The Board of Directors of IMS S.A. (“Company”, “Issuer”) with reference to ESPI 63/2018 and ESPI 65/2018 reports informs that today Muzola Sp. z o.o. was established – a special purpose vehicle to implement the jukebox project. In line with information submitted in ESPI 63/2018 report, the Issuer covered 15% of the shares in the above mentioned company. Within 24 months starting from the date of transferring the intellectual property rights described in ESPI 63/2018 report, IMS shall be entitled to acquire from the Private Investors (“Call Option I”) in total 45% of shares in the special purpose vehicle (22.5% from each of the Private Investors) at the total price of PLN 22,500, i.e. PLN 11,250 for 22.5% of shares each of the Private Investors is entitled to. If the enterprise is a success, the Issuer shall use Call Option I and thus shall cover the majority ownership in Muzola Sp. z o.o., at the same time acquiring the right to appoint the majority of the members of the board of this company.
On 29 November this year the loan agreement described in ESPI 63/2018 report was also signed. The Issuer granted to Muzola Sp. z o.o. the loan of PLN 264,700. The cash shall be transferred in tranches at the Borrower’s request. The lender has the right to reclaim the loan after 31 December 2021.