Significant Value Agreement Concluded with Subsidiary
Legal basis: Art. 56.1.2 of the Act on Public Offering – current and periodic information
The Management Board of LC Corp S.A. (the Issuer) reports that today (9 July 2013) the Issuer as the Lender entered into a cash loan agreement with its subsidiary LC Corp Invest I Sp. z o.o. (the Borrower), in which the Issuer holds directly and indirectly (through its subsidiary LC Corp Invest XVI Sp. z o.o.) 100 % of shares and votes at the general meeting of the shareholders.
The Issuer hereby reports that since 24 August 2012 (the publication date of report No. 70/2012 informing about transactions between the Issuer and LC Corp Invest I Sp. z o.o.), the Issuer has concluded seven cash loan agreements with LC Corp Invest I Sp. z o.o., totalling PLN 106,000,000 (one hundred and six million PLN), thereby exceeding 10% of the Issuer’s equity.
On 9 July 2013 the Issuer concluded with LC Corp Invest I Sp. z o.o. a cash loan agreement of the highest value, i.e. PLN 31,000,000 (thirty one million PLN). The loan was advanced for an indefinite period of time, whereupon the Borrower undertook to return to the Lender the whole or part of the loan amount with interest within one month of receiving the Lender’s written notice. The interest rate was established based on WIBOR 1M increased by margin.
The loan was granted to enable the Borrower to run its ongoing business associated with the financing the LC Corp Capital Group companies conducting the property development activity in accordance with the Issuer’ strategy.
The loan agreements were considered an agreement of significant value pursuant to Art. 2.1.44 in connection with Art. 2.2 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent the information required by the laws of a non-member state, as the total value of the loans advanced within a period of less than 12 months exceeds 10 % of the Issuer’s equity.
Legal basis: 2.1.44, in connection with 2.2 of the Regulation of the Minister of Finance (Journal of Laws, No. 33, Item 259) dated 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent the information required by the laws of a non-member state.
