Current report no 39/2016 of 25 November 2016 – Changes within the scope of services provided by the Group BGŻ BNP Paribas

This current report was published via ESPI system on 25 November 2016, at 17:00

Management Board of Qumak S.A. (the Company) informs that on 25 November 2016 there was

(I) terminated an agreement on providing services of a reverse factoring the Company entered into with BGŻ BNP Paribas Factor Sp. z o.o. (hereafter referred to as the BNP Paribas Factor Sp. z o.o.) on 30 June 2014 (the information on this agreement was provided in a current report no 39/2014 of 14 July 2014); and (II) signed an annex to the Agreement of a multipurpose credit line, of 13 October 2010, the Company made with Bank BGŻ BNP Paribas S.A. (former BNP Paribas Polska S.A.).

  • The Agreement was terminated by mutual consent as of 25 November 2016. Subject of the agreement was permanent providing of reverse factoring services concerning financing liabilities to suppliers of the Company.
  • Entering into this annex was related to lowering the amount of a credit limit, providing a credit limit for a current period of availability, changing legal collaterals of payment of the credit, as well as changing additional provisions of the Agreement of multipurpose credit line of 13 October 2010 (the Company informed about the Agreement in a current report no 41/2010 of 14 October 2010). As a result of introducing these changes there was set a consolidated text of the Agreement. Credit limit was set up to the amount of PLN 15 000 000.00 with a credit lifetime to 22 October 2025. This credit will be available to the day of 31 May 2017. The Agreement sets acceptable credit forms and limits within their frames. And so: for a credit on a current account an engagement limit as set forth in the Agreement is PLN 5 000 000.00 and interest is based on WIBOR for three-month deposits increased by the bank’s margin. For guarantees lines an engagement limit is PLN 15 000 000. Credit collateral is a blank promissory note, statement of allowing to undergo execution, transfer of debt on already existing and future contracts with the Company, and taking over a set amount on account of a collateral. Other provisions of the Agreement do not differ from market standards applied in agreements of this sort.

With regard to the described changes the Company at present has an access to financing in the amount of PLN 45 million (including a factoring line of the value of PLN 20 million). The forms of financing described above, with regard to a lower demand for working capital, at present satisfy the needs of the Company in terms of financing its operations at this time.

Full information on financing sources of the Company from external sources in the form of borrowings and bank loans, together with conditions, is published in periodic reports of the Company.

 

Legal ground:

MAR Article 17 – confidential information