A new Cinema City multiplex to be run in Plock, Poland - execution of the lease agreement
The Board of Managing Directors of Cinema City International N.V. (the "Company") informs that Cinema City Polska Sp z o.o., a wholly-owned subsidiary of the Company incorporated and existing under the laws of Poland, executed the lease agreement with Manhattan Development Sp. z o.o., a company incorporated and existing under the laws of Poland.
In accordance with the above-mentioned lease agreement Cinema City Polska Sp z o.o. will lease area in the shopping center Galeria Mosty constructed by Manhattan Development Sp. z o.o. in Płock, Poland, a city of 127 thousand inhabitants. The area will be used by the Company to operate the multiplex cinema as specified below:
|No.||City||Leased area (ca. in sqm)||Number of screens||Number of seats||Expected opening date|
|1.||Płock||1, 856||8||approx 1,200||4th quarter 2008|
The lease agreement has been concluded for ten years with three options of extending a lease term, each time for another five years, and contains standard provisions, typical for agreements of such kind. The Company will be required to pay a monthly rent on a market standards consisting of a fixed rent calculated on the basis of the leased area and the management fee for the benefit of the management company of each shopping mall.
The CC multiplex in Płock will be the 31st cinema project in Poland. Currently the company operates 23 multiplexes in 15 cities in the country.
Legal grounds: Art. 56.1.1 of the Act of 29 July 2005 on public offering and conditions governing the introduction of financial instruments to trading in the organized trading system and on public companies.
Signatures of persons authorised to represent the Company Mr. Israel Greidinger - proxy