29/2012
29/2012
Conclusion of an Annex to the Significant Agreement with ENERGA Elektrownie Ostrołęka S.A.
Current Report No. 29/2012
Date of preparation: 29 May 2012
Subject: Conclusion of an Annex to the Significant Agreement with ENERGA Elektrownie Ostrołęka S.A.
General legal basis: Art. 56.1.2 of the Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (“Company”) hereby announces that on 29 May 2012 it signed Annex No. 3 to Long-Term Agreement on the Sale of Power Coal No. 1456/W/2010 (“Agreement”) with ENERGA Elektrownie Ostrołęka S.A. with registered office in Ostrołęka at ul. Elektryczna 5. Theagreement was the subject of Current Reports Nos. 43/2010 of 14 December 2010 and32/2011 of 28 December 2011.
Annex No. 3 provides for an increase in the number of supplies of power coal to Elektrownia Ostrołęka’s power units in 2013 and 2014. Other terms and conditions of the Agreement remain unchanged. In connection with the above and after considering the actual accomplishment in 2011, the value of the Agreement is hereby increased, from 1 January2011 to 31 December 2015, and it will amount to PLN 980 million net, i.e. approximately12.5% more than the value indicated in Current Report No. 32/2011.
The Agreement provides for the following liquidated damages:
The Party to the Agreement failing to collect or supply the contracted volume of coal on quarterly basis shall pay the other Party liquidated damages in the amount of 10% of the value of coal which has not been collected or supplied.
The Agreement provides for the following terms of its termination:
The Parties to the Agreement are entitled to terminate this Agreement upon a twelve-months’ notice.
Other terms and conditions of the Agreement do not differ from the market standards applied in such agreements.
The criterion for deeming the concluded Agreement to be significant is that it exceeds 10% of the value of the Company shareholders’ equity.
Legal basis for submitting the report: Article 5.1.3 of the Regulation of the Minister of Finance on the Stock Exchange
Date of preparation: 29 May 2012
Subject: Conclusion of an Annex to the Significant Agreement with ENERGA Elektrownie Ostrołęka S.A.
General legal basis: Art. 56.1.2 of the Act on Public Offering – current and periodic information
Content:
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (“Company”) hereby announces that on 29 May 2012 it signed Annex No. 3 to Long-Term Agreement on the Sale of Power Coal No. 1456/W/2010 (“Agreement”) with ENERGA Elektrownie Ostrołęka S.A. with registered office in Ostrołęka at ul. Elektryczna 5. Theagreement was the subject of Current Reports Nos. 43/2010 of 14 December 2010 and32/2011 of 28 December 2011.
Annex No. 3 provides for an increase in the number of supplies of power coal to Elektrownia Ostrołęka’s power units in 2013 and 2014. Other terms and conditions of the Agreement remain unchanged. In connection with the above and after considering the actual accomplishment in 2011, the value of the Agreement is hereby increased, from 1 January2011 to 31 December 2015, and it will amount to PLN 980 million net, i.e. approximately12.5% more than the value indicated in Current Report No. 32/2011.
The Agreement provides for the following liquidated damages:
The Party to the Agreement failing to collect or supply the contracted volume of coal on quarterly basis shall pay the other Party liquidated damages in the amount of 10% of the value of coal which has not been collected or supplied.
The Agreement provides for the following terms of its termination:
The Parties to the Agreement are entitled to terminate this Agreement upon a twelve-months’ notice.
Other terms and conditions of the Agreement do not differ from the market standards applied in such agreements.
The criterion for deeming the concluded Agreement to be significant is that it exceeds 10% of the value of the Company shareholders’ equity.
Legal basis for submitting the report: Article 5.1.3 of the Regulation of the Minister of Finance on the Stock Exchange