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MarketScreener Homepage  >  Equities  >  Warsaw Stock Exchange  >  MBank S.A.    MBK   PLBRE0000012

MBANK S.A.

(MBK)
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mBank S A : Resolution of the Management Board on approval of the substitution from mFinance France to mBank

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08/26/2020 | 03:16am EDT

The Management Board of mBank S.A. with its registered office in Warsaw ('Bank') informs that on 25 August 2020 it adopted the resolution ('Resolution'), in which the Management Board agreed to:

  1. the substitution of mFinance France ('mFinance') by the Bank as the issuer in respect of the Notes (the 'Substitution'). As a result of the Substitution, obligations of mFinance to the noteholders will be extinguished and replaced by identical obligations of the Bank to the noteholders.
  2. The netting of payments between mFinance and mBank under the Substitution.

The Substitution will cover two series of notes ('Notes') issued by mFinance under the established programme for the issuance of debt securities with an aggregate principal amount up to EUR 3,000,000,000 (in words: three billion euro):

a) Series 5 notes of EUR 500,000,000 (in words: five hundred million euro) - an equivalent of PLN 2,195.75 million according to average NBP FX rate as at 25.08.2020 - issued on 26 November 2014, 2.000 per cent. fixed rate due on 26 November 2021, with ISIN code: XS1143974159 and listed on the regulated market run by the Luxembourg Stock Exchange (the '2021 Notes'). The outstanding principal amount of the 2021 Notes is equal to EUR 427,583,000 - an equivalent of PLN 1,877.73 million according to average NBP FX rate as at 25.08.2020; and

b) series 7 notes of CHF 200,000,000 (in words: two hundred million Swiss francs) - an equivalent of PLN 816.84 million according to average NBP FX rate as at 25.08.2020 - issued on 28 March 2017, 1.005 per cent. fixed rate due on 28 March 2023, with ISIN code: CH0359915433 and listed on the regulated market run by SIX Swiss Exchange (the '2023 Notes').

The Substitution will be executed upon fulfillment of all actions required by law and relevant provisions in the Notes documentation, including those outlined in Condition 14 of the Notes.

The Substitution does not cover series 6 notes of EUR 500,000,000 (in words: five hundred million euro) - an equivalent of PLN 2,195.75 million according to average NBP FX rate as at 25.08.2020 - issued on 26 September 2016, 1.398% per cent. fixed rate due on 26 September 2020, with ISIN code: XS1496343986 and listed on the regulated market run by the Luxembourg Stock Exchange (the '2020 Notes'). The outstanding principal amount of the 2020 Notes is equal to EUR 464,822,000 - an equivalent of PLN 2,041.27 million according to average NBP FX rate as at 25.08.2020. The 2020 Notes will be redeemed by mFinance in accordance with terms and conditions of the issue on the maturity date.

Taking into consideration that: (i) the Bank agreed to fully guarantee to the holders of the Notes (the 'Noteholders') the due and timely payment of all amounts payable by mFinance at the time they become due, in the event that mFinance fails to fulfil its obligations towards the Noteholders (the 'Guarantee') and (ii) to secure the Bank's claims against mFinance arising from the performance of the Guarantee and to transfer the net proceeds of the Notes ('Net Proceeds') to the Bank, mFinance has transferred cash amounts representing the Net Proceeds to the Bank's ownership in the form of the deposit (in Polish: kaucja; the 'Deposit'); the netting referred to in point 2 above will consist of an offset between (i)the Bank's receivables resulting from taking on a liability to make a payment in the amount equal to the Net Proceeds and accrued interest on this amount, against (ii) mFinance's receivables resulting from the return of the Deposit and accrued interest on this amount (the 'Offset').

The Resolution enters into force on the day the Supervisory Board issues a positive opinion and agrees to the Substitution and the Offset.

Disclaimer

mBank SA published this content on 26 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2020 07:16:19 UTC


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Sales 2020 5 351 M 1 379 M 1 379 M
Net income 2020 360 M 92,8 M 92,8 M
Net Debt 2020 - - -
P/E ratio 2020 17,5x
Yield 2020 0,17%
Capitalization 6 287 M 1 622 M 1 620 M
Capi. / Sales 2020 1,17x
Capi. / Sales 2021 1,20x
Nbr of Employees -
Free-Float 30,7%
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Mean consensus UNDERPERFORM
Number of Analysts 8
Average target price 191,98 PLN
Last Close Price 148,40 PLN
Spread / Highest target 42,9%
Spread / Average Target 29,4%
Spread / Lowest Target 16,6%
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NameTitle
Cezary Stypulkowski Chairman-Management Board
Maciej Stanislaw Lesny Chairman-Supervisory Board
Andreas Böger Head-Finance & VP-Management Board
Krzysztof Dabrowski Head-Operations & IT
Andre Carls Member-Supervisory Board
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