Arctic Paper concludes agreement regarding unconditional shareholder contribution to subsidiary Arctic Paper Investment based on loan agreements totaling 244.3M Polish zloty; liabilities of subsidiary regarding loan to be converted to capital reserves
Debra Garcia
GÖTEBORG, Sweden
,
December 20, 2013
(press release)
–
The Management Board of Arctic Paper S.A. („Company”)(STO:ARP) herewith informs, that in reference to the loans granted by the Company to the subsidiary Arctic Paper Investment AB („Subsidiary”) based on the loan agreements concluded by and between the parties on March 1, 2010 and March 30, 2010 in the total amount of PLN 244,275,000, an agreement („Agreement”) regarding unconditional shareholder contribution to the Subsidiary of PLN 244,275,000 was concluded on December 19th, 2013. According to the Agreement, the conversion of liabilities of the Subsidiary on the grounds of aforementioned loan to the capital reserves will take place.
Moreover, according to the Agreement the liabilities arising from the accrued interest on the loan settled under the Agreement shall be paid by the Subsidiary on December 31, 2016.
About the loan agreement dated March 1, 2010 the Company informed in the current report no. 10/2010 as of March 2, 2010.
The Contract has been deemed material due to the value of receivables incurred by the Company thereunder which exceed 10% of the Company’s equity.
This information is disclosed pursuant to the Minister of Finance directive of February 19, 2009 on current and periodic information provided by issuers of securities, and on conditions of equivalence of information required to be provided under non-Member State law, §1, clause 1, item 3 and was submitted for publication on 19 December 2013 at 3:00 pm CET, in reference to Arctic Paper’s current report no. 43/2013 filed with the Warsaw Stock Exchange.
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