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Termination of the contract by a subsidiary


The Management Board of LC Corp S.A. (the “Issuer”), informs that it has obtained from LC Corp Invest XV Sp. z o.o. Projekt 3 Sp. k. with the headquarters in Wrocław (the “Company”), in which the Issuer is indirectly (though its subsidiaries: LC Corp Invest XV Sp. z o.o. and Kraków Zielony Złocień sp. z o.o.) a sole member, information that the Company, on the basis of a mutual agreement of the parties, on 22 April 2016, terminated a preliminary contract on the sale (“Contract”) of the right for perpetual usufruct of the real estate located in Krakow, in the vicinity of streets: Wrocławska and Racławicka, as well as the ownership right in buildings, structures and devices developed on the above mentioned real estate (the “Real Estate”) together with the administrative decisions (including construction permits and town planning permits), the design documentation, proprietary copyrights in that documentation, concluded with KCI S.A. with the headquarters in Krakow (the “Seller”) on 28 July 2014, in the part non executed, that is, in the part regarding Plots 2-6, about the conclusion of which the Issuer informed in the current report No. 67/2014 of 28 July 2014.

 

In relation to the termination of the Contract, the Seller shall return to LC Corp Invest XV Sp. z o.o. Projekt 3 Sp. k. the amount of advances against the sales price of Plots 2-6, in the total amount of PLN 15,990,000.00 (say: fifteen million nine hundred ninety thousand Polish zlotys) as well as it shall pay the amount of PLN 275,000.00 (say: two hundred seventy five thousand Polish zlotys) as the compensation for the termination of the Contract.

 

Legal basis: Art. 56 item 1 point 2 letter a) of the Polish Act on Public Offering and Conditions Governing the Introduction of Financial Instruments to Organized Trading and on Public Companies (Journal of Laws No. 184, item 1539 of 2005 as amended) in relation to § 5 item 1 point 5 of the Regulation of the Minister for Finance of 19 February 2009 on current and periodical information conveyed by the issuers of securities, and conditions of acknowledging as equivalent the information required by legal regulations of a nonmember country (Journal of Laws of 2009 No. 33 item 259 as amended).