Current Report No. 51/2013: Value of agreements concluded between the KRUK Group and the Societe Generale Group
Current Report No. 51/2013: Value of agreements concluded between the KRUK Group and the Societe Generale Group exceeds the threshold of 10% of revenue
July 8th 2013
The Management Board of KRUK S.A. (the Company) reports that on July 8th 2013 a subsidiary of the Company, KRUK Romania SRL, concluded a debt assignment agreement with BRD-Groupe Société Générale S.A., a company of the Societe Generale Group (the Bank), as a result of which the aggregate value of all agreements concluded by the KRUK Group with the Societe Generale Group in the past twelve months reached PLN 40.5m (VAT exclusive), thus exceeding 10% of the KRUK Group's revenue for the previous four financial quarters.
In that period, the agreement with the highest value was the debt assignment agreement concluded on September 12th 2012 between a subsidiary of the Company, PROKURA Niestandaryzowany Sekurytyzacyjny Fundusz Inwestycyjny Zamknięty (PROKURA NS FIZ), and Euro Bank S.A. Under the agreement, PROKURA NS FIZ purchased from the Bank a portfolio of debt claims against 15,140 debtors, with a total nominal value of PLN 237.4m, for a price of PLN 23.8m. The debt claims covered by the agreement were related to contracted and outstanding bank loans.
The agreement provided for no conditions precedent or conditions subsequent, nor did it include any provisions concerning contractual penalties whose value would exceed the equivalent of at least 10% of the agreement value or at least the PLN equivalent of EUR 200,000.
Other terms and conditions of the agreement did not differ from those commonly used in agreements of such type.
The Company assumed 10% of the Group’s revenue for the previous four financial quarters as the materiality criterion, whereby the aggregate value of the agreements is considered material.
Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information to be published by issuers of securities […].