Current report 20/2011
Subject:
Petition in bankruptcy of a subsidiary – URSUS sp. z o.o.
Legal basis:
Article 56 section 1 point 2 of the Act on Public Offering – current and periodic information
Contents of the report:
The Management Board of POL-MOT Warfama S.A. advises that on June 29, 2011 it has received information that the subsidiary Ursus sp. z o.o. submitted the petition in bankruptcy including liquidation of the debtor's assets - Ursus sp. z o.o. The petition was submitted to the Regional Court in Warsaw, X Commercial Division for bankruptcy and reorganization on June 29, 2011. In support of this petition the Management Board of Ursus sp. z o.o. pointed out that the conditions for bankruptcy of the company have been evidently met, and can be justified and documented. The Management Board of Ursus sp z o. o. emphasized that in light of Article 21 Paragraph 1 of the Bankruptcy and Reorganization Act (Journal of Laws of 2009 No. 175, item 1361, later amended), the situation of the company obligated to take such actions, and the failure to submit the petition would be unfavourable also for the company Ursus sp. z o.o.
As a result ofthe existing situation in the acquired entity, appointed by the Issuer's Management Board was forced to take action in accordance with the law, i.e. the immediate submission of the application for bankruptcy. The Management Board of Ursus sp z o. o. emphasized that the situation of the company in light of the bankruptcy law required from the new Board submitting an application to the Court for bankruptcy. Failure of these activities would be equivalent to the action in violation of valid laws.
The Management Board of the Issuer informs that the current situation of Ursus sp. z o.o. will have no negative impact on POL - MOT Warfama SA and on the rebuilt brand “URSUS”. Completion of the legal requirement does not affect the strategy of the Issuer and does not slow down the implementation of the objectives aimed to strengthening the market position of POL-MOT Warfama SA as a manufacturer and distributor of agricultural machinery. Continuing the adopted strategy, the Issuer intends to launch new products and supplement offer with products manufactured under the brand name URSUS.
Agreements concluded on April 26, 2011 with the company Bumar Sp z o. o. will allow for expansion of the POL-MOT Warfama SA Company’s product range of tractors and agricultural machinery. Acquired rights to the trademark Ursus, will allow the Company to accelerate the entry among the leaders of producers and distributors of tractors.
The legal basis:
Pursuant to § 5 section 1 point 24 in conjunction with § 30 of the Minister of Finance Regulation of 19 February 2009 on current and periodic reporting by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states (Journal of Laws of 2009 No. 33, item 259, later amended).
