31/2013
31/2013
Concluding an annex to the significant agreement with Elektrownia Połaniec S.A. - Grupa GDF SUEZ ENERGIA POLSKA
The Management Board of LW Bogdanka S.A. with registered office in Bogdanka (the “Company”, the “Seller”) hereby informs you that on 30 August 2013 it concluded an Annex to Agreement No. 3/W/2012 on the sale of power coal (the “Agreement”) with Elektrownia Połaniec Spółka Akcyjna - GDF SUEZ ENERGIA POLSKA Group (the “Buyer”) with registered office in Zawada 26, 28-230 Połaniec. The Agreement was the subject of Current Report No. 41/2012 of 12 July 2012.
The Agreement provides for actual supplies of power coal for the purposes of Elektrownia Połaniec in 2013-2018.
As a result of concluding the Annex, the deadline for setting the price of supplies for 2016 has been extended from 31 August 2013 to 31 October 2013 and the condition subsequent connected therewith, which was the subject of Current Report No. 41/2012, has also been amended and reads as follows:
(a) If: until 31 October 2013 the Parties fail to conclude an annex to the Agreement setting the price of coal supplies for 2016, or until 31 August 2014 the Parties fail to conclude an annex to the Agreement setting the price for coal supplies for 2017, or until 31 August 2015 the Parties fail to conclude an annex to the Agreement setting the price for coal supplies for 2018, the Agreement is terminated with effect at the end of a period for which the Parties have set the price according to the provisions of the Agreement.
Other terms and conditions of the Agreement remain unchanged and 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 equity.
Legal basis for submitting the report: Article 5.1.3 of the Regulation of the Minister of Finance on the Stock Exchange in connection with Article 3.2 of the Regulation of the Minister of Finance on the Stock Exchange
The Agreement provides for actual supplies of power coal for the purposes of Elektrownia Połaniec in 2013-2018.
As a result of concluding the Annex, the deadline for setting the price of supplies for 2016 has been extended from 31 August 2013 to 31 October 2013 and the condition subsequent connected therewith, which was the subject of Current Report No. 41/2012, has also been amended and reads as follows:
(a) If: until 31 October 2013 the Parties fail to conclude an annex to the Agreement setting the price of coal supplies for 2016, or until 31 August 2014 the Parties fail to conclude an annex to the Agreement setting the price for coal supplies for 2017, or until 31 August 2015 the Parties fail to conclude an annex to the Agreement setting the price for coal supplies for 2018, the Agreement is terminated with effect at the end of a period for which the Parties have set the price according to the provisions of the Agreement.
Other terms and conditions of the Agreement remain unchanged and 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 equity.
Legal basis for submitting the report: Article 5.1.3 of the Regulation of the Minister of Finance on the Stock Exchange in connection with Article 3.2 of the Regulation of the Minister of Finance on the Stock Exchange