Report No. 5 - The conclusion of significant agreement by a subsidiary
The Management Board of Stalexport Autostrady S.A. (hereinafter called “Company”) announces that on 07 April 2016 was informed by Stalexport Autostrada Małopolska S.A. with its registered seat in Mysłowice (which is 100% subsidiary company of Stalexport Autoroute S.a.r.l., which is in turn a 100% subsidiary of company Stalexport Autostrady S.A.) about signing a significant agreement, to which the following entities are parties:
1) Stalexport Autostrada Małopolska S.A. with its seat in Mysłowice (41-404), ul. Piaskowa 20 (hereinafter called „the Employer”),
2) Consortium of companies formed by: Pavimental Polska Sp. z o.o. with registered seat in Warsaw (00-013), ul. Królewska 16 and Pavimental S.p.A. with the seat in Italy, Via Giuseppe Donati 174, Rome 00159 and (hereinafter called „the Contractor”).
The above-mentioned agreement was concluded with the date 1 April 2016, but the Employer received it on 7 April 2016 (signed by the Contractor). The subject of the agreement is realization of the Contract F2b-6-2014 „ Redevelopment of the drainage system of the A4 motorway on the Silesian section - Section II” Lump Sum Fixed Price Contract of the net Agreed Price PLN 23,420,277.21 (hereinafter called “the Contract”).
The General Conditions for this Contract shall be “Conditions of Contract for Engineering-Construction Worksdesigned by the Employer”, first edition, 1999 created by Fédération Internationale des Ingénieurs-Conseils (FIDIC) – copy in the Polish language (fourth English-Polish unchanged edition, 2008). The General Conditions of the Contract are supplemented by the Conditions of Particular Application. The General Conditions of the Contract will become binding provided that Conditions of Particular Application do not stipulate otherwise. General Conditions of the Contract and Conditions of Particular Application together shall constitute Conditions of the Contract.
The agreement provides the following penalty fees for the Contractor:
1) amount of Delay Penalty - penalties limit is 15% of the approved net contract price in accordance with Clause 8.7 of the Conditions of Contract,
2) penalties for not remedying defects in the Works on time – penalties limit is 15% of the approved net contract price in accordance with Clause 11.4 of the Conditions of Contract,
The Management Board of the Company additionally informs that due to the large scope of the works relating to the realization the above described Contract “Guiding principles for performing construction/repair works between Toll Collection Plazas resulting in a failure to meet the motorway standards” adopted for use by Stalexport Autostrada Małopolska S.A. (attached hereto) will be applicable.
The criterion to recognize the agreement as a significant contract: the value of the subject of the Contract exceeds 10% of the Company`s equity capitals.
Legal basis:
Art. 5 paragraph 1 point 3 Regulation from the Minister of Finance of 19 February 2009 on the current and periodical information presented by issuers of securities and on consideration as equivalent the information required by law of the countries outside the EU (Journal of Laws of 2009, No. 33, Item 259, later amended).