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Metallurgical products
General Terms of Sale
Current reports A A A
Concluding the Contract of Pledge with BRE Bank S.A.
Report no.: 30/2011
Date of issue: 2011-04-29
Legal basis: Art. 56 Clause 1 Item 2 of the Offering Act - current and periodic information.
SUBJECT:
Concluding the Contract of Pledge with BRE Bank S.A.
CONTENT OF THE REPORT:
The Izostal S.A. (the Company) Management Board informs that on April 28, 2011 a Contract of Pledge No. 11/008/11 was concluded between the Company and BRE Bank S.A. with its registered seat in Warsaw, Corporate Division Katowice (Bank).
The Company signed the above Contract of Pledge in connection with a credit on a current account granted by BRE Bank S.A. to Izostal SA on April 28, 2011, to finance the Company current business activity, the said credit amounting to PLN 4,000,000.00 (Credit Facility Agreement No. 11/046/11/Z/VV as on April 28, 2011). In result of the Credit Agreement, Izostal S.A. can use the credit without submitting the separate credit applications, from 28.04.2011 to 18.04.2012.
In order to secure the credit repayment as well as the payment of interest, commissions and loan fees, pursuant to the terms of the above mentioned Credit Agreement, the Company establishes a registered pledge for BRE Bank S.A. on movables, in a form of stock of goods, materials for production and finished products, i.e. steel coated pipes, to the total amount of PLN 4,000,000.00. Total estimated value of pledged movables as of the day of the Contract of Pledge amounts to: PLN 4,000,000.00
After signing of the Contract of Pledge the entry will be made in the court register of pledges.
A value of the registered pledge is higher than the sum equivalent to EUR 1 M expressed in PLN, calculated at the National Bank of Poland average exchange rate at the date of concluding the Contract of Pledge, 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., for which a registered pledge was established.
Detailed legal background: § 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 2011-04-29
Management Board Vice President, Commercial Director Jacek Podwiński 2011-04-29
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