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44/2015 Termination of contracts that jointly meet the criteria of a significant agreement



The Management Board of Gremi Media S.A. announces that on October 30, 2015 in connection with the conclusion of agreements that terminate the agreements concluded between Gremi Media S.A. together with its subsidiary and subsidiaries of Mr. Grzegorz Hajdarowicz, the total value of the terminated agreements reached gross PLN 5,075,869.59, i.e. an amount exceeding 10% of the equity of the Issuer.

Among the above mentioned agreements, the one with the highest value was concluded on July 23, 2015 between Gremi Media S.A. as "Sub-licensor? and Gremi Business Communication Sp. z o.o. with its registered office in Warsaw as "Sub-licensee? in which the Sub-licensor gave the Sub-licensee non-exclusive, full authorization (non-exclusive sub-license) to use the verbal-graphic trademark GREMI for the purpose of business activities of the Sub-licensee, described in current report no. 23/2015.

The above mentioned agreement was terminated on October 30, 2015 by mutual consent, with effect on October 31, 2015. The reason for termination of the agreement is a change of plans concerning development of the media group, due to the events described, among others, in current reports of the Issuer no. 39/2015 and in the current report of KCI S.A. no. 109/2015.

The financial result of the termination of the above agreement is reduction of remuneration for the planned period of the agreement, in the amount of net PLN 1,760,000 plus VAT, i.e. gross PLN 2,164,800.

The Management Board announces that on October 30, 2015 the Company also terminated the license agreement for GREMI trademark, in the result of which it will not bear the cost associated with the agreement.


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