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Home page/Investor Relations/Reports/Current reports/Report No. 8 - The conclusion of significant agreement by a subsidiary

Report No. 8 - The conclusion of significant agreement by a subsidiary

Raporty bieżące (ENG) 2015-06-16

The Management Board of Stalexport Autostrady S.A. (hereinafter called “Company”) informs that on 15 June 2015 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.) signed 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 S.p.A. with the seat in Italy, Via Giuseppe Donati 174, Rome 00159 and Pavimental Polska Sp. z o.o. with registered seat in Warsaw (00-013), ul. Królewska 16 (hereinafter called „the Contractor”).

The subject of the agreement is realization of the Contract F2b-8-2014 „Extension of the Mysłowice and construction of the Rudno Interchanges along the A4 Motorway Katowice - Kraków of the net value PLN 22.045.767,97 (hereinafter called “the Contract”).

The General Conditions for this Contract shall be “Conditions of Contract for Engineering-Construction Works designed by the Employer, published by Fédération Internationale des Ingénieurs-Conseils (FIDIC) – First Edition 1999, known as “Red Book”, hereinafter called as Conditions of Contract.

The agreement provides the following penalty fees for the Contractor:

  1. amount of Delay Penalty - limit penalties is 15% of the net Approved Contract Price in accordance with Clause 8.7 of the Conditions of Contract,
  2. penalties for not remedying defects in the Works on time – limit penalties is 15% of the net Approved Contract price in accordance with Clause 11.4 of the Conditions of Contract.

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).

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