Consent to the Formation of a New Company by TIM SA

Date

2015-12-18

Current report no.

38/2015

Management Board of TIM SA with its registered office in Wrocław announces that on 17.12.2015 the Supervisory Board of TIM SA adopted a resolution under which it gave its consent to the formation by TIM SA of a new company in the form of a joint stock company under the working name „TIM LOGISTYKA” with its registered office in Siechnice, (hereinafter: „TIM LOGISTYKA SA) with the share capital of PLN 100 thousand in which TIM SA will hold 100% shares. The founded company „TIM LOGISTYKA SA ” will be a special purpose vehicle to which, having met the condition mentioned below, an in kind contribution of the organized parts of the enterprise in the form of the Logistics Department and Real Property Management Department of TIM SA will be made.

At the same time, the Management Board of TIM SA informs that having obtained the consent of the Company’s Supervisory Board on 17.12.2015 it made a strategic decision on undertaking preparatory works aimed at the disposal of an organized part of the enterprise defined as the Logistics Department related to running activities in the scope of logistics services and disposal of an organized part of the enterprise defined as the Property Management Department related to management of investment property held by TIM SA to the company „TIM LOGISTYKA” SA. Disposal of an organized part of the enterprise in the form the above described Department of Logistics and Property Management Department will be effected in exchange for the acquisition by TIM SA of shares in the increased share capital of „TIM LOGISTYKA” SA.
The entire assets and liabilities held by TIM SA related to running activities in the scope of logistics and management of investment property held by TIM SA will be contributed to the Company „TIM LOGISTYKA” SA.
The condition for the disposal of an organized part of the enterprise in the form of the Logistics Department and Property Management Department to „TIM LOGISTYKA” SA will be expressing a consent by the Shareholders of TIM SA to the above activity in the form of a resolution adopted by the General Meeting of TIM SA.
The aim of the disposal of an organized part of the enterprise in the form of the Logistics Department and Property Management Department is:
– increasing transparency, as also management efficiency through simplifying the structures and focusing on more homogeneous business objects,
– using know-how related to the running of logistics services of TIM SA and the construction of a professional entity providing contract logistics services to external customers,
– implementation of projects related to the optimization of management of investment property held by TIM SA.

2015-12-18, Krzysztof Folta – President of the Board
2015-12-18, Anna Slobodzian-Pula – Member of the Board