16/06/2016
Current Report No. 56/2016: Cancellation of shares in the subsidiary Secapital S.a r.l.
The Management Board of KRUK S.A. (“Company”) announces that on June 16th 2016 the share capital of the Company’s subsidiary Secapital S.a r.l. of Luxembourg (“Secapital”) was reduced from PLN 1,111,395,000.00 to PLN 994,485,000.00 by way of cancellation of 68,091 Class A shares held by KRUK S.A., with a par value of PLN 1,000 per share and total par value of PLN 68,091,000, as well as 2,455 Class A shares and 46,364 Class F shares held by InvestCapital Malta Ltd. (“InvestCapital”) with a par value of PLN 1,000 per share and total par value of PLN 48,819,000.
The cancelled shares which were held by KRUK S.A. represented 7% of the Secapital share capital, while the cancelled shares which were held by InvestCapital represented 5% of the Secapital share capital.
The carrying amount of the cancelled shares in the Company’s accounting books is PLN 1,100 per share.
Following the cancellation, the Company holds directly 643,051 shares with a par value of PLN 1,000 per share and total par value of PLN 643,051,000, while InvestCapital holds directly 351,434 with a par value of PLN 1,000 per share and total par value of PLN 351,434,000. The shares were cancelled at par value.
The share capital reduction was financed with Secapital’s internally generated funds. The cancelled shares were treated as a long-term investment. The proceeds received by the Company and InvestCapital will be used to finance the former’s operating activities and the latter’s purchased debt portfolios.
Secapital shares held directly by the Company represent 65% of the share capital and confer 65% of the voting rights at the general meeting of Secapital. The total number of shares held by the Company, both directly and indirectly, represents 100% of the share capital and confers 100% of the voting rights at the general meeting of Secapital.
Secapital shares held directly by InvestCapital represent 35% of the share capital and confer 35% of the voting rights at the general meeting of Secapital.
The Company further informs that there are no personal links between the Company and Secapital or between the Company and InvestCapital.
The criterion based on which the cancelled shares are considered significant assets is that the value of the shares exceeds 10% of the Company Group’s revenue for the last four financial quarters.
Detailed legal basis: Par. 5.1.1 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information […]