Current report no : 38/2012
Report date : 10/2/2012
Abbreviated name : Ciech SA
Subject : Terminating borrowing agreements with a subsidiary and increasing the share capital of a subsidiary
Legal basis : Article 56 section 1 item 2 of the Act on the Offering – current and interim information
Report :
The Management Board of Ciech [Issuer] reports that on October 1st, 2012 the Issuer terminated agreements of borrowings granted by the Issuer to its subsidiary Zakłady Chemiczne Zachem SA with its registered office in Bydgoszcz [Zachem], as referred to in current reports no. 62/2010 of October 28th, 2010 and 30/2011 of April 28th, 2011. At the same time the Issuer accepted an offer to acquire 23,000,000 B series shares issued under a private placement by Zachem at the nominal price of PLN 10 per share and to pay up the increased capital by way of offsetting the Issuer's liabilities due to the increase against the Issuer's receivables due to the borrowings granted to Zachem. Recapitalisation of Zachem is a part of the restructuring program of this company.
Signatures of the Company’s Representatives : Dariusz Krawczyk – President of the Management Board
