| | 3/2020 Revaluation of shares in Piano Group sp. z o.o.
Regulatory filing
The Management Board of Agora S.A. with its registered office in Warsaw ('Agora', 'the Company') with reference to current report no. 22/2019 published on July, 15 2019 - Completion of negotiations and conclusion of the agreement regarding the purchase of the majority stake in Piano Group sp.z o.o. and shareholders' agreement - informs that Agora decided to revalue the purchase price of the Piano Group shares presented in the financial statements of the Agora capital group and the option obligation to purchase the remaining shares in this company.
The financial results generated by the Piano Group in 2019 were better than forecast, therefore the Management Board of Agora revalued the price of the acquired shares and the price that AMS will pay for the purchase of minority stake in the Piano Group which was used for the valuation of the option liability.
The change in Agora’s estimates was made on the basis of preliminary unaudited data for 2019 and may be subject to further correction. As a result of the revaluation, the purchase price increased to approximately PLN 14.9 million.
The revaluation of the initial value of the Piano Group shares will not affect the Agora Group's financial result in 2019. It will, however, increase goodwill and the initial valuation of the option liability.
Legal basis: Article 17, paragraph 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission directive 2003/124/EC, 2003/125/EC and 2004/72/EC.
| |
