ATHENS, Greece, March 18, 2011 /PRNewswire-FirstCall/ -- Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola Hellenic, the Company) announces a proposed capital return to its shareholders of EUR 0.50 per share. The proposed transaction is expected to be financed from the cash position of the Company and is subject to shareholder and regulatory approval. The proposed capital return is expected to be paid out on June 21, 2011 with a record date (the date at which registered shareholders will qualify for the return of capital) on June 15, 2011.
Coca-Cola Hellenic's Board of Directors endorsed the plan in its meeting on March 16, 2011 and believes the proposed recapitalisation is appropriate for the following key reasons:
- The long-term potential of Coca-Cola Hellenic's business
- The positive view of Coca-Cola Hellenic's long-term cash flow generation
- The need to opimise the Company's balance sheet
As previously announced Coca-Cola Hellenic's Annual General Meeting will be held on May 6th, 2011 where the proposal will be presented to shareholders. The proposal comprises the increase in the par value of the Company's shares by a larger amount of approximately EUR544 million through a recapitalization of reserves. Subsequently, a capital return of approximately EUR181million, or EUR0.50 per share, would be paid to its shareholders.
Doros Constantinou, Chief Executive Officer of Coca-Cola Hellenic, commented, "The proposed transaction will provide value to our shareholders and the Company will benefit from a more efficient and flexible capital structure.
The focused execution of our strategy enables us to be confident with regards to our future cash flow generation. We do not expect the transaction to have a material impact on our key financial ratios. Indeed, following this transaction, we believe that Coca-Cola Hellenic will continue to maintain sufficient financial flexibility to pursue attractive growth opportunities that may arise."
SOURCE Coca-Cola Hellenic Bottling Co SA