47/2012 - Information about the conclusion of material agreements
The Management Board of Trakcja - Tiltra S.A. (hereinafter: “Company” or “Subcontractor”) hereby informs that as a result of concluding with PKP Energetyka S.A. (hereinafter: “Contractor”) a construction and installation contract (“Contract”) on 14 August 2012, it has within the 12 months’ period concluded with PKP Energetyka S.A. material agreements of a total value of PLN 43,264,955.60 (in words: forty-three million two hundred sixty-four thousand nine hundred and fifty-five zlotys 60/100).
The contract of the highest value is the Contract concluded between the Company and the Contractor on 14 August 2012 related to the Contractor’s performance of task: “Modernisation of the traction network along section Szeligi – Idzikowice, in tracks no. 1 and 2 of railway line No. 4 (CMK) Grodzisk Mazowiecki – Zawiercie”, and assignment of a part of this task to the Subcontractor.
Value of the Contract:
Total initial net value of the Contract: PLN 24,150,000.00 (in words: twenty-four million one hundred fifty thousand zlotys).
Total initial gross value of the Contract: PLN 24,704,500.00 (in words: twenty-four million seven hundred four thousand five hundred zlotys).
The value of the object of the Contract depends on the amount of works, to be determined at the performance stage after development of the design documentation.
Object of the Contract:
The object of the Contract is performance by the Subcontractor of construction and installation works encompassing reconstruction of approx. 42,000 tkm of traction network in tracks 1 and 2 for section Szeligi – Idzikowice, of railway line No. 4 (CMK) Grodzisk Mazowiecki – Zawiercie.
Term of the Contract:
The Contract shall be performed until 5 June 2013.
Liquidated damages:
The Subcontractor shall pay to the Contractor liquidated damages in the following cases and amounts:
- for delay in performance of the contract, in an amount of 0.1% of the total gross remuneration for each day of delay,
- for delay in removing defects and faults detected within the guaranty and statutory warranty period, in an amount of 0.1% of the total gross remuneration for each day of delay in relation to the deadline set by the Contractor,
- in an event of termination of the Contract by one of the parties for reasons attributable to the Subcontractor, in an amount of 10% of the gross contractual remuneration.
The parties to the Contract may seek compensation exceeding the stipulated liquidated damages on the basis of general rules if the damage sustained by any of the parties exceeds the amount of such liquidated damages.
The terms and conditions of the Contract do not differ from those commonly used for this type of agreements.
An agreement is deemed to be a material agreement if its value exceeds 10% of the equity of Trakcja - Tiltra S.A.
Legal basis: § 5, paragraph 1 point 3 of the Regulation of the Minister of Finance dated 19 February 2009 on the current and periodic disclosures to be made by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state.
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