Settlement concluded with Manhattan Development sp. z o.o. on the lease agreement for the Company’s multiplex in Płock, Poland (18 December 2009)
The Board of Managing Directors of Cinema City International N.V. with its corporate seat in Amsterdam, The Netherlands (the “Company”) in reference with the current report no 38/2007 dated 16 October 2007, announces that the company Cinema City Poland Sp z o.o., a wholly-owned subsidiary of the Company incorporated and existing under the laws of Poland, concluded the settlement (“Settlement”) with the Polish company Manhattan Development sp z o.o. (“Developer”) .
According to the Settlement the parties mutually agreed that they do not wish to continue the co-operation and lease as agreed in the lease agreement for the cinema in Galeria Mosty in Płock, Poland.
The lease agreement shall be unconditionally dissolved and terminated subject to payment of compensation by the Developer to the Company. Upon the Settlement the Developer should pay the compensation within 30 (thirty) days from the date of conclusion of this Settlement.