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General Terms of Sale
Current reports A A A
Concluding the Appendix to the Contract of Pledge with BRE Bank S.A.
Report no.: 42/2011
Date of issue: 2011-07-08
Legal basis: Art. 56 Clause 1 Item 2 of the Offering Act – current and periodic information.
SUBJECT:
Concluding the Appendix to the Contract of Pledge with BRE Bank S.A.
CONTENT OF THE REPORT:
On July 7, 2011 Izostal S.A. (the Company) concluded with BRE Bank S.A. („Bank”) seated in Warsaw, Corporate Division in Katowice the Appendix to the Contract of Pledge No.11/008/11 concluded on April 28, 2011 (current report No. 30/2011).
The Company signed the above mentioned Appendix to the Contract of Pledge in connection with the concluding with the Bank on July 7, 2011 the Appendix to the Credit Agreement on a current account, to finance the Company's current business activity (Credit Agreement No. 11/046/11/Z/VV as on April 28, 2011). In result of the Appendix to the Credit Agreement, the credit amount was increased by PLN 6,000,000.00, i.e. from PLN 4,000,000.00 to PLN 10,000,000.00. At the same time the existing validity period through 18.04.2012 was maintained.
By virtue of the Appendix to the Contract of Pledge, in order to secure the payment of credit, interest, commissions and loan fees, pursuant to the terms of the above mentioned Credit Agreement, the Company increases the amount of a registered pledge on movables for the Bank - in a form of stock of goods, materials for production and finished products, i.e. steel coated pipes, to the total amount of PLN 6,000,000.00, i.e. from PLN 4,000,000.00 to PLN 10,000,000.00. Total estimated value of pledged movables as of the day of the Contract of Pledge amounts to: 10,000,000.00 PLN.
Following the Appendix to the Contract of Pledge, an entry will be made in the court pledge register.
The amount by which a registered pledge was increased is higher than the sum equivalent to EUR 1,000,000 M expressed in PLN, calculated at the National Bank of Poland average exchange rate at the date of concluding the agreement, and - therefore - meets the criterion required for the high value assets.
To the best of the Company’s knowledge, there are no connections between Izostal S.A. and its managing or supervisory bodies and BRE Bank S.A. and its managing or supervisory bodies, for which the registered pledge was established.
Specific legal basis: §5 Clause 1 Item 1 of the Ordinance of the Minister of Finance of February 19, 2009 on current and periodic information disclosed by the issuers of commercial papers and the conditions for recognizing as equivalent the information required by the laws of a non-member state (Journal of Laws 2009, No. 33, Item 259).
SIGNATURES OF PERSONS REPRESENTING THE COMPANY:
Management Board President, General Director Marek Mazurek 2011-07-08
Management Board Vice President, Commercial Director Jacek Podwiński 2011-07-08
INFORMATION ON THE ENTITY:
Full name of the issuer: IZOSTAL SPÓŁKA AKCYJNA
Abbreviated name of the issuer: IZOSTAL S.A
Sector based on the classification of Warsaw Stock Exchange: Other industry
Address: 47-120 Zawadzkie Polna 3
Telephone: (77) 405 65 00
Fax: (77) 405 65 01
e-mail:info@izostal.com.pl
www.izostal.com.pl
VAT No. [NIP]:756-00-10-641
Statistical No. [REGON]: 530884678