61/2012 - Information about the conclusion of a material agreement
The Management Board of Trakcja - Tiltra S.A. (hereinafter referred to as: the “Company?) hereby announces that on 30 October 2012, the subsidiary of the Company - AB Kauno tiltai (joint stock company), with its registered office in Kaunas, Lithuania (hereinafter referred to as: “Kauno”), as the leader of a consortium composed of:
- AB Kauno tiltai with its registered office in Kaunas, Lithuania – the leader of a consortium;
- Uždaroji akcin? bendrov? “Mitnija“ (joint stock company) with its registered office in Kaunas, Lithuania – the partner of a consortium;
(hereinafter jointly referred to as: the "Contractor”)
concluded a material agreement(hereinafter referred to as: the "Agreement”)with the company Akcin? bendrov? „Lietuvos geležinkeliai“ (joint stock company), with its registered office in Vilnius, Lithuania. (hereinafter referred to as: the "Ordering Party”).
Value of the Agreement:
The total net value of the agreement, LTL/PLN rate, amounted to: PLN 104,083,292.64
The total gross value of the agreement, LTL/PLN rate, amounted to:PLN 125,940,783.99
The percentage of the value of the Agreement attributed to Kauno is 60 per cent of the value of the Agreement.
Subject Matter of the Agreement:
The discipline-specific construction works related to the construction of the second road within the section between Pavenciai and Raudenai (Lithuania) were commissioned on the basis of the Agreement.
Term of performance of the Agreement:
The works must be completed within 540 (five hundred forty) days from the date of commencement of the construction works.
Contractual penalties:
The amount of damages for delay in the performance of works: 0.1 per cent for every day of delay from the gross value of works defined in the Agreement as the Group if any works that are to be performed in this Group are not completed within the deadline stipulated in the Agreement until the amount of the penalty reaches 10 per cent of the gross value of the Agreement. Once the amount reaches 10 per cent of the gross value of the Agreement, the contractual penalty shall be imposed in the amount of 0.2 per cent from the gross value of the works defined in the Agreement as the Group for every day of delay until the amount of the penalty reaches 20 per cent of the gross value of the Agreement.
The maximum amount of the penalties is 20 per cent of the gross value of the Agreement.
In the event when the amount of contractual liabilities (penalty interest, contractual penalty) or losses reaches 20 per cent of the gross value of the Agreement, the Ordering Party shall be entitled to unilateral termination of the Agreement, upon giving 14-day notice in writing to the Contractor. In such case, the Ordering Party shall be entitled to retain performance bond.
In the event of non-performance or undue performance of contractual obligations by the Contractor, the amount of damages for the Ordering Party shall not be limited by the gross amount of the Agreement or any other amount.
The other terms and conditions of the agreement are similar to those commonly used for these type of agreements.
The criterion for recognition of the agreement as material is the fact that its value exceeded 10 per cent of the equity capital of the Company.
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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