Significant contract concluded by Apator Powogaz S.A.
The Executive Board of Apator SA announces that on the 14th December 2011 the subsidiary – Apator Powogaz SA with the headquarters in Poznań concluded the contract with associated entity - ZAO Teplovodmer with the headquarters in Mytiszczi (Russia) for the sale by Apator Powogaz SA of water meters and heat meters. The total net value of the contract is 8,5 m EUR that is 38,8 m PLN according to the average exchange rate of the National Bank of Poland dated 14th December 2011 of 1 EUR = 4,5642 PLN. The performance of the contract will be in 2012 and the objective of signing of the contract is to strengthen the position of Apator Powogaz SA on Russian market and successive performance of sale tasks defined by Apator Powogaz SA.Apator SA announces that the conditions of described above contract do not differ from typical conditions for such transactions on the market. The Contract does not have the reservations regarding the date and condition.The Contract does not include provisions regarding liquidated damages where maximum value is allowed to exceed at least the value of 10% of the value of this Contract or at least calculated equivalent in zloty of the amount of 200.000 EUR according to the average exchange rate announced for that currency by the National Bank of Poland, biding on the day of conclusion of this Contract.In the period of the recent 12 months the companies in Grupa Apator did not conclude with Teplovodomer SA any contract except the above one.This Contract was considered as significant one due to the exceeding of the value of 10% of equity of Apator SA. Legal base: § 5 para 1 point 3 of the Regulation of Ministry of Finance on current and regular information being transferred by issuers of securities and conditions of the information to be considered as equivalent one required by law of the country not being the member of the EU.
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