sunday to discuss Greece’s progress in meeting its bailout commitments. Government officials from the currency bloc said that bank funds must be disbursed by next week to meet tight deadlines through the end of the year.
“We understand that no bank will conclude its capital raising exercise before a successful conclusion of program negotiations underway between the government and official-sector lenders,” analysts at Athens-based Pantelakis Securities said in a note Friday. “Persistent noise” over whether a deal to unlock the funds will be reached “is not helpful, precisely at a time when banks struggle to attract private-sector interest in their recap process.”
EBRD to buy up to 250 mln euros of Greek bank stakes -
The European Bank for Reconstruction and Development is set to buy up to 250 million euros (176.54 million pound) of equity stakes of Greece's four biggest banks, a person with knowledge of the plans told Reuters.
The lenders are Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank that are all at least part owned by Greece's state-backed bank rescue fund.
"The Bank (EBRD) is prepared to invest in all of Greece's four big lenders," the person said on Thursday, adding that it would be able to spend up to 80 million euros per bank to a maximum of 250 million euros.
The investments will be the EBRD's first in Greece after the bank decided to expand lending to the thrice-bailed-out euro zone country early this year.
It is part of efforts to shore up Greek banks after European Central Bank Stress tests last month showed the four lenders the EBRD plans to take stakes in needed €14.4 billion in additional capital between them to be able weather a major downturn.
Eurobank (>> Eurobank Ergasias SA), which is roughly one-third owned by Greece's HFSF bank rescue fund and is the country's third largest lender, said earlier it would get up to 80 million euros from the EBRD as part of its 2.12 billion cash raising plans.
Peter Sanfey, the EBRD's then Acting Director of Country Strategy and Policy, told Reuters in July that as well as bank stakes it was also eyeing areas like logistics, agriculture and tourism for potential investment.
(Editing by Catherine Evans)
By Marc Jones
Stocks treated in this article : Piraeus Bank SA, Alpha Bank S.A., Eurobank Ergasias SA, National Bank of Greece
Hilarious. Syriza party calls ppl to 'massively' participate in Thurs strike that’s called by Unions to protest against Syriza gov policies.
Beyond the nice words, #Eurogroup gives #Greece 5 days to reach agreement with the Quadriga or else banks' recapitalization is in question.
#Eurozone Finance Ministers Won't Release €2bn Loans Slice for #Greece at Monday
No R/S or dilution
National Bank of Greece : S&P Cuts Counterparty and Unsecured Debt Ratings on National Bank of Greece
11/06/2015
Standard & Poor"s Ratings Services said that it lowered its long-term counterparty credit rating on National Bank of Greece S.A. (NYSE: NBG) to "D" from "SD".
We also lowered our issue ratings on the bank"s senior unsecured debt to "D" from "CCC-" and our subordinated debt ratings to "D" from "C".
The downgrades follow NBG"s launch on Nov. 2 of a tender offer to exchange securities from holders of its Tier 1 (T1) debt, Tier 2 debt, and senior debt instruments with equity. This constitutes a "distressed exchange" under our criteria because it implies that investors will receive less value than the promise of the original securities. This is because the issuer offers to exchange the securities for an instrument of lower ranking in the issuer"s capital structure. Additionally, we think the offer is not purely opportunistic, according to our criteria, given the financial position of the bank.
Therefore, following the launch of the offer, and taking into account the capital controls which are still in place in Greece, we consider that NBG is in default on most of its on-balance-sheet financial obligations, according to our methodology. Combined, the securities subject to the offer amount to approximately 802.5 million.
The offer also includes the following rated instrument:
18.3 million of outstanding of Tier 2 notes (ISIN XS0527011554).
The offer is being conducted in two phases. First, on Nov. 2, 2015, the bank offered to exchange the securities with cash to be deposited in a special account for the bank"s share capital increase. We understand the offer will expire on Nov. 11, 2015. In the second phase, special deposit holders will receive new shares issued by the bank.
NBG is offering 100% of the nominal value for senior notes, 75% for the subordinated debt, and 30% for outstanding preferred securities.
Greece approves reform bill, eyes bailout tranche
ATHENS
REUTERS/ALKIS KONSTANTINIDIS -
Greece's parliament approved early Friday a bill with reforms prescribed by the country's international lenders, ahead of a euro zone finance ministers meeting in three days which will decide if Athens qualifies for fresh bailout funds.
