The Management Board of Echo Investment S.A. (the Issuer) informs that on 31st October 2008 an agreement on transfer of ownership was concluded between the Issuer’s subsidiaries ‘Projekt Naramowice’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce (the Alienator), and ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce (formerly ‘Projekt Echo – 64’ Spółka z ograniczoną działalnością) (the Purchaser).
The subject of the agreement is ownership of ‘Projekt Naramowice’ Sp. z o.o. with its seat in Kielce, comprising a set of material and non-material assets intended for the conducting of business activity, constituting in particular:
- a workplace, as understood in the regulations of Art. 231 of the Labour Code;
- ownership of real estate located in the Naramowice district of Poznań, consisting of:
a) a land plot of 12,971 sq m in area built upon with apartment buildings;
b) unbuilt land plots of a total area of 428,527 sq m;
c) a 3/18 share in a business establishment – a parking garage situated in a building at Rubież Street, Poznań.
- all rights and obligations resulting from concluded agreements.
The value of the enterprise specified in the transfer of ownership agreement is equal to 156.93 million PLN, and the book value of the transferred enterprise, as indicated in the accounting books of the Issuer’s subsidiary ‘Projekt Naramowice’ Sp. z o.o. and according to purchase and generation costs, is equal to 10.74 million PLN (as on 30th June 2008).
The aforesaid enterprise constitutes a non-monetary contribution to cover the newly created shares in the initial capital of ‘Projekt Naramowice Poznań” Spółka z ograniczoną odpowiedzialnością to the amount of 3,138,600 shares of a total nominal value of 156,930,000 PLN. These shares constitute 99.97% of the company’s initial capital, carrying 3,138,600 votes at the shareholders’ meeting.
The purchased assets, before their alienation, were used in development activity. ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością intends to continue their previous use.
The Issuer’s management personnel manage simultaneously the significant assets of the Purchaser and of the Alienator.
The aforesaid assets were acknowledged as significant on the basis of the Issuer’s significant assets and ownership capital criteria.
Echo Investment S.A. owns 1000 shares in the initial capital of ‘Projekt Naramowice Poznań’ Spółka z ograniczoną odpowiedzialnością with its seat in Kielce, constituting 100% of the initial capital, carrying 1000 votes at the shareholders’ meeting.
Legal basis: §5 section 1 points 1 and 3 of the Decree of the Minister of Finance (Journal of Laws No. 209, item 1744, as amended) of 19th October 2005 on current and periodic information published by issuers of securities.
















