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Conclusion of the registered pledge agreement with BNP Paribas Bank Polska S.A. as a beneficiary.
Report no.: 26/2012
Date of issue: 2012-05-14
Legal basis: Art. 56 Clause 1 Item 2 of the Offering Act - current and periodic information.
SUBJECT: Conclusion of the registered pledge agreement with BNP Paribas Bank Polska S.A. as a beneficiary.
CONTENT OF THE REPORT:
On May 14, 2012 Izostal S.A. (Company) concluded a registered pledge agreement with BNP Paribas Bank Polska S.A. (Bank) seated in Warsaw, said pledge established on the set of movables (Agreement).
The agreement was concluded in order to secure Bank’s receivables from Izostal S.A. under the non-renewable loan agreement no. WAR/2321/10/123/CB of January 4, 2011, with further amendments. The loan was taken to finance the construction of the Research and Development Center for Steel Technologies and Products.
To secure the repayment of the loan, interest, commissions, fees and other auxiliary charges on said loan, according to the terms and conditions of the said Agreement, the Company established registered pledge in favor of BNP Paribas Bank Polska S.A., said pledge covering research stations and contro land automation module purchased as part of the construction of the Research and Development Center for Steel Technologies and Products. The value of the pledge object as on February 29, 2012 determined on the basis of the document confirming the book value thereof is PLN 9,363,682.42. Net book value as on the day of concluding the agreement is PLN 9,301,178.67. Pledged machinery and plant were purchased as part of the investment financed from the non-revolving loan no. WAR/2321/10/123/CB of January 4, 2011.. The registered pledge was established up to the maximum security amount of PLN 21,007,750.00.
Following the pledge agreement, a relevant entry will be made in the court register of pledges.
To the best of the Company’s knowledge, there are no connections between Izostal S.A. and persons managing or supervising the Company and BNP Paribas Bank Polska S.A. as the holder of the registered pledge or any persons managing the bank.
The value of the registered pledge is higher than the equivalent in PLN of EUR 1,000,000 according to a mean exchange rate of the National Bank of Poland effective on the day of concluding the registered pledge agreement and therefore can be considered an asset of a significant value.
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 No. 33, item 259 as amended).
SIGNATURES OF PERSONS REPRESENTING THE COMPANY:
Management Board President, Marek Mazurek 2012-05-14
Management Board Vice President, Jacek Podwiński 2012-05-14
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