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Current reports

13/2019: Information on divestment and Management Board’s decision to request Bondholders to approve re-scheduling of Bond redemption

2019-04-30

The Management Board of PBG S.A. (the “Company” or “PBG”) announces that, since it did not receive the non-refundable advance payment of PLN 20m under the contractual terms relating to the claim transfer (the conclusion of the negotiations to sell the claim was announced by the Company in Current Report No. 14/2018 of April 25th 2018), it has decided that sale of individual apartment units would be its key exit scenario for the development project in Ukraine.

Therefore, while continuing its efforts to sell the entire project or the related claim, the Management Board is also taking steps to directly sell the apartments built under the development project in Kiev, Ukraine. Taking a conservative approach, the Management Board expects to settle the divestment by the end of 2020 having achieved proceeds of no less than PLN 80m. The amount has been calculated based on the usable floor area of the apartment units remaining to be sold and the estimated price on the Kiev property market, assuming a fast sale process.

Furthermore, having become aware of the failure to complete the transaction described above and considering the delay in the sale of the real property owned by a company of the PBG DOM Group, the Management Board has also resolved to request the Bondholders who had acquired Series G, G1, G3, H, H1, H3, I, I1 and I3 Bonds issued by PBG under the Arrangement (not yet due for redemption) to approve a re-scheduling of their redemption dates.

The inability to implement the divestment plan within the scheduled deadlines due to prevailing market conditions as well as other factors is having a direct impact on the Company’s ability to meet its obligations under the Bonds in accordance with the previously agreed schedule.

The Company’s aim to agree on a Bond redemption schedule that would be acceptable to the Bondholders, taking into account the Management Board’s current assumptions and estimates regarding its receipt of the divestment proceeds earmarked for the redemption.

Pliki:

current report 13/2019 (.pdf - 45,94 kB)

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