Current Report 19/2022

Registration of a mortgage on real estate owned by a subsidiary of INPRO S.A.

Only the Polish version of this document is legally binding.
This translation is provided for information only.
Every effort has been made to ensure the accuracy of this publication.

The Management Board of INPRO S.A. (the "Company") informs that on 07/06/2022 it received information about the registration on 31/05/2022 by the District Court in Wejherowo, 4th Land and Mortgage Register Division with its registered office in Wejherowo, in division IV of land and mortgage register No. GD2W/00040638/7, of a contractual real estate mortgage on the assets of considerable value belonging to a subsidiary of INPRO S.A. – Dom Zdrojowy Sp. z o.o. with its registered office in Jastarnia, ul. Kościuszki 2a – such a mortgage constituting legal security of the claims of the holders of bonds issued by INPRO S.A. on 7 October 2021.

The Company advised of the issue of bonds of the total issue value of PLN 20,000,000 in current report No. 27/2021 of 07/10/2021.

The mortgage entry was made in division IV of land and mortgage register No. GD2W/00040638/7 and concerns the following:

a contractual real estate mortgage up to PLN 52,500,000.00 (fifty two million and five hundred thousand zlotys) established in favour of BSWW Trust Sp. z o.o. with its registered office in Warsaw (that company being the mortgage administrator performing the rights and duties of the mortgagee on its own behalf, but for the bond holders' accounts) securing the following:

claims by bond holders i.e. all existing and future financial claims which bond holders may make, without specifying their names, against the issuer (INPRO S.A.) in relation to the bonds, and in particular in relation to the repayment of the bond principal, to the payment of interest, commissions and other costs and sums specified in the conditions of bonds issue, following from the issue of 35,000 series C dematerialised bearer bonds of the nominal value of PLN 1,000 each, totalling PLN 25,000,000, issued on the basis of resolution of the Management Board of INPRO S.A. No. 8/2021 of 5/8/2018. 

The mortgage was established on the assets of a subsidiary of INPRO S.A. – Dom Zdrojowy Sp. z o.o. with its registered office in Jastarnia, i.e. on the ownership right of Dom Zdrojowy Sp. z o.o. to premises with the purpose other than residential, namely a hotel along with the share in common real estate, such share being 61,708/100,000 in the joint ownership of the real estate from which the premises were detached, as located in Jastarnia, ul. Kościuszki 2A, for which real estate land and mortgage register GD2W/00040638/7 is kept by the District Court in Wejherowo, 4th Land and Mortgage Register Division.

The value of the asset on which the above security was established is, in the books of accounts of Dom Zdrojowy Sp. z o.o., PLN 17,882,966.71. The Company submits this report due to the mortgage value and for the clarity of reports on the issue of the bonds.

There are no connections between the Company and persons managing and supervising it, and the entity for which the mortgage was established, i.e. BSWW Trust Sp. z o.o. with its registered office in Warsaw (the mortgage administrator) and the persons managing BSWW Trust Sp. z o.o. with its registered office in Warsaw.

Detailed legal grounds: Article 17(1) of Regulation of the European Parliament and of the Council (EU) No 596/2014 of 16 April 2014 on market abuse (the market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (also referred to as the MAR).