Getin Noble Bank (GNB)

-1.89% 15:24

Current report 14/2011


Conclusion of a significant agreement

Conclusion of a significant agreement Current report 14/2011, 28 March 2011 The Management Board of Getin Noble Bank S.A. (the “Issuer”) hereby informs that today, i.e. on 28 March 2011 the Issuer has concluded with M.W. Trade S.A. with its registered office in Wroclaw (the “Company”) Annex No. 3 to the General agreement of buyout of receivables instalments concluded on 27 September 2010 with later amendments for a definite period of time, i.e. till 30 March 2011, which stipulated buyout by the Issuer of cash receivables resulting from contracts concluded within normal operations of the Company (M.W. Trade receivables towards SP ZOZ), where the maximum buyout limit of receivables instalments was set for 300 000 000 PLN and the maximum financing period was set for 10 years. (the “Agreement”). Annex No. 3 to the Agreement significantly changes the Agreement by changing the effective period of the Agreement (for an indefinite period of time). Each party can terminate the Agreement upon one month’s notice. Annex No. annuls the maximum buyout limit of receivables instalments, which allows to deem the Agreement significant, as the estimated value of the Agreement shall exceed 10% of the Issuer’s equity. The Agreement performance security for the Issuer shall be blocking cash on the Company’s account in the amount of half of the monthly instalment for each buyout. Moreover, in a situation determined in the Agreement, the Company is obliged towards the Issuer to pay receivables instalments, which shall not be paid off by the debtors by the day the return transfer of receivables have been accomplished. Other conditions of the Agreement, including financial ones, correspond to the market conditions. The Agreement does not stipulate any contractual financial penalties. The Agreement conclusion is not conditional upon any conditions to be met. Legal basis : Article 56(1)(2a) of the Polish Act of 25 July 2005 on public offerings and the conditions for introducing financial instruments into an organized trading system and on public companies (Journal of Laws No. 184 item 1539 of 2005 later amended) read with § 5(1)(3) of the Minister of Finance Regulation of 19 February 2009 on current and periodic reporting by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states (Journal of Laws of 2009 No. 33, item 259 later amended).