CR 29/ 2017 Annexes to significant agreements

Annexes to significant agreements      


Current report no: 29/2017

Date: 28 June 2017

Hour: 3:27 pm

 

The Management Board of LPP SA informs that, on 28 June 2017, LPP SA and HSBC Bank Polska SA signed an annex to the letter of credit line agreement dated 1 July 2015.

Under the said annex, the limit has been increased from USD 15 million to USD 30 million and the current utilisation period has been prolonged by 29 June 2018.

Additionally, the Company and HSBC Bank Polska SA signed an annex to the agreement on the  availability of a guarantee credit line up to GBP 5 mln, with an availability period ending on 29 June 2018.

 

CR 29 2017 – Annexes to the master agreements

CR 28/2017 Annex to a significant agreement

Annex to a significant agreement  


Current report no: 28/2017

Date: 28 June 2017

Hour: 3:22 pm

 

The Management Board of LPP SA informs that, on 28 June 2017, LPP SA and Pekao SA signed an annex to the multi-option credit line agreement dated 13 August 2004.

Under the said annex, the current utilization period has been prolonged by 30 June 2020. The total limit of the multi-option credit line amounting to PLN 330 mln (remaining unchanged compared to the previous annex) may be utilised as:

– overdraft up to PLN 330 mln, revolving every 12 months based on the standing of LPP SA,

– letter of credit line up to PLN 330 mln with a 12-month tenor,

– guarantee credit line up to PLN 140 mln with a 25-month tenor.

The total value of all products may not exceed the allocated limit of PLN 330 mln.

The said lines have been secured with a power of attorney to access the bank account of LPP SA.

 

CR 28 2017 – Annex to a significant agreement

 

CR 27/2017 Annex to a significant agreement

Annex to a significant agreement


Current report no: 27/2017

Date: 21 June 2017

Hour: 2:36 pm

 

The Management Board of LPP SA informs that, on 21 June 2017, LPP SA and PKO BP SA signed an annex to the multi-option credit line agreement dated 24 June 2005.

Under the said annex, the current utilization period has been prolonged by 23 June 2020. The total limit of the multi-option credit line amounting to PLN 280 mln (remaining unchanged compared to the previous annex) may be utilised as:

– overdraft up to PLN 200 mln throughout the utilisation period and repayments up to 12 months based on LPP SA’s instruction and confirmation by PKO BP SA of the creditworthiness of LPP SA,

– letter of credit line up to PLN 280 mln with a 12-month tenor,

– guarantee credit line up to PLN 70 mln with a 15-month tenor.

The total value of all products may not exceed the allocated limit of PLN 280 mln.

The said limit has been secured with a blank promissory note.

 

CR 27 2017 – Annex to a significant agreement

CR 26/2017 Updated information on the audit procedure carried out by the Fiscal Audit Office

Updated information on the audit procedure carried out by the Fiscal Audit Office

Current report no: 26/2017

Date: 20.06.2017

Hour: 5:59 pm

 

The Management of LPP SA with its registered office in Gdańsk (the “Issuer”) informs that, today, the Company has been served a decision of the Head of the Customs and Fiscal Office for the Pomorskie Voivodeship (Pomorski Urząd Celno-Skarbowy) in Gdynia, dated 30 May 2017, in which the Issuer has been charged with a corporate income tax liability for 2012, resulting in the Issuer’s obligation to pay an additional amount of PLN 16,390,640 (sixteen million three hundred ninety thousand six hundred and forty Polish zlotys) of tax for the said period. The said amount should be increased with due interest.

As stated in the said decision, the grounds for charging the tax liability by the audit authority was, in their opinion, the overestimation by the Issuer of revenue earning costs.

The Issuer informed of the pending audit procedure in current report no 4/2017, dated 20 January 2017, and in interim reports, including, among others, the extended consolidated report of LPP SA for Q3 2016, in the item concerning procedures pending before a court, a competent arbitration authority or a public administration authority (pages 25-26).

The Issuer upholds the view that, in its opinion, the Company has correctly calculated the value of CIT for 2012 and duly classified as revenue earning costs expenses which, under applicable laws, may be recognised as such.

The Issuer informs that the decision served has no force of law and it has not been made immediately enforceable.

The Company intends to file, within time-frames set forth in the provisions of law, motions and appeals aimed at repealing the above-mentioned decision in full.

At the same time, in the opinion of the Issuer’s Management Board and legal and tax advisers engaged by the Issuer for the purpose of conducting this case, the above-mentioned decision has defects which should result in having it repealed in full.

The Issuer will inform of further key stages of the procedure in question by publishing relevant reports.

