Current report no. 51/2015

Title:

Conclusion of annex to the credit agreement with PKO Bank Polski 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 the 9th December 2015 the Issuer was informed about signing by URSUS S.A. and PKO Bank Polski S.A.

with the seat in Warsaw the annex to the credit agreement in the form of credit multipurpose limit concluded on 07.10.2015, according to which the limit was increased from the amount of 8.000.000 PLN to 15.000.000 PLN. 

According to the credit agreement, the security for the credit repayment

are:

- registered pledge on stocks with the minimum value of 20.000.000 PLN, together with transfer of rights from their insurance policy;

- contractual mortgage up to 12.000.000 PLN on the Company's rights of perpetual usufruct of immovable property together with the ownership right to the buildings of the real estate located in Lublin;

- blank promissory note with promissory note declaration;

- surety granted by POL-MOT Holding S.A.

On the basis of the concluded annex, the security for the credit repayment was changed by:

- increasing the amount of contractual mortgage up to 22.250.000 PLN;

- adding another security in form of a registered pledge on stocks purchased with use of letters of credit issued in PKO BP S.A. at the value of their purchase. 

The interest rate on the credit is variable and fixed on the basis of WIBOR/EURIBOR/LIBOR 1M rate increased by the Bank's margin.

The credit limit is granted until October the 6th, 2016. The financial means of the credit will be used by the Company to cover liabilities arising from its activities.

Other provisions of the credit agreement, not differing from the standard terms commonly used in this kind of agreements, remain unchanged.

The above-mentioned agreement is considered to be material due to the fact that its total amount, after conclusion of the annex, 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).