Greece
The Federation of Euro-Asian Stock Exchanges
Economic Development and Outlook
52 53
DIVIDEND RECORD DATE/EX-DATE
The dividend record date is defined, at the earliest, on the second day after the date of the GSM where the decision for dividend distribution is voted.
The ex-date is defined as the previous day of the record date.
IS THE CSD RESPONSIBLE FOR DIVIDEND PAYMENTS DISTRIBUTION TO SHAREHOLDERS?
The issuer receives from the CSD the Registry of the Record date and the payment is performed by the Payment Bank that has been selected by the issuer.
PAYMENTS OF DIVIDENDS, COUPONS, UNUSED RIGHTS ETC.
The payment is performed by the Paying Bank. The data to the Payment Bank (i.e. the amount per ATHEXCSD Operator) is provided by ATHEXCSD at the same time that the Registry is provided to the Issuers.
CAPITAL INCREASE WITH RIGHTS
When a listed company raises capital, all existing shareholders are granted subscription rights.
Each existing share entitles to one right. Each right can be used for subscription of such amount of shares so the shareholder can retain their pre increase stake in case all rights are used up.
RECORD DATE/EX-DATE
The record date is defined, at the earliest, on the second day after the date of the GSM decision. The ex-date is defined the previous day of the record date.
Rights are traded on the exchange within a timeframe defined in the prospectus (minimum and maximum number of days apply).
STOCK SPLITS / REVERSE STOCK SPLITS
The stock split/reverse stock split procedures are automated and performed by the CSD.
IS TRADING/SETTLEMENT SUSPENDED IN CASE OF CORPORATE EVENTS AND IF YES, FOR HOW LONG?
In case of reverse stock splits the trading is suspended for 3 (trading) days.
IS THERE AN AUTOMATIC ORDER DELETION AT THE END OF DIVIDEND RECORD DATE?
No, orders placed in the trading system are not affected at all by corporate actions.
ARE OTHER CORPORATE EVENTS POSSIBLE?
IPOs, other types of capital increases/decreases like stock options, conversions, mergers, warrants exercise, etc
Greece’s economy is set to contract by 10% in 2020 and to recover gradually in 2021, as ongoing virus outbreaks and restrictions weigh on services activity, exports, employment and investment. In 2022, the recovery is projected to accelerate, as the virus is better controlled with a vaccine having become more generally deployed, restrictions being eased globally and the government implementing new investment projects. Controlling the pandemic sooner would hasten the recovery, reducing risks of rising insolvencies, non-performing loans and declining well-being.
Extending and expanding support for households suffering income loss as the crisis continues would limit the drag on consumption and well-being, without locking workers into activities facing weak demand. Extending and better targeting liquidity support would help viable firms to stay in business. The draft 2021 budget prioritises cuts to personal income tax and social contribution rates, which will support longer-term employment growth. Strongly expanding effective training programmes would help to ensure that workers have the skills that the labour market will need after the crisis.
Greece’s domestic consumer and services activity rebounded after restrictions were lifted in May and June.
However, tourist arrivals were exceptionally weak through the peak summer season, due to uncertainty over the health situation and containment policies, and as governments in major markets required arrivals from Greece to quarantine. This has weighed heavily on demand, turnover, employment and exports. In the third quarter of 2020, accommodation and food service firms’ turnover was 50% lower than a year earlier. This has reduced domestic demand, contributing to notable drops in turnover in industry and wholesale and retail trade. Weak demand has also weighed heavily on job creation, although support measures have limited job losses. Job seekers have been dropping out of the labour market, mitigating the rise in the unemployment rate.