13/2013 Disclosure of a delayed confidential information – parameters of buy-back of the company’s own shares

Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (hereinafter the „Company”) with its registered office in Warsaw, acting on the basis of art. 56 par. 1 subpar. 1 and art. 57 par. 3 of the Act on public offering and conditions for introduction of financial instruments to the organized trading system and on public companies of 29 July 2005 (i.e. of 2009, Journal of Laws no 185, item 1439 as amended) announces to the public the content of the confidential information, the announcement of which has been delayed in accordance with the provisions of art. 57 par. 1 of the act of 29 July 2005 on public offering and § 1 and §2 par. 1 subpar. 1) of the Regulation of Minister of Finance on the type of information which may violate equitable interest of the issuer, and manner of conduct of issuer in connection with the delay in announcing to the public of confidential information of 13 April 2006 (Journal of Laws no 6, item 476):

„Management Board of CELTIC PROPERTY DEVELOPMENTS S.A. (the „Company”) hereby informs that on 16 January 2013 under the Resolution no 5/1/2013 it has adopted a decision concerning the buy-back of the Company’s own shares, in connection with Resolution no 3 of the Extraordinary General Meeting of the Company of 10 August 2012 on the buy-back of the Company’s own shares for the purpose of redemption.

The Management Board has adopted the following parameters with respect to the planned buy-back of the Company’s shares:

1) Price of one share shall amount to 7.10 PLN;
2) Maximum number of repurchased shares shall not exceed 1 732 394 shares.

In order to realize the buy-back of the Company’s own shares, the Management Board of the Company shall publish the Invitation to Submit Proposals for Sales of Shares.”

Disclosure of information on the terms and conditions of the buy-back has been delayed as in the opinion of the Issuer’s Management Board the disclosure thereof prior to publishing of the Invitation to Submit Proposals for Sales of Shares which shall include detailed principles of replying to this Invitation, may materially affect the price of the Company’s shares and result in an unequal treatment of shareholders who receive information on details of buy-back procedures after the final arrangement with respect to the terms and conditions of the buy-back has been made between the Company and the intermediary. Information on the delay in performance of the information obligation has been provided to the Polish Financial Supervision Authority on 17 January 2013, the delay has been subsequently extended twice, on 25 January 2013 and on 28 February 2013.

Management Board of the Company informs that in connection with today’s publishing of the Invitation to Submit Proposals for Sales of Shares, it has adopted a decision on the disclosure of the confidential information.

Signatures of persons entitled to representation:
1. Elżbieta Donata Wiczkowska, Member of the Board, 27 March 2013
2. Andrew Morrison Shepherd, President of the Board, 27 March 2013.

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