36/2010
36/2010
Conclusion of a significant agreement with Elektrownia Połaniec S.A. - GDF SUEZ ENERGIA POLSKA Group
Current Report No. 36/2010
Date of preparation: 20 September 2010
Subject: Conclusion of a significant agreement with Elektrownia Połaniec S.A. – GDF SUEZ ENERGIA POLSKA Group
General legal basis: Article 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 (the “Company”) hereby announces that on 20 September 2010 it signed Annex No. 6 (the “Annex”) to the Long-Term Agreement on Sale of Power Coal No. 3/W/2007, concluded on 30 October 2007 between the Company and Elektrownia Połaniec Spółka Akcyjną – Grupa GDF SUEZ ENERGIA POLSKA (the „Połaniec Power Plant”), with registered office in Zawada 26, 28-230 Połaniec, and described in the Issue Prospectus in section 8.6.3.2 (the “Agreement”), amended with Annex No. 5 (described in Current Report No. 2/2010 of 15 January 2010).
The Annex extends the dates of supplies agreed for 2010, described in the previous Annex, until 31 January 2011. Further, the Annex specifies the volume of supplies of power coal and price, and sets the schedule of quarterly supplies in 2011 performed following the end of supplies in 2010. Under the trade terms defined in the Annex, the Company’s net revenue on coal supplies to the Połaniec Power Plant in 2011, to be performed following the end of supplies in 2010, will amount to PLN 290.7 million. The Annex is in effect from the day of the conclusion until 31 December 2011.
The Agreement provides for the following liquidated damages:
For the failure to supply or collect the amount of coal indicated in the Agreement, liquidated damages shall be paid in the amount of 10% of the value of coal which has not been supplied or collected. Each Party has the right to claim supplementary damages on general terms, if the liquidated damages fail to cover the value of damage incurred by the Party, except for lost profit.
Other terms and conditions do not differ from the market standards applied in such agreements.
The criterion for deeming concluded Annex 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: 20 September 2010
Subject: Conclusion of a significant agreement with Elektrownia Połaniec S.A. – GDF SUEZ ENERGIA POLSKA Group
General legal basis: Article 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 (the “Company”) hereby announces that on 20 September 2010 it signed Annex No. 6 (the “Annex”) to the Long-Term Agreement on Sale of Power Coal No. 3/W/2007, concluded on 30 October 2007 between the Company and Elektrownia Połaniec Spółka Akcyjną – Grupa GDF SUEZ ENERGIA POLSKA (the „Połaniec Power Plant”), with registered office in Zawada 26, 28-230 Połaniec, and described in the Issue Prospectus in section 8.6.3.2 (the “Agreement”), amended with Annex No. 5 (described in Current Report No. 2/2010 of 15 January 2010).
The Annex extends the dates of supplies agreed for 2010, described in the previous Annex, until 31 January 2011. Further, the Annex specifies the volume of supplies of power coal and price, and sets the schedule of quarterly supplies in 2011 performed following the end of supplies in 2010. Under the trade terms defined in the Annex, the Company’s net revenue on coal supplies to the Połaniec Power Plant in 2011, to be performed following the end of supplies in 2010, will amount to PLN 290.7 million. The Annex is in effect from the day of the conclusion until 31 December 2011.
The Agreement provides for the following liquidated damages:
For the failure to supply or collect the amount of coal indicated in the Agreement, liquidated damages shall be paid in the amount of 10% of the value of coal which has not been supplied or collected. Each Party has the right to claim supplementary damages on general terms, if the liquidated damages fail to cover the value of damage incurred by the Party, except for lost profit.
Other terms and conditions do not differ from the market standards applied in such agreements.
The criterion for deeming concluded Annex 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