Page 14 - Holiday_Club_Annual_report

The Board proposes to the Annual General Meeting that Significant events after the end of the financial year
the assets eligible for profit distribution be appropriated
as follows: Holiday Club Resorts Oy sold the Ylläs Saaga spa hotel
business to Lapland Hotels in October 2014. Holiday Club
€0.35/share, distributed as dividends, Resorts continues to have more than 70 holiday apart-
ments and a sales office at Ylläs. The shares in Koy Holiday
totalling 1 046 732,75 € Club Ylläs Saaga Property I were sold at the same time.

Retained in equity 35 006 758,00 € To strengthen the financial and capital structure, the
Extraordinary General Meeting of Holiday Club Resorts
36 053 490,75 € Oy on 29 October 2012 decided withdraw a subordinated
convertible bond. The loan period was from 1 November
The financial standing of the company has not changed 2012 to 1 No-vember 2016 and the amount €4 million.
significantly after the end of the financial year. The com- The bond was a subordinated loan as referred in the
pany’s liquidity is good and, according to the Board, the Chapter 12, Section 1, of the Limited Liability Companies
proposed distribution of profit does not jeopardize the Act (624/2006, and its amendments). Were Holiday Club
company’s solvency. to enter liquidation or bankruptcy, the bond could be re-
paid only after all other debts. The meeting of the board of
Insider loans Holiday Club Resorts Oy on 29 September 2014 decided to
repay the bond on 1 November 2014. The repayment was
HCR Management Oy’s (holding in the company 5.6%) made under the conditions of Section 7B of the bond con-
debt to Holiday Club Resorts Oy on 30 September 2014 ditions. The capital was repaid at the rate of 104, added
was €7,000 (€53,900). with the unpaid interest accrued on the nominal capital
up until the repayment date.
Subordinated debts
100% subsidiaries have subordinated debts to the parent
company.

14 Holiday Club Resorts Oy Annual Report 2013–2014