28/2015: Execution of agreements between the Company and the Main Shareholder.
2015-08-04
The Management Board of PBG S.A. w upadłości układowej (in company voluntary arrangement) (the “Company”) announces that on August 3rd 2015 the Company and its Main Shareholder, Mr Jerzy Wiśniewski, executed the following agreements:
- conditional agreement for sale of shares in PBG oil and gas Sp. z o.o. (“POG”), whereby the Main Shareholder sold 150 shares with a total par value of PLN 15,000.00 to the Company for PLN 10,500,000.00. The shares represented 75% of the share capital in POG and 75% of total voting rights at the POG General Meeting. The transfer of the ownership title to the Shares will be effected upon fulfilment of the condition precedent, i.e. once the decision to approve the Arrangement becomes final;
- a PLN 10,500,000.00 loan agreement, payable on the date on which the decision to approve the Arrangement becomes final, with the loan maturing on the date on which the decision confirming execution of the Arrangement becomes final. The loan was granted to the Company on market terms, to be used for payment of liabilities related to PBG’s acquisition of the POG Shares from the Main Shareholder.
The agreements have been executed in performance of the Restructuring Agreement with the Company’s Creditors; for details, see Section I.1) b.ii. and I.1) d.i. of the Current Report No. 26/2015 of August 2nd 2015.
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