Restructuring the financial obligations of Sava d.d. - information about replacing the SA02 bonds with the SA03 bonds
Following the voting in writing, the holders of the bonds with the designation SA02 adopted a Written Decision on 8 October 2013 in accordance with the provisions of the Conditions for SA02 bonds and in the manner defined in the “Offer Prospectus to the Public for the Bonds of Sava d.d. with the designation SA02”, based on which the constituents of the bonds have changed so that their conditions equal the restructured bank loans.
In accordance with the adopted Written Decision, Sava d.d. made with the fiduciary Abanka Vipa d.d. a written annex to the Agreement on Transfer of Shares as Collateral of 28 April 2010 titled “Annex No. 1 to the Agreement on Transfer of Shares as Collateral” on 21 October 2013, the Attachment 1 of which includes a clean copy of the changed provisions and conditions of the Bonds; the Annex was made in a form of a notarial protocol by the notary Miro Košak from Ljubljana under Ref. No. SV 1935/13.
In accordance with the adopted Written Decision, the changes in the constituents of the SA02 bonds shall be noted in the central securities depository, which is to be assured by the manager of the central dematerialised securities depository. Since technically the central securities depository does not offer making a note only, the change can only be effected through issuing a new security. In terms of its content, however, the issuance of such security does not represent a new security but only a replacement of technical nature.
In conformity with the viewpoint of the Securities Market Agency of 16 October 2013 concerning a technical replacement of bonds, which is due to the change of bonds’ properties according to the procedure and in the manner determined in the Prospectus, the issuer is not required to produce an offer prospectus for the bonds or a prospectus for listing the bonds on the regulated market in connection with these replacement bonds upon the issuance of such replacement bonds.
The cut-off date for SA02 bonds replacement is 18 October 2013, whereas the replacement of bonds with SA03 is being performed today, on 21 October 2013, when the KDD will transfer replacement bonds to the holders’ accounts in exchange for the bonds recorded in favour of the holders at the end of the last KDD working day before the day of replacement. The replacement bonds with designation SA03 will differ from the bonds with designation SA02 only in the properties approved and confirmed with the Written Decision.
After entries are made, 26,500 bonds with designation SA03 will be recorded in the KDD’s central securities depository. By doing this, Sava d.d. has entirely complied with the obligations imposed by the adopted Written Decision by the SA02 bonds holders of 8 October 2013.
After the bonds in the central securities depository of the KDD are replaced, the Ljubljana Stock Exchange will decide about a change at the SA02 bonds, which on the stock exchange market will presumably be carried out on 22 October 2013. The conditions of the SA03 bonds, which will be traded after the change on the stock exchange market is performed, are evident from Annex 1 to the Agreement on Transfers of Shares as Collateral.
Sava d.d.
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