Conclusion by subsidiaries of agreement for set-off of receivables resulting from the concluded significant agreements

Current report no : 35/2013
Report date : 11/8/2013
Abbreviated name : Ciech SA
Subject : Conclusion by subsidiaries of agreement for set-off of receivables resulting from the concluded significant agreements
Legal basis : Art. 56 sec. 1 point 2 of the Act on Offering – current and periodic information 

Report : 

 

CIECH S.A. (hereinafter also referred to as “the Issuer" or “the Company") announces that it gained knowledge that today, that is 8 November 2013, Verbis ETA Spółka z ograniczoną odpowiedzialnością S.K.A., KRS 0000434577 (hereinafter "Verbis ETA S.K.A.") and Turia Sp. z o.o., with a registered office in Warsaw, KRS 0000473551 (hereinafter "Turia Sp. z o.o.") – the Issuer’s subsidiaries - concluded an agreement for set-off of mutual receivables due under the agreements they concluded, i.e.:

• receivables due to Verbis ETA S.K.A. under the asset transfer agreement from Turia Sp. z o.o. as payment of the price to the value of PLN 178,316,790.00 (one hundred seventy-eight million three hundred sixteen thousand seven hundred ninety), (including net amount of PLN 144,973,000.00 and Value Added Tax of PLN 33,343,790.00), as announced by the Issuer in current report no. 33/2013 of 5th November 2013 (RB 33/2013),
• receivables due to Turia Sp. z o.o. from Verbis ETA S.K.A. in connection with the disbursement of the amount of the loan to the value of PLN 178,316,790.00 (one hundred seventy-eight million three hundred sixteen thousand seven hundred ninety), as announced by the Issuer in current report no. 34/2013 of 6th November 2013 (RB 34/2013).

The agreement is not concluded subject to any condition or term and does not include contractual penalty clauses or conditions different from those commonly used in this type of contracts.The relations between the Issuer and Verbis ETA S.K.A. and Turia Sp. z o.o. were announced by the Issuer in current report No. 33/2013 dated 5th November 2013.The criterion for considering the agreement to be significant: § 2 section 1 point 44 letter a) of the Regulation of the Minister of Finance of 19 February 2009 regarding current and periodic information (...) - the subject of each of the aforementioned agreements has a value of at least 10% of the equity capital of the Issuer.Legal basis: Article 56 section 1 point 2 of the Law of 29 July 2005 on Public Offering and […] on Public Companies, and § 5 section 1 point 3 and § 9 with reference to § 2 section 1 point 44) of the Regulation of the Minister of Finance of 19 February 2009 regarding current and periodic information […].Type of occurrence: § 5 section 1 point 3 of the Regulation of the Minister of Finance of 19 February 2009 regarding current and periodic information […] - conclusion of a significant agreement.

Signatures of the Company’s Representatives : Dariusz Krawczyk – President of the Management Board 

 

 

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