Report's text: Mortgage establishment
Acting pursuant to section 5.1 point 1 of the Minister of Finance on Current and Periodical Reporting by Issuers of Securities and on Conditions of Accepting as Equivalent of the Information Required by Legal Regulations of a Non-member Country of 19 February 2009 (Journal of Laws No. 33, 2009 item. 259) ("the Ordinance"), J.W Construction Holding SA Ząbki (the "Company") announces that on 7 April 2011, the Company received a notification from the District Court for the city of Gdynia, 5th Land and Mortgage Division of 23 March 2011 informing about entering on 21 March 2011, in section 4 of the Land and Mortgage Register maintained by the said Court for the property located in Gdynia, in Spokojna Street designated as record parcels No. 70 / 1 and 22 / 1 with a total area of 5.7488 hectares (Property) entered in the Land and Mortgage Register under No. KW GD1Y/00104622/3, a mortgage in the amount PLN 51 millionfor the benefit of Bank Polskiej Spółdzielczości Spółka Akcyjna Oddział Regionalny in Warsaw ("Bank") as security for the principal amount together with interest on the Real Estate, the Company intends to pursue a residential project with commercial surfaces on.
The value of the Property is entered in the Company’s accounting books at its purchase price and does not exceed 10 % of the Company’s equity capital.
There are no connections between the Bank, or the persons managing the Bank, and the Company, or the members of its Management Board or Supervisory Board.
The criterion making the said mortgages subject to disclosure was their value. The amount of each increased mortgage exceeded the Polish zloty equivalent of EUR 1,000,000, translated at the average exchange rate of the National Bank of Poland as at the day the criterion of the disclosure obligation had been met.