Ursus : Advance payment within the agreement with the Tanzanian company NDC

Title:

Advance payment within the agreement with the Tanzanian company NDC

Legal basis:

Art. 17 sec. 1 Market Abuse Regulation

Message:

The Management Board of URSUS S.A. hereby informs that on the 30th December 2016 the Issuer received at its bank account the advance payment within the Sales Agreement of the 22 October 2015, executed with National Development Corporation (NDC) with the seat in Dar es Salaam (Tanzania), of which the Issuer informed in the current reports no. 38/2015, 5/2016, 29/2016 and 39/2016. On the basis of a concluded Agreement URSUS S.A. shall deliver 2400 agricultural tractors with implements and spare parts thereof, assure supply of equipment for assembly hall and eight servicing centers for tractors, as well as organize trainings for the Buyer's staff and assure the technical support to the required extent. The total value of the Agreement is 55.000.000 USD.

The advance payment received by the Issuer represents 40% of the value of the above-mentioned Agreement and it amounts to 22.000.000 USD, which is equivalent of 91.964.400 PLN. The above-mentioned amount was paid by Bank Gospodarstwa Krajowego, within the Agreement between the Government of the Republic of Poland and the Government of the United Republic of Tanzania on extending a tied aid credit.

The Issuer will receive another payments within execution of the agreement upon submission of the appropriate transport documents for subsequent deliveries of the subject of the Agreement (in the total amount of 58% of the value of the Agreement, i.e. 31.900.000 USD), while the remaining 2% of the price in the amount of 1.100.000 USD will be paid after signing by the Buyer of the acceptance protocols for the received goods.

Till the 30th December 2016 the Issuer has executed a part of the planned deliveries of the subject of the Agreement, subsequent deliveries will be made in successive periods.