The Management Board of KRUK S.A. has passed a resolution to repurchase a portion of the Company's dematerialized bonds, with a nominal value per bond, depending on the series, of PLN 100 or PLN 1,000. The repurchase may continue until September 30th 2020, and the bonds will be redeemed at par by September 30th, 2020. The total value of all repurchase transactions to be executed has been capped at PLN 25m.
'Several weeks into the coronavirus outbreak across Europe. I can say that we have successfully made the switch to remote work on each of the markets, effectively preserving our operational business continuity. Our liquidity position remains good. Additionally, we have decided to cut back on our investment in new debt portfolios while the pandemic lasts. The decision will leave additional free funds at our disposal,' commented Piotr Krupa, President of the Management Board of KRUK S.A. 'We are also taking stock of the situation on the bond market. The volumes of trading in our bonds have grown substantially, while their price has fallen below the face value. I presume there are investors out there looking for ways to strengthen their liquidity in this challenging period.This is not a good situation for an active bond issuer, which is KRUK S.A. As the Group's liquidity position is currently sound, we have decided to allocate a limited pool of funds for the purchase of own bonds and react if our bond prices are significantly below the nominal value.' Mr Krupa added.
KRUK SA published this content on 01 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2020 16:35:00 UTC