Contracts of overdraft to loan limit concluded and registered pledge established with ING Bank Śląski SA
The Executive Board of Apator SA (hereinafter referred to as „ the Issuer”) announces that in the period of recent 12 months entities of Apator Group concluded two contracts of total value of PLN 27.000.000 with ING Bank Śląski (hereinafter referred to as “ the Bank”). The contracts in total meet the criterion of significant contract due to the exceeding 10% of equity of the Issuer.
The contract of the highest value was concluded by Apator Powogaz SA on 28.08.2014 – the contract of overdraft to loan limit in maximum value of PLN 23.000.000 (hereinafter referred to as „ the Contract”), for the period since 1.09.2014 till 31.08.2015.
The contract was concluded on market conditions. Interest on the loan depends on currency of the contract concluded (for PLN – WIBOR 1M, for EUR – EURIBOR 1M, for USD – LIBOR 1M) and it will be increased by margin of the Bank.
The contract does not include any special provisions that would be different to commonly used in such type of contracts. It also does not include provisions regarding liquidated damages and other significant reservations concerning the condition or term. However, the element of the contract is the statement of Apator Powogaz SA of subject to enforcement to the value of PLN 34.950.000.
At the same time on 28.08.2014 Apator Powogaz SA and the Bank concluded the contract of establishment of registered pledge on conditions of the Company (i.e. materials, manufacturing in progress, goods and finished products), in order to hedge the receivables of the Bank due to overdraft to the loan limit. The registration value of the object of registered pledge on the day of conclusion of the contract is PLN 34.950.000, while the hedging of repayment of the loan are inventories of the value of 23.000.000.
Criterion being the basis to consider the secured financial assets as ones of significant value is their total value that exceeded the threshold of 10% equity of Issuer.
There are no connections between the Issuer and persons in management or supervisory body of the Issuer and the Bank towards which the registered pledge was established.
(i) §5 para 1 point 1 of the Regulation of Minister of Finance dated 19th February 2009 regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU (Journal of Laws no.33 item 259 with later amendments).
(ii) §5 para 1 point 3 of the Regulation of Minister of Finance dated 19th February 2009 regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU (Journal of Laws no.33 item 259 with later amendments).
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