 

CR 26 2017 – Updated information on the audit procedure carried out by the Fiscal Audit Office

CR 25/2017 Shareholders representing at least 5% of votes at the AGM of LPP SA as at 19 June 2017

Shareholders representing at least 5% of votes at the AGM of LPP SA as at 19 June 2017

           

Current report no.: 25/2017

Date: 19.06.2017, 16:34

 

The Management Board of LPP SA announces the list of shareholders holding more than 5% of votes at the AGM as at 19 June 2017:

1) Marek Piechocki 874 995 votes representing 35.6% of votes at the AGM and 27.2% of the total number of votes,

2) Jerzy Lubianiec 874 995 votes representing 35.6% of votes at the AGM and 27.2% of the total number of votes,

3) FORUM 65 FIZ 143 710 votes representing 5.8% of the number of votes at the AGM and 4.5% in the total number of votes,

4) NATIONALE-NEDERLANDEN OTWARTY FUNDUSZ EMERYTALNY 130 000 votes representing 5.3% of the number of votes at the AGM and 4.0% in the total number of votes,

5) AVIVA Otwarty Fundusz Emerytalny Aviva BZ WBK 127 550 votes representing 5.2% of the number of votes at the AGM and 4.0% in the total number of votes.

 

CR 25 2017 – Shareholders representing at least 5% of votes at the AGM of LPP SA as at 19 June 2019

CR 24/2017 The information on dividend

The information on dividend  


Current report no.: 24/2017

Date: 19.06.2017, 16:27

The Management Board of LPP SA announces that on 19 June 2017 the Annual General Meeting adopted resolution no. 19 on the distribution of profit for the financial year 2016, under which the net profit generated by the Company in the financial year 2016 in the amount of PLN 280 070 923.45 (two hundred eighty million seventy thousand nine hundred and twenty three zloty 45/100) was allocated as follows:

  1. PLN 65 531 268.00 (sixty five million five hundred thirty one thousand two hundred and sixty eight zloty) to be allocated among the shareholders as a dividend,
  2. PLN 214 539 655.45 (two hundred fourteen million five hundred thirty nine thousand six hundred and fifty five zloty 45/100) to exclude from allocation among the shareholders and allocate it as reserve capital of the Company.

The Annual General Meeting of LPP SA resolved that:

  1. the dividend date (date of establishing the list of shareholders entitled to the dividend) is 4 September 2017,
  2. the dividend payment date is 20 September 2017.

As at the date of the resolution: one share of LPP SA accounts for the dividend of PLN 36.00, the number of LPP SA shares entitled to dividend is 1 820 313.

At the same time, the Management Board of LPP SA indicates that under Resolutions No. 21 and 22 of the AGM of 27 June 2011, the Company issued 21,300 Warrants issued in exchange for which the Eligible Persons shall have the right to purchase L Series Shares out of which 13 132 Warrants remained to be converted.

Where the above-mentioned rights are exercised on or before dividend date, the amount per share shall amount PLN 35.74.

 

CR 24 2017 – The information on dividend

CR 23/2017 The Resolutions of the Annual General Meeting of Shareholders of LPP SA

The Resolutions of the Annual General Meeting of Shareholders of LPP SA

Current report no.: 23/2017

Date: 19.06.2017, 16:22

 

The Management Board of LPP SA publishes the content of resolutions passed on 19 June 2017 by the General Meeting of Shareholders of LPP SA as an attachment to this report.

At the same time, the Issuer announces that decided to withdraw from the appointment of the Ballot Counting Committee from the agenda due to the voting by means of the electronic voting system.

 

CR 23 2017 – The Resolutions of the Annual General Meeting of Shareholders of LPP SA

CR 23 2017 – Attachment Resolutions of the Annual General Meeting of Shareholders of LPP SA

CR 22/2017 Revenues from sales generated by LPP SA Capital Group in May 2017

Revenues from sales generated by LPP SA Capital Group in May 2017  


Current report no.: 22/2017

Date: 01.06.2017, 12:06

 

The Management Board of LPP SA hereby informs that consolidated revenues from sales of LPP SA Capital Group generated in May 2017 totalled about PLN 556 million and were higher about 18% in comparison with the revenues generated in May 2016.

In the period between January and May 2017 consolidated revenues from sales totalled PLN 2 449 million and were higher about 16% as compared with the revenues generated in the corresponding period in the previous year.

Estimated gross margin on sales would be 59% and was higher to gross margin on sales achieved in May in the previous year about 6 percentage point.

The E-commerce revenues from sales in May 2017 totaled about PLN 25 mln and were higher about 120% in comparison to May 2016. In the period January – May 2017 the E-Commerce revenues from sales totaled about 103 mln PLN and were higher by 99% year over year.

The commercial space of stores was about 928 thousand square meters at the end of May 2017, and was about 7% higher as compared with the commercial space of stores at the end of May 2016.

 

CR 22 2017 – Revenues from sales generated by LPP SA Capital Group in May 2017