12/2010 - Information on the conclusion of a significant contract

The Management Board of Trakcja Polska S.A. (the "Company") hereby announces that, on 30 June 2010, the Company, in connection with the performance of the contract for the task of: 

 

The performance of construction works for the comprehensive modernisation of the stations and routes in the area of LCS Działdowo, within the framework of the POIiŚ OP 7.1-41 project:

“Modernisation of the E65/C-E65 railway line, Warsaw – Gdynia section – area of LCS Działdowo” (“Contract”),

 

which the Company announced in current report no. 9/2010 of 31 May 2010, concluded Implementation Agreement No. K-1098/2010 with the Partner to the Trakcja Polska Consortium, EIFFAGE CONSTRUCTION CESKA REPUBLIKA s.r.o., Francouzska 6167, Ostrava – Poruba, 708 00, which is authorised to conduct business on the territory of the Republic of Poland through its branch: EIFFAGE CONSTRUCTION CESKA REPUBLIKA spółka z ograniczoną odpowiedzialnością Oddział w Polsce [Branch in Poland], ul. Górczewska 212/226, 01-460 Warsaw (hereinafter: “Contractor”), for the performance of track works, drainage works, road works, works on buildings and stations, civil engineering works, as well as external sanitary works within the framework of the Contract (“Agreement”).

 

Net Agreement value: PLN 40,494,340.49 (forty million, four hundred and ninety-four thousand, three hundred and forty zlotys and 49/100)

 

The period for the fulfilment of the works is 20 months.

 

Payment terms: 

 

The Contractor will issue VAT invoices for completed and accepted works (specified in Appendix no. 1 to the Agreement) once a month for the net amount arising from the acceptance protocols of the components of works completed.

Advance:

 

The Contractor shall receive an advance no later than 30 days before the start of the works, at a gross value (i.e. including VAT) of: PLN 4,940,309.05 (four million, nine hundred and forty thousand, three hundred and nine zlotys and 05/100),on condition that the Company previously receives an advance from the Contracting Authority, in accordance with the agreement with the Contracting Authority. If the advance from the Contracting Authority is transferred to the Contractor’s account later than 30 days before the start of the works by the Contractor, the Contractor shall receive the advance within 5 days of the date on which the Company receives the advance from the Contracting Authority.

The condition for the payment of the advance is the submission by the Contractor of a guarantee for the repayment of the advance.

The wording of the guarantee which the Contractor is obliged to present shall be previously agreed with the Company.

Contractual penalties: 

 

The Company shall not impose any contractual penalties on the Contractor under this Agreement if contractual penalties are imposed by the Contracting Authority by the Trakcja Polska Consortium (principle of the avoidance of duplicating contractual penalties).

The value of the above Agreement is greater than 10% of Trakcja Polska S.A.’s equity and therefore constitutes a significant agreement, as defined by § 2(1)(44) of the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information submitted by issuers of securities and conditions for acknowledging the information required by the provisions of the law of a non-member state as being equivalent (Journal of Laws No. 23, item 259).

 

 

Legal grounds: Article 56(1)(2) of the Act on Public Offering and the Conditions for the Introduction of Financial Instruments into an Organised Trading System and Listed Companies of 29 July 2005 (Journal of Laws No. 184, item 1539, as amended).

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