Current report 10/2016 (08.03.2016)
Title:
Conclusion of a contract with the company MOTORSAZAN for delivery of elements for tractors
Legal basis:
Art. 56 sec. 1 point 2 of the Act on Public Offering – current and periodical information
Message:
The Management Board of the Issuer hereby informs that on the 8th March 2016 URSUS S.A. concluded with the company MOTORSAZAN of Iran Tractor MFG Co. with the seat in Tabriz (Iran), a part of the group Iran Tractor Manufacturing Company (ITMCO), a contract for delivery of elements for tractors assembly.
On the basis of the contract the Issuer will purchase components for production of a wide range of tractors. Deliveries of goods provided for under the above-mentioned contract shall start in March 2016 and will last for 6 months. The purchased components will be used by the Issuer in performance of the concluded agreements for sales of tractors.
The total amount of the contract agreed at the day of its conclusion slightly exceeds 5 000 000 US dollars.
Payment for components and spare parts for tractors purchased under the above-mentioned contract will be made by letters of credits, paid upon submission of documents complying with the terms of letter of credit, issued by the Issuer in favour of the Seller.
Any disputes which may arise out of or in connection with the contract will be settled by the Parties by arbitration of the Swiss Arbitration Chamber in Geneva.
The concluded contract does not include any specific terms and its provisions do not differ from the terms commonly used in this kind of agreements of delivery/sales. The contract does not contain any provisions regarding contractual penalties
The agreement is considered material due to the fact that its total amount exceeds 10% of the Issuer’s equity.
The legal basis of the present report is §5 sec.1 point 1 and point 3 in connection with §9 of the Regulation of the Minister of Finance dated 19 February 2009 regarding current and interim reports published by issuers of securities and the terms of finding as equivalent the information required under the laws of any non-member state (Journal of Laws, 2009 No 33, point 259 with subsequent changes).
