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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) hereby reports that today i.e. 29 February 2012, 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 20 % of shares and votes at GM.

Under provisions of the Agreement the Lender advanced to the Borrower a loan of PLN 24,042,000. 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.

Concurrently, pursuant to Art. 2.2 of the Directive 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 (Journal of Laws - Dz.U. No. 33, Item 259), hereinafter referred to as the Directive, the Issuer reports that within less than 12 months it concluded four loan agreements with LC Corp Invest I Sp. z o.o. totalling PLN 99,042,000, thereby exceeding 10 % of the Issuer's equity.

At the same time, pursuant to Art. 9.8 of the Directive, the Issuer reports that on 22 September 2011 it concluded with LC Corp Invest I Sp. z o.o. a loan agreement of the highest value i.e. PLN 41,000,000. The loan was advanced for an indefinite period of time. 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.

The loan agreements were considered an agreement of significant value (pursuant to Art. 2.1.51a in connection with Art. 2.2 of the Directive), 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: Art. 2.1.51a in connection with Art. 2.2 of the Directive 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 (Journal of Laws - Dz.U. No. 33, Item 259).