28/06/2016
Current Report No. 69/2016: Information on the aggregate value of agreements executed between the KRUK Group and CEC Bank S.A.
The Management Board of KRUK S.A. (the “Company”) announces that on June 28th 2016 its subsidiary KRUK Romania S.r.l. (“KRUK Romania”) concluded a debt purchase agreement (the “Agreement”) with CEC Bank S.A. (the “Bank”), as a result of which the total value of agreements executed between the KRUK Group and the Bank over the past 12 months reached PLN 72.6m, VAT exclusive, and thus exceeded 10% of the Group’s revenue for the last four financial quarters.
The Agreement was the highest-value agreement executed in the period. Under it, KRUK Romania purchased from the Bank a portfolio of secured and unsecured debts with an aggregate nominal value of RON 313.3m (PLN 306.5m, as translated at the mid rate quoted by the National Bank of Poland for June 28th 2016) for a price of RON 59.5m (PLN 58.2m, as translated at the mid rate quoted by the National Bank of Poland for June 28th 2016) (the “Price”).
The Agreement does not provide for any conditions precedent, conditions subsequent or contractual penalties that would exceed the equivalent of 10% or more of the value of the Agreement or the PLN equivalent of at least EUR 200,000.
The other terms and conditions of the Agreement do not differ from those commonly used in agreements of such type.
The materiality criterion is met because the total value of the agreements exceeds 10% of the KRUK Group’s revenue for the previous four financial quarters.
Detailed legal basis: Par. 5.1.3 of the Regulation of the Minister of Finance of February 19th 2009 on current and periodic information[...[