A general assembly was held at the bank’s headquarters on June 6th 2017 and decided on the following key items:
- Redeem and cancel BLC Preferred “B” shares of nominal value of $550M and compensate the equivalent amount in common shares in the bank’s Capital.
- Increase BLC’s capital through the issuance of BLC Preferred “E” shares, with returns between 6.75% to 7%.
- Call for an Extraordinary General Assembly to redeem and cancel the bank’s Pref. “B” shares for the price of $103/share and to issue BLC’s Pref. “E” shares as per the below details:
Key Details on the Cancellation, Redemption, and New Issuance:
| | Preferred Shares “B” | Preferred “E” Shares |
| Price per Share | $103 | $100 |
| Number of Shares | 550,000 | – |
| Value of Issuance | – | Up to $40M |
| Return | – | 6.75% to 7% |
Source: BLC Bank, Beirut Stock Exchange
