Current Report No. 16/2019 — 27.12.2019 12:53Conclusion of a share purchase agreement in a subsidiary
The Management Board of Atende S.A. (′Company′, ′Issuer′), with reference to current report No 14/2019 of 11 December 2019, hereby reports that on 27 December 2019 an agreement (′Agreement′) has been concluded between the Issuer and STGE sp. z o.o. (′STGE′), concerning the sale by the Issuer of 60% of shares in Sputnik Software sp. z o.o. (′Sputnik Software′). The sales price of 60% of shares in Sputnik Software amounts to PLN 16.2 million (′Sales Price′). STGE shall pay the Sales Price in two instalments: PLN 8.0 million within 3 business days from the Agreement execution date and PLN 8.2 million by 31 January 2020. Where STGE fails to pay the Sales Price in due time, the Issuer shall be entitled to withdraw from the Agreement.
Before conclusion of the Agreement STGE, controlled by two members of the Management Board of Sputnik Software, held 40% of shares in Sputnik Software.
The objective of the transaction is to generate profit from the Issuer’s investment in Sputnik Software. The book value of the shares which are the subject of the sales amounts to PLN 6.5 million. As a result of the transaction, the Company will record a profit of PLN 9.7 million.