54/2015
54/2015
Concluding an annex to the significant agreement for the supply of power coal with Polenergia Elektrownia Północ Sp. z o.o.
Current Report No. 54/2015
Date of preparation: 23 December 2015
Subject: Concluding an annex to the significant agreement for the supply of power coal with Polenergia Elektrownia Północ Sp. z o.o.
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. (the “Company”, the “Seller”, the “Party”) hereby announces that on 23 December 2015 an Annex was concluded by and between the Company and Polenergia Elektrownia Północ Sp. z o.o. with registered office in Warsaw (the “Buyer”, the “Party”) to the Long-Term Agreement for the Supply of Power Coal (the “Agreement”) for the purposes of the planned power units (“Unit I” and “Unit II”) in the Pelpin municipality (“Elektrownia”). The Agreement was referred to in Current Reports Nos. 28/2011 of 20 December 2011 and 20/2013 of 4 June 2013.
Under the Annex, the Parties agreed that the Buyer should obtain debt financing for the purposes of constructing Unit I and Unit II no later than by 31 December 2018 (the deadline for financial closure - previously 31 December 2015). Therefore, the Agreement provides for the following conditions subsequent:
a) the Agreement shall be automatically terminated in the part pertaining to supplies to Unit I as of 31 December 2018, unless the Buyer notifies the Seller of the financial closure for Unit I,
b) the Agreement shall be automatically terminated in the part pertaining to supplies to Unit II as of 31 December 2018, unless the Buyer notifies the Seller of the financial closure for Unit II.
Other terms and conditions of the Agreement have not been changed as a result of concluding the Annex and do not differ from the market standards applied in such Agreements.
The criterion for deeming the concluded Agreement as 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: 23 December 2015
Subject: Concluding an annex to the significant agreement for the supply of power coal with Polenergia Elektrownia Północ Sp. z o.o.
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. (the “Company”, the “Seller”, the “Party”) hereby announces that on 23 December 2015 an Annex was concluded by and between the Company and Polenergia Elektrownia Północ Sp. z o.o. with registered office in Warsaw (the “Buyer”, the “Party”) to the Long-Term Agreement for the Supply of Power Coal (the “Agreement”) for the purposes of the planned power units (“Unit I” and “Unit II”) in the Pelpin municipality (“Elektrownia”). The Agreement was referred to in Current Reports Nos. 28/2011 of 20 December 2011 and 20/2013 of 4 June 2013.
Under the Annex, the Parties agreed that the Buyer should obtain debt financing for the purposes of constructing Unit I and Unit II no later than by 31 December 2018 (the deadline for financial closure - previously 31 December 2015). Therefore, the Agreement provides for the following conditions subsequent:
a) the Agreement shall be automatically terminated in the part pertaining to supplies to Unit I as of 31 December 2018, unless the Buyer notifies the Seller of the financial closure for Unit I,
b) the Agreement shall be automatically terminated in the part pertaining to supplies to Unit II as of 31 December 2018, unless the Buyer notifies the Seller of the financial closure for Unit II.
Other terms and conditions of the Agreement have not been changed as a result of concluding the Annex and do not differ from the market standards applied in such Agreements.
The criterion for deeming the concluded Agreement as 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.