Greece needs to legislate a series of reforms to pass the first review of a new bailout worth up to 86 billion euros it signed up to earlier this year. It must also revamp its banking system by the end of the year to start talks on much-needed debt relief which Prime Minister Alexis Tsipras has made a priority.
A majority of lawmakers in the 300-seat parliament approved a bill which improves on previous legislation for the calculation of pensions, forces Greece to comply with EU energy efficiency rules, lifts obstacles for the sale of Greece's largest port and scraps tax breaks for farmers.
Passing the bill was crucial, but there are still issues holding up a review which can unlock 2 billion euros of aid, a sub-tranche of an initial 26 billion instalment. Greece's compliance assessment to date is set to be on the agenda of a session of euro zone ministers, known as the Eurogroup, on Monday.
Athens and its lenders are still at odds over an effective mechanism for Greece's troubled banks - which will be receiving bailout aid - to address non-performing loans affecting businesses, but also thousands of mortgage holders.
A 23 percent VAT tax on private education is also a thorn in talks with lenders. Athens signed up to the measure to plug a 300-400 million euro fiscal gap but later found it was highly controversial in a country where parents supplement perceived shortcomings in the state education system with extra tuition, and is now trying to find other ways to raise the revenue.
Deputy Finance Minister Tryfon Alexiadis said the government would announce its decision over the measures which will replace the VAT on education "within the day, tomorrow (Friday) the latest."
"The issue will be solved," he said.
EU Commission forecast of #Greece real GDP growth:
2015: -1.4%
2016: -1.3%
2017: +2.7%
National Bank of Greece : NBG decides to sell Finansbank
11/04/2015
National Bank of Greece decided on Tuesday to sell its entire stake in its profit-making Turkish subsidiary Finansbank, in order to cover its capital requirements as determined by the stress tests. Meanwhile Eurobank has decided to cover its entire needs of 2.1 billion euros through a capital increase process starting on Monday.
National is planning to have its own capital increase of 1.6 billion euros by the end of the month i.e. the precise level of its capital requirements according to the baseline scenario of the European Central Bank's exercise while expecting a boost of 780 million euros in shares from its bond swap plan. The adverse scenario has put its needs at 4.6 billion, so the remaining 2.3 billion euros will be covered by the Hellenic Financial Stability Fund (HFSF), mainly in contingent convertible bonds (CoCos) that the bank will pay off in 2016 after the Finansbank sale is completed.
In the coming days National will submit its detailed plan for the coverage of its needs, including the sale of Finansbank, to the ECB's Single Supervisory Mechanism. National's management is hoping that the decision to sell its Turkish subsidiary will lead to an immediate review of the Greek bank's requirements, especially regarding the part of the needs that concerns international activities.
National's foreign consultants have been keep an eye out for investment interest in Finansbank for some time now. Analysts estimate that the accounting value of the Turkish lender comes close to 3 billion euros, so the price will likely be slightly higher.
The result of last Sunday's election in Turkey is expected to facilitate the sale of Finansbank, as the political and financial environment in the neighboring country appears to be reverting to normal after a long period of instability.
Eurobank's management decided on Tuesday to proceed with its book building process from Monday up to next Friday, November 13, with priority being given to existing shareholders.
Piraeus Bank has called a general meeting for November 15 to decide on a share capital increase of 4.9 billion euros, while Alpha will hold its own meeting of shareholders a day earlier.
ECB watchdog urges prompt Greek bank fix before stricter rules in 2016 - paper
11/04/2015
Nouy, chair of the Supervisory Board of the European Central Bank speaks at a Thomson Reuters newsmaker event in London
(Reuters) - Greek banks should be recapitalised by the end of the year, the European Central Bank's chief supervisor said on Wednesday in an interview, cautioning that stricter rules on distributing the losses of failing banks would come next year.
"In line with the implementation of the Bank Recovery and Resolution Directive (BRRD) in 2015 ... a bail-in of depositors is excluded. This is also why the recapitalisation of the Greek banks has to be concluded before the end of the year, as the full implementation of the BRRD in 2016 will be more rigorous," Daniele Nouy told Greek newspaper Ta Nea.
Her comments refer to rules that allow losses to be imposed on bank creditors including large savers
#Greece | NBG announces sale of Finansbank + €1.6bn capital increase. Tough spot, will definitely rely on CoCos to reach adv scenario target
#Greece | Eurobank announces €2.1bn share increase. CEO Karavìas says they have enough commitments from investors to avoid using state CoCos