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Bank of Georgia announces terms for share swap

Bank of Georgia announces terms for share swap

22 December 2011

UK-registered Bank of Georgia Holding Plc (BGH) announced an offer to exchange existing GDRs or shares in Bank of Georgia (BGEO LI, GEB GG) on a one-to-one basis for ordinary shares in BGH. The offer is conditional on BGH receiving acceptance in respect of no less than 80% of Bank of Georgia shares. As of Dec. 15, 2011 holders of 74.9% of fully diluted shares expressed an interest or committed to participate in the planned tender offer. On completion of the offer, BGH plans to have a premium listing on the London Stock Exchange and be eligible for FTSE Index inclusion. Management also plans to delist Bank of Georgia GDRs from the LSE (expected in June 2012) and is considering delisting existing shares from the Georgian Stock Exchange.  The offer is effective from December 21, 2011 and is expected to close on February 24, 2012.

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