Current report no. 38/2014 (19.09.2014 )
Title:
Sales of shares of the company in the Balkans
Legal basis:
Art. 56 sec. 1 point 2 of the Act on Public Offering – current and periodical information
Message:
With reference to the current report no. 26/2012 of the 10th October and the current report no. 29/2012 of the 8th November 2012, the Management Board of URSUS S.A. informs that on the 19th September 2014 the Issuer obtained information that the District Court in Bijeljina (Bosnia and Herzegovina) registered change of the name of its subsidiary, since the 6th November 2012 operating under the name Ursus d.o.o., and now the company operates under the name Fabrika Traktora d.o.o. In addition, with the same resolution the Court registered sales of 50% of shares in the above-mentioned company executed by the Issuer, subsequently (Bosnia and Herzegovina the recording is constitutive in effect) URSUS S.A. is no longer a shareholder of Fabrika Traktora d.o.o. (previously Ursus d.o.o.). URSUS S.A. sold its shares at the price of 1 convertible mark Mr. Jerzy Mazurek, who purchased at the price of 1 convertible mark the another 50 % of shares and became the only shareholder (100% shares) of the company Fabrika Traktora d.o.o.
The license agreement for use of the URSUS trademark for designation of the company, for use of the URSUS trademark for labeling agricultural tractors and spare parts for agricultural tractors and for use of the technical, construction and after-sales documentation of URSUS and know-how of URSUS tractors concluded on the 10th October 2012 has been terminated and the company Fabrika Traktora d.o.o. does not hold any license granted by URSUS S.A. This company is not bound by any agreement with URSUS S.A.
The decision of sales of the shares in the above mentioned company and finishing this fragment of activities of URSUS S.A. in the Balkans was due to unsatisfactory results of the company Ursus d.o.o., what resulted mainly from the social and political situation in Bosnia and Herzegovina and natural disasters, in particular floods paralyzing the region. The influence of the above decision on the situation of URSUS S.A. will be presented in the following periodical reports published by the Issuer. The financial data of the company Ursus d.o.o. has no impact on the Issuer’s results because of its immateriality and the company has not been consolidated in the financial reports of the Capital Group URSUS.
