Report no. 109/2012

 

 

Pursuant to §5 Pursuant to §5 (1) (3) of the Regulation of the Minister of Finances of 19 October 2005 on current and periodical information provided by issuers of securities, the Management Board of EMC Instytut Medyczny S.A informs that on 15 November 2012 annexes to the contract with the city of Katowice were signed. 

The Issuer informed about the  investment and events related to the investment planned in its current reports nos. 2/2009 of 01.08.2009, 9/2012 of 01.25.2012 and 15/2012 of 28.01.2012.

 

The Project shall mainly involve the construction of a new forty-bed hospital ward as well as creating a Rehabilitation and Training Unit  and a Research and Development Centre –an Ageing Prevention Centre.

 

The City of Katowice has prolonged the lease agreement of the real property used by the Hospital until 14 January 2015 and has amended  expenditure accounting principles at the request of the Issuer. Upon completion of the Project, the Issuer shall bring in capital expenditure, which have been documented and verified by a certified auditor, as a in-kind contribution in exchange for the shares in the increased share capital of EMC Silesia sp. z o.o (the Company). 
 

Furthermore, the share capital of EMC Silesia sp. z o.o may be increased by the Issuer in the course of the project by making cash contributions to cover the shares taken up in the increased the share capital. 

Therefore,  the wording of §8 (3) has been changed. By virtue thereof, once the project or part of  it  referring  to developing the plots has been completed, whichever occurs first, the Issuer undertakes to make a contribution of receivables towards the Company in respect of expenditure incurred for the building investment in plots, provided that the value of the abovementioned receivables shall be determined based on records documenting  the expenses  incurred and verified by the auditor.

 

 In the event of the Company being co-financed  during the investment project by the Issuer, by taking up shares in the increased share capital of the Company in exchange for cash contributions, the Issuer shall be entitled to issue partial invoices for the implementation of individual stages of the project. Invoices may be issued up to the amount of cash contributions made ​​by the Issuer to take up the shares in  the increased share capital of the Company. Upon completion of the Project, the Issuer in exchange for the shares in the increased share capital of the Company, shall make a contribution of the receivables in respect of expenditure incurred for implementing the project reduced by the value  of cash outlays arising from partial invoices issued for the implementation of individual stages of the project.
 

A criterion for a contract to be considered significant is the value of the contract (estimated value of the project) amounting to at least 10% of the value of the equity capital of EMC Instytut Medyczny SA as stated in the current report No 2/2009 of 08.01.2009.