Current report 39/2016 (04.11.2016)
Title:
Acceptance of the Polish Ministry of Finance of the assignment of the Tanzanian contract
Legal basis:
Art. 17 sec. 1 Market Abuse Regulation
Message:
The Management Board of URSUS S.A. hereby informs that on the 4th November 2016 the company URSUS S.A. was notified about sending on the 4th November 2016 by the Ministry of Finance of the Republic of Poland to the Ministry of Finance of the United Republic of Tanzania of the written acceptance of the Assignment Agreement of the contract of the 22nd October 2016, concluded on the 9th August 2016 between URSUS S.A., the National Service Corporation Sole (SUMA JKT) with the seat in Dar es Salaam (Tanzania) and the National Development Corporation with the seat in Dar es Salaam (Tanzania).
According to the above-mentioned Assignment Agreement, of which the Issuer informed in the Current report no. 29/2016, the company SUMA JKT (Assignor) with effect from the 5th August 2016 assigned and transferred to the company the National Development Corporation (Assignee) all rights and obligations of the Buyer specified in the contract of the 22nd October 2015 for sales of tractors, implements and spare parts of the total value 55 million USD, of which the Issuer informed in the Current reports no. 38/2015 and 5/2016.
According to the provisions of the Agreement between the Government of the Republic of Poland and the Government of the United Republic of Tanzania on extending a tied aid credit, drawn up in Dar es Salaam on the 28th September 2015, the contract with the National Development Corporation (as a consequence of acceptance of the above-mentioned assignment agreement) shall come into effect fifteen days after sending of the aforementioned written approval granted by the Ministry of Finance of the Republic of Poland to the Ministry of Finance of the United Republic of Tanzania.
All payments under the contract will be executed within the above-mentioned intergovernmental agreement. The first payment under the contract will be made as an advance payment in the amount of 40% of the contract value, i.e. 22.000.000 USD. Another 58% of the total value of the sold goods in the amount of 31.900.000 USD will be paid to the Issuer after submission of the appropriate transport documents for subsequent deliveries of the goods, while the remaining 2% of the price in the amount of 1.100.000 USD will be paid after signing by the Buyer of the acceptance protocols for the received goods.
Now URSUS S.A. is executing deliveries of the subject of the contract.
According to the Individual Reporting Standard of URSUS S.A., adopted by the Issuer with reference to the reporting obligations resulting from the Market Abuse Regulation, the above-mentioned trade agreement is considered to be material due to the fact that its value exceeds 10% of the equity of the Issuer’s Capital Group.
