The Management Board of Sescom S.A. (“the Company”, “the Issuer”) informs that on June 5, 2019 the Company was informed that the Regional Court in Wrocław, 10th Commercial Division, had issued on June 4, 2019 an order (“the Order”) to grant, upon the Issuer’s request, a security (“the Security”) of the Issuer’s legal action (“the Legal Action”) to cancel, in whole, the enforceability of an enforcement title (“the Enforcement Title”), in the form of a representation of the Issuer – for which the Court issued a writ of enforcement for CUBE.ITG S.A., a company in reorganization, with its registered address in Wrocław (“CUBE.ITG”) on the basis of a decision of May 20, 2019 – to submit to enforcement, drafted as a notarial deed of April 27, 2016, by which the Issuer submitted to enforcement of claims that may arise in connection with the settlement of a fourth part of the purchase price, for which the Issuer purchased the organized part of the enterprise of CUBE.ITG (the basis for the settlement were the initial sales contract of February 22, 2016 and the final sales contract of April 27, 2016), with regard to the payment obligation for CUBE.ITG of the amount equal to PLN 1,265,426.40 (“the Amount”)
The Company requested the Security by a petition (“the Petition”) to cancel, in whole, the enforceability of the Enforcement Title, about which the Company informed in its current report No. 15/2019.
Pursuant to the Order, the Legal Action is secured by suspending the enforcement proceedings against the Issuer until a final decision is issued in the Legal Action referred to in the Petition. The enforcement proceedings were initiated in order for the court enforcement officer to collect the Amount, at the request of CUBE.ITG based on the Enforcement Title. During the effective period of the Order, the Amount may not be transfered to CUBE.ITG, which eliminates the risk of inability to recover the Amount from CUBE.ITG in the event of CUBE.ITG’s insolvency.
The Order is effective from its issuance date. CUBE.ITG may appeal against the Order.
Legal Basis: Article 17(1) MAR – confidential information
Signatures of the Company’s representatives:
Sławomir Halbryt – President of the Management Board