October 15, 2015 / 9:04 AM / 2 years ago

BRIEF-IDM and Devoran sign deal for mutual set-off of liabilities

Oct 15 (Reuters) - IDM SA, Devoran SA :

* Said on Wednesday that it signed an agreement for mutual set-off of liabilities with Devoran SA

* The agreement regulates set-off of liabilities in amount of 7,139,418.40 zlotys ($1.9 million) arising from the early redemption of 6,056 series AC bonds issued by Devoran SA

* IDM and Devoran signed an agreement for early redemption of 6,056 series AC bonds issued by Devoran under which Devoran obliged to pay to IDM 6,056,000 zlotys as nominal value of bonds plus interest of 1,083,418.40 zlotys

* IDM, in exchange for liabilities of Devoran worth 7,139,418.40 zlotys, agreed to subscribe for 8,206,228 series L shares of Devoran at issue price of 0.87 zloty each or 7,139,418.36 zlotys

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$1 = 3.6920 zlotys Gdynia Newsroom

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