BCB shareholders approve restructuring

THURSDAY, SEPT. 20: The Bermuda Commercial Bank Limited said that at the Bank’s Special General Meeting held this week, the Merger Agreement between BCB, BNL I Limited and Bermuda National Limited was unanimously approved and adopted. Shareholders interested in 5,931,905 Shares in BCB representing approximately 84.11 per cent. of the Bank’s issued share capital voted in favour of the resolution.

It is proposed that the restructuring of the Bank will be completed on or around October 1.

The expected timetable of principal events is set out below:

• Last day of dealings in, and for registrations of transfers of, BCB Shares is September 24, 2012;

• Effective Time of Merger – 12:01am on October 1, 2012;

• Cancellation of admission to trading on the Bermuda Stock Exchange of BCB Shares October 1, 2012;

• Admission of, and commencement of dealings in, BNL Shares on the BSX - 1 October 2012.

Michael Collier, the chairman of BCB, said: “We are pleased that the Bank’s shareholders have voted overwhelmingly in favour of the restructuring. The BCB directors believe that this marks an exciting development for the Bank and offers its shareholders the ability to participate in a diversified and expanding financial services group.”