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TROPHYRES (TPR): The termination of agreement with Authorised Advisor

The Board of Directors of TrophyResort Nyrt. (“the Company”) informs that on December 14th, 2015 (based on the delivery of the original copy of the termination) the Agreement with its current Authorised Advisor Grant Thornton Frąckowiak Spółka z ograniczoną odpowiedzialnością Sp. k. (“Authorised Advisor”) has been terminated with one month notice, of which the Company announced in the current EBI reports no. 30/2015 on September 10th, 2015 and no. 32/2015 on November 3rd, 2015.

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The subject of the Agreement was providing services in favor of the Company by Grant Thornton Frąckowiak spółka z ograniczoną odpowiedzialnością sp.k. as an Authorised Advisor, including the future introductions of the Company’s financial instruments to the Alternative Trading System and cooperation with the Company in fulfilling its disclosure obligations set out in the Alternative Trading Systems Rules. In addition, Authorised Advisor has taken obligations to provide consultancy services in the process of obtaining financing through issue of the Company’s bonds (“Bonds”) and the introduction of the Bonds onto Catalyst. Authorised Advisor has not taken its contractual obligations prudently, since it has made the agreement on that with no respect on and against the principles of the Polish Financial Supervision Authority (“KNF”) of which guidelines the Authorised Advisor eventually considered mandatory on its acting. It has taken months from the signing of the Bond Agreement until the outcome and during which the Company has been left in the believing of proper performance of its Authorised Advisor. The Authorised Advisor eventually backed out of the Bond Agreement. Under the provisions of the Bond Agreement, the Authorised Advisor has insisted on taking it all in its hands and gaining the status of the main advisor that meant, the Company has been asked to hold back all other negotiations, moreover let its other contracted advisor suspended from the activities of the works of preparation of issuing Bonds. The Company intends to find indemnification of its waste of time, lost profit and caused damage due to the non-performance of its Authorised Advisor.


The termination of the Bond Agreement is valid and comes with effect from December 14th, 2015, except the Authorised Agreement cooperation in the field of fulfilling disclosure obligations set out in the Alternative Trading System Rules. In this case the Agreement of the Authorised Advisor services has been terminated with 1 month notice and with effect from January 14th, 2016.


Furthermore, the Board of Directors of TrophyResort Nyrt. informs that is in the process of searching a new Authorised Advisor. The Company will provide the essential report after come to an agreement with a new Authorised Advisor.


Legal basis: § 3, s. 2 (18) of the Exhibit 3 (Current and Periodical Information in the Alternative Trading System on the NewConnect Market) to the Alternative Trading System Rules



Osoby reprezentujące spółkę:
Petronella Öregné Kocsis - Chairman of the Board of Directors

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