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A change in the wording of the entries regarding the increase of the value of mortgages established by a subsidiary


The Management Board of LC Corp S.A. (the "Issuer") hereby informs that today, i.e. on 2 June 2016, it received information that the District Court of Katowice-Wschód in Katowice, 11th Land Register Division made a change in the wording of the entries of:

 

- a contractual mortgage in the land and mortgage register No. KA1K/00047698/2 through the increase of the amount of the contractual mortgage from the amount entered to date of EUR 36,833,333.33 to EUR 72,816,666.66 ("Mortgage 1"),

 

- a contractual mortgage in the land and mortgage register No. KA1K/00047698/2 through the increase of the amount of the contractual mortgage from the amount entered to date of PLN 61,470,300 to PLN 82,210,300 ("Mortgage 2").

 

The land and mortgage register No. KA1K/00047698/2 is kept for the real estate located in Katowice at al. Roździeńskiego with a total area of 0.9938 ha held in perpetual usufruct by LC Corp Invest XVII spółka z ograniczoną odpowiedzialnością Projekt 20 spółka komandytowa ("the Issuer's subsidiary"), whose the Issuer is directly and indirectly the sole shareholder (by its subsidiary LC Corp Invest XVII sp. z o.o.).

 

Mortgage 1 was established on the basis of a loan agreement concluded on 14 May 2014 between the Issuer's subsidiary and Powszechna Kasa Oszczędności Bank Polski S.A., as amended, ("Loan Agreement a") and a loan agreement concluded on 26 February 2016 between the Issuer's subsidiary and Powszechna Kasa Oszczędności Bank Polski S.A. ("Loan Agreement 2"). Mortgage 1 constitutes the security for liabilities to Powszechna Kasa Oszczędności Bank Polski S.A. arisign from Loan Agreement 1 and Loan Agreement 2.

 

Loan Agreement 1 and Loan Agreement 2 were concluded, as stated above, between the Issuer's subsidiary and an entity not related to the Issuer (and unrelated to the Issuer's management or supervisory staff) - Powszechna Kasa Oszczędności Bank Polski S.A.

 

Mortgage 2 was established on the basis of a framework agreement on the cooperation on the financial market concluded on 30 June 2014 between the Issuer's subsidiary and Powszechna Kasa Oszczędności Bank Polski S.A., whose provisions were replaced on 31 March 2016 with the provisions of a framework agreement and an anicillary agreement ("Framework Agreement"). The mortgage constitutes the security for liabilities to Powszechna Kasa Oszczędności Bank Polski S.A. arising from the Framework Agreement.

 

The Framework Agreement was concluded, as stated above, between the Issuer's subsidiary and an entity not related to the Issuer (and unrelated to the Issuer's management or supervisory staff) - Powszechna Kasa Oszczędności Bank Polski S.A.

 

The book value of the assets on which the mortgage was established, as reported in the accounting records, is PLN 184,395,000.

 

To meet the Issuer's criterion of assets significance, the value of acquired assets has to exceed 10% of the Issuer's equity.

 

Legal basis: Art. 5.1.1 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 recognizing as equivalent the information required by the laws of a non-member state.