English
PolishThe Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (“the Company”, “the Issuer”) informs that today received the decision of the District Court for the Capital City of Warsaw in Warsaw, XI Commercial Division – Register of Pledges – on the basis of which on 22 May 2012 the entry in the Register of Pledges has been made on the shares of the Issuer’s subsidiary Belise Investments Sp. z o.o. based in Warsaw, Poland.
The agreement on the establishment of registered and financial pledges on Belise Investments Sp. z o.o. shares (“the Agreement”) was concluded on 4 April 2012 by and between Bank Zachodni WBK S.A., based in Wrocław, Poland (“Pledgee”) and Lakia Enterprises Limited, based in Nicosia, Cyprus (“Pledgor”) with regard to the execution of provisions of the loan agreement concluded on 12 August 2011 (“Loan Agreement”), reported by the Company in the Current Report No. 20/2011 and associated to the execution of the IRIS office building project, at Cybernetyki 9 street, in Warsaw. The pledge is to secure the payment of the Company’s obligation, i.e the VAT loan, arising from the Loan Agreement.
The registered pledge was established on 1000 (one thousand) of shares in the share capital of Belise Investments sp. z o.o., with the nominal value of PLN 50,00 each.
1000 of shares in the share capital represent approximately 91% of the total number of shares (amounting to 1100) in the share capital of this company. Total nominal value of the 1000 shares amounts to PLN 50,00The registered pledge was established to the highest amount of security – VAT loan of PLN 4,200,000.00 in order to secure obligations arising from the Loan Agreement. The book value of shares which are subject to the pledge amounts to PLN 5,000,000.00 and is higher than the amount of EUR 1,000,000.00.
Neither the Company and their managing persons nor the Bank Zachodni WBK S.A. and their managing persons are related parties within the meaning of Article 2.1.32 of the Decree of Minister of Finance dated 19th of February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent information required by law of nonmember state.
The shares in the company Belise Investments Sp. z o.o. are considered by the Issuer and its subsidiary company Lakia Enterprises Limited, as a long-term investment. The Company’s subsidiary – Lakia Enterprises Limited – owns in total 1.100 shares in Belise Investments Sp. z o.o share capital, which represent 100% of the share capital and 100% of votes in the General Meeting of Belise Investments Sp. z o.o.
Legal basis:
Article 56.1.2 of the Act on Public Offering and Conditions for the Introduction of Financial Instruments to the Organized Trading System, and on Public Companies of July 29, 2005 – current and periodic information; Art. 5.1.1. of the Decree of Minister of Finance dated 19th of February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent information required by law of nonmember state
Signatures of persons entitled to representation:
1. Christopher Bruce, Member of the Management Board, 6 June 2012
2. Elżbieta Donata Wiczkowska, Member of the Management Board, 6 June 2012