Important conditional contract concluded with PKP Energetyka SA
The Management Board of Apator SA ("Issuer") announces that on the 1st June 2016 important conditional contract was concluded with PKP Energetyka SA ("PKP") with headquarters in Warsaw.
The subject of the contract is the supply of equipment and roll out of AMI type smart metering system up to the end of 2016.
The value of the contract is PLN 25,4 m and it is allowed to be increased up to PLN 39,6 m in case of occurrence of organizational change at Customer causing the increase the scope of works to be performed by the Issuer based on the contract of installation of the equipment being supplied by the Issuer.
The Issuer announces that provisions of the contract with PKP do not differ from such typical kind of transactions on the market. The total responsibility of the Issuer due to non performance or improper performance of the contract is limited to 20% of the value of the contract. Limitation of responsibility does not concern damages due to death, detriment to health, or real damages suffered by PKP in result of direct negligence or deliberate action by the Issuer its collaborators or subcontractors.
Organizational change at Customer indicated as the condition in the contract concerns possible transfer of arranged part of PKP enterprise to Energetyka Kolejowa Spółka z o.o. with headquarters in Warsaw in respect of the distribution of electricity. The Issuer will announce about the meeting of that condition in the separate current report.
The contract has been considered as important one due to the exceeding in value 10% equities of the Issuer, in case when the condition increasing the value of the contract is met.
Legal basis: § 5 para 1 point 3 of the Regulation of Minister of Finance regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU.
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