Current Report according to: Article 82 of Law 24/2017, FSA Regulation 5/2018 Report date: September 21, 2018
Regulated market on which the issued securities are traded: Bucharest Stock Exchange, Premium Category
To:
BUCHAREST STOCK EXCHANGE FINANCIAL SUPERVISORY AUTHORITY Financial Instruments and Investments Sector
Current report in accordance with Article 82 of the Law 24/2017: Reporting on the legal document concluded with the directors (...) and with the individuals with whom they act concertedly.
Contract parties | Contract date and type | Contract subject | Contract total value | Mutual debt arising from the contract | Granted guarantees Stipulated penalties | Terms and payment methods |
| Contract for the sale of shares no. 4919 of September 19, 2018 | Sale of 19,329,398 shares of Hotel Sport SA (99.99% of the share capital) | 3,649,635 € | Not applicable | Compensation in the amount of minimum 150,000 € | Payment within 24 hours from the date of meeting the suspension condition*, made in lei at the exchange rate of the day. |
* The suspension clause provides that the completion of the transaction, i.e. the payment of the sale price and the transfer of the ownership right over the sale shares, is conditioned by obtaining a favorable opinion from the financial auditor of the seller in the exercise of the legal obligation to verify the transaction according to article 144 of ASF Regulation no. 5/2018 corroborated with article 82 of Law no. 24/2017, consisting in issuing a report in which the auditor will specify whether the price, corroborated with the rights and obligations assumed by the parties under the contract, is fair in relation to the other offers available on the market.
Deloitte Audit financial auditor's will be subsequently published.
***
Hotel Sport Company has been a subsidiary of SIF Moldova since 2015. During this period, in SIF Moldova individual and consolidated periodical activity reports, there was presented information regarding the hotel's modernization project and the necessary investments, as well as the long delays caused by the court cases between Cluj-Napoca City Hall and Cluj Prefecture regarding the procedure amendment of the General Urban Plan concerning the reframing of some land lots. These delays, independent of SIF Moldova's control, have led to a change in the initial estimated return on the investment and, consequently, to the adoption and communication of the decision to explore the exit possibilities.
Claudiu Doros
CEO
Catalin Nicolaescu Compliance Officer
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SIF Moldova SA published this content on 21 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 September 2018 15:08:04 UTC