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01/07/2016 19:16

Current report 20/2016

The Management Board of Polenergia S.A. (‘Company’) hereby announces to have been notified that as a result of signing on 30th June 2016 of the Annex No. 1/2016 to the individual contract No. 1/2015 of 22nd December 2015 concluded between Polenergia Obrót S.A., the Company’s subsidiary (‘POLO’), and Polskie Górnictwo Naftowe i Gazownictwo S.A. (‘PGNiG’), including the agreement on sales of gas fuel by PGNiG to POLO (‘Individual Contract’), the estimated value of the contracted transactions, involving the delivery period from February 2016 to September 2018, amounted to net PLN 174 384 257.28. Thus, the total value of the transaction exceeded 10% of the Company’s equities.

The Individual Contract includes provisions concerning the obligation to pay contractual penalties in case of POLO’s failure to collect a specified minimum amount of gas fuel and in the event of termination of the Contract by a party thereto. The value of contractual penalties depends on the amount of uncollected gas fuel. In the above cases the Individual Contract does not provide for the right to claim damages exceeding the stipulated amount. The Individual Contract was concluded on the basis of the framework agreement on gas fuel sales No. 15/UR/E/2015 of 22nd December 2015 (‘Framework Agreement’). The Framework Agreement governs all transactions of sales of gas fuel by PGNiG to POLO, carried out upon the individual contracts. The Framework Agreement contains standard provisions used for this type of agreement. The Framework Agreement was concluded for an indefinite period and may be terminated by either party upon 1 month’s notice. The Framework Agreement does not contain any conditions precedent or subsequent.

Legal basis: § 5 section 1 item 3 and § 9 of Rozporządzenie Ministra Finansów z dnia 19 lutego 2009 r. w sprawie informacji bieżących i okresowych przekazywanych przez emitentów papierów wartościowych oraz warunków uznawania za równoważne informacji wymaganych przepisami prawa państwa niebędącego państwem członkowskim (the Regulation issued by the Minister of Finance dated 19th February 2009 on current and interim reports published by issuers of securities and conditions for recognizing information required by regulations of a non-member state as equivalent).

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