Information about subsidiary agreements
Acting based on Article 56.1 of the Polish Act on offer, with reference to Current Report 2/2016 (12 February 2016) concerning the Restructuring Agreement of 12 February 2016 between its subsidiary: Magna Polonia spółka z ograniczoną odpowiedzialnością in Warsaw („MP”) and Imagis Spółka Akcyjna in Warsaw (“Imagis”), the Management Board of Magna Polonia Spółka Akcyjna (“Issuer”, “Company”) hereby informs that the prerequisites of MP’s obligation (as a creditor of Imagis) requiring it to accept the Imagis stock acquisition offer were not met as specified in the Restructuring Agreement, namelythe condition of no objections having been filed by any Imagis stockholders against the resolutions adopted by the Extraordinary General Meeting of Imagis stockholders which was summoned in line with the Restructuring Agreement (i.e. the attorney representing stockholder Marcin Niewęgłowski filed an objection against: the Imagis capital decrease resolution, the Imagis capital increase resolution and the Imagis property sale resolution) – thus causing the prerequisites to be failed, and therefore the Restructuring Agreement have become terminated.
Furthermore, the Management Board of the Issuer hereby informs that, according to the Debt Repayment Agreement of 9 December 2015 between MP and Imagis (the Issuer notified about this subsidiary agreement in Current Report 15/2015 of 9 December 2015 and 2/2016 of 12 February 2016) (“Debt Repayment Agreement”), and as a result of the restructuring petition and the bankruptcy petition which Imagis filed with the court on 16 March 2016, MP’s obligation (as a creditor of Imagis) under the Debt Repayment Agreement to refrain from claiming own receivables against Imagis and satisfying own claims from Imagis assets has expired automatically.
Mirosław Janisiewicz – President of the Management Board
Tom Ruhan – Vice-President of the Management Board
17 march 2016