EnglishOn May 17th, the shareholders of the "Artmark" galleries have approved the borrowing of up to 1.1 million Euros from a local bank in order to partially repay the loan taken from Arch Industries Holding B.V., on August 22nd, 2008, for development.
The loan was due in three years (until August 25th, 2011), with a grace period of two years (until August 25th, 2013).
The shareholders have agreed to pay off half the shareholder loan (1 million Euros) by compensating the amount in question with the equivalent value of the invoices pertaining to the artworks purchased by "Arch Industries Holding", either directly or by proxies, of artworks worth 675,655 Euros. For the balance of 1 million Euros, "Artmark" will issue a new voucher which will be redeemable in the private sales as well as in any of the auction events.
Given the repayment of the loan, "Arch Industries Holding" is willing to transfer the shares it owns in "Artmark" to shareholder Alexandru Bâldea.
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