Current report  23/2013 (13.06.2013)

Title:

Conclusion of the credit agreements with Bank BGŻ S.A.

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 informs that on 12 June 2013 URSUS S.A. concluded with Bank BGŻ S.A. with the seat in Warsaw the agreement for issuance of documentary letters of credit together with revolving credit securing the deferred payment deadline in total amount not exceeding 2.500.000,00 EUR and the agreement for overdraft working capital credit in total amount not exceeding 2.000.000,00 PLN.  The financial means from the credits will be destined by the Issuer for purchase of components for tractors production related to the production increase and development of the Company.

The agreements are concluded for definite period of time till 11 June 2014. The interest rate on the credit is variable and fixed on the basis of EURIBOR rate for 1-month deposits, increased by the Bank’s margin. 

The guarantee of the Bank’s receivables from the above agreements is the registered pledge on the Issuer’s stock, assignment of rights from the stock insurance agreement, power of attorney for the current account, the blank promissory note and acceptance of bank enforcement.

The agreements are considered material due to the fact that their total amount of the agreement exceeds 10% of the Issuer’s equity.

Other provisions of the concluded credit agreements do not differ from the terms commonly used in this kind of agreements.

The legal grounds of transmission of the present report are § 5 sec. 1 point 3 in connection with § 9 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).