investor relations
Legal basis: Article 17(1) of MAR – confidential information
Topic: Decision not to file an appeal against the Court decision refusing the entry.
Content of the report:
The Management Board of the company styled J.W. Construction Holding S.A. with its registered office in Ząbki (‘Company’) hereby reports that on 6 June 2017 It decided not to file an appeal against the Decision issued by the District Court (PL. Sąd Rejonowy) for Szczecin - Prawobrzeże i Zachód in Szczecin, 10th Division for Land and Mortgage Registers on 10 May 2017 for Land and Morgage Registers 28665/16, 28666/16 and 28667/16 served on the Company on 22 May 2017 on the complaint against the ruling of Legal Secretary refusing the entry of ownership for the company styled Hanza Invest S.A. with its registered office in Ząbki of plots of land No 22/3 (Land and Mortgage Register SZ1S/00221568/6) and 22/2 (Land and Mortgage Register SZ1S/00082676/9) situated in Szczecin at Al. Wyzwolenia (‘Real Property’).
The Company sold the real property to a subsidy in whose share capital the Company holds a 100% share. The agreement was notified by the Company in Current Report No 18/2016 of 2 December 2016.
The decision to sell the Real Property to a special-purpose vehicle, designed only for the implementation of the Hanza Tower investment project, resulted from the credit terms agreed upon with the bank which provides credit for the investment project concerned.
The basis on which the Court issued the decision refusing the entry was the Court finding that the improvements existing on the Real Property in the form of a three-storey underground garage and storey ‘0’ do not allow the real property to be classified as developed real propertyą, so it was necessary to enter into a contingent sales contract with a pre-emptive right for the city of Szczecin.
The Company will immediately enter into the conditional contract for the sale of Real Property with Hanza Invest S.A., provided that the city of Szczecin will not exercise the pre-emptive right, and the Company will make every effort to transfer its ownership to Hanza Invest S.A.
The basis for submission of this report is the relevance of the event to the Company’s operations.