With reference to Current Report No. 27/2018 of 5 July 2018 regarding the conclusion of a preliminary agreement [Preliminary Agreement] for the acquisition of ownership of a land property consisting of two plots of land with a total area of approx. 0.7 ha located in Kołobrzeg [Property] for the needs of implementation of the development investment, the Management Board of Marvipol Development SA [The Issuer] informs that on 10 August 2018 between a legal person not affiliated with the Marvipol Development Capital Group [the Seller], the Issuer and a company wholly owned by the Issuer, ie Cidena Sp. z o.o. [Subsidiary Company], respectively, agreed to terminate the Preliminary Agreement and then, [ii] conclude a contract of sale of the Real Estate by the Seller to the Subsidiary for PLN 25 million net plus VAT [Price].
On the day of conclusion of the Contract, the Price was paid and the ownership of the Real Property transferred to the Subsidiary. The agreement does not contain provisions regarding significant contractual penalties and its remaining conditions do not differ from the market standards applied to this type of contracts.
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