Echo takeover completed – and more besides

In March a subsidiary of PZU – PZU Specjalistyczny Fundusz Inwestycyjny Otwarty Universum – concluded a loan agreement with the companies buying into Echo as well as an order contract for the issue guarantees concluded by PZU. The total value of the liabilities on these contracts must not exceed PLN 1.665 bln. The acquisition of the 41.55 pct stake is being financed from the loan agreement granted by the PZU fund for a period of five years. Meanwhile PZU has undertaken to guarantee the payment of the price in a call for Echo’s shares and the payment of a contractual penalty provided for in an order contract concerning the purchase and sale of Echo’s shares. When the transaction was finalised the new owners offered to buy up another 24.45 pct of Echo Investment’s shares, i.e. 100,897,904 securities at the price of PLN 6.75 per share. In this way they hope to obtain 66 pct of the developers’ sharehol