Current report 52/2015
Title:
Conclusion of annex to the factoring agreement with Bank Millennium 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 14th December 2015 the Issuer was informed about signing by URSUS S.A. and Bank Millennium S.A. with the seat in Warsaw the of annex to the factoring agreement concluded on the 22nd November 2012, on the basis of which the total factoring limit was increased to the amount of 13.000.000 PLN.
The subject of this agreement is factoring service consisting in financing of sales of all products of URSUS S.A. to several domestic counterparties of the Company covered by the agreement.
The factoring agreement Bank Millennium S.A. is concluded in compliance with the terms of recourse factoring. For provision of the service the Factor is entitled to remuneration in the amount not differing from such a remuneration on the factoring market.
According to the concluded annex, the parties provided a security to the agreement in form of a blank promissory note issued by the Issuer along with a promissory note declaration.
The factoring limit is valid till the 14th December 2016.
Other provisions of the factoring agreement, not differing from the standard terms commonly used in this kind of agreements, remain unchanged.
The above-mentioned factoring agreement with Bank Millennium S.A. 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 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).
