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Alliance Bank: shareholders and four noteholder groups approve plan
By Caroline Salls
Pittsburgh, Nov. 18 – JSC Alliance Bank’s shareholders approved its restructuring plan, and the shareholders of Alliance Bank, JSC ForteBank and JSC Temirbank approved the consolidation of the three banks and other matters necessary for completion of the restructuring and the consolidation, according to a news release.
Holders of 99.8391%, 100% and 99.9514% of the total voting shares of Alliance Bank, ForteBank and Temirbank participated in the shareholders meeting, respectively.
Alliance Bank’s restructuring plan was passed by a majority of 99.7428% of the voting common shares and preference shares of that bank represented at the meeting.
According to the release, holders of 18.0113% of Alliance Bank’s Global Depositary Receipts participated in the meeting, and 99.7772% of them voted in favor of the plan.
Meanwhile, the bank consolidation was passed by a majority of 99.9832%, 100% and 100% of the voting shares of Alliance Bank, ForteBank and Temirbank, respectively, represented at the meeting.
A separate news release stated that holders of Alliance Bank’s discount dollar notes due 2017, discount Tenge notes due 2017, par dollar notes due 2020 and recovery notes due 2020 voted by majorities of 97.13%, 100%, 99.23% and 99.01% of the votes cast, respectively, to authorize the trustee to vote in favor of the restructuring plan at a Nov. 19 claimants’ meeting.
However, the company said the resolution was not passed at the meeting of holders of subordinated Tenge B notes due 2030. Alliance Bank said 34.69% of the votes submitted by the subordinated noteholders expressed their support for the plan.
Alliance Bank said that the meeting of holders of its par Tenge notes due 2020 did not achieve a quorum, as no votes were submitted on the proposal.
The next stage in the approval process will be the Nov. 19 Alliance Bank claimants’ meeting.
Alliance Bank is focused on small and medium enterprises and the retail segment. It is based in Almaty, Kazakhstan.
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