Significant contract concluded by Apator SA
The Executive Board of Apator SA announces that on 30th May 2014 Apator S.A. („Issuer”) and WorldIT Systems sp. z o.o. („WorldIT”) with headquarters in Warsaw concluded the contract. The subject of the contract is the design and delivery of electricity meters in OSGP technology pursuant to the requirements of UZZ/107/PO/2013 - „Smart City Wrocław” project. Estimated net value of the contract is PLN 24,3 m and deliveries will be performed to the end of 2016.
The contract includes also the provisions regarding:
- option right to increase the number of electricity metres ordered up to 20%,
- possibility to place additional orders to the value 50% of estimated value of the contract.
In case of use of the option right or possible additional order the deliveries will be performed to the end of 2017.
The contract is concluded under the following conditions:
- contract concluded by Tauron Dystrybucja SA and Konsorcjum LG CNS Co. Ltd, WorldIT Systems sp. z o.o., Eltel Networks A/S and Eltel Networks Olsztyn SA,
- Tauron Dystrybucja S.A. qualified Apator SA as its subcontractor
Apator SA announces that provisions of the contract do not differ from the conditions typical for such type of transactions on the market.
The WorldIT is entitled to demand from the Issuer the following liquidated damages:
- for the delay in performance of delivery of the batch - 0,2% of estimated net value of the contract for each commenced week of the delay unless the lack of performance of the delivery on time is the result of circumstances the Issuer is not responsible for,
- for each case of lack of performance or improper performance of significant obligations – 0,2% of estimated net value of the contract.
Complete responsibility of the Issuer for the performance of the contract including liquidated damages is limited to the estimated net value of the contract.
On the other hand the Issuer is entitled to demand from WorldIT the liquidated damages for each case of lack of performance or improper performance of significant obligations in amount 0,2% of estimated net value of the contract.
In the recent twelve months the entities of Apator Group and WorldIT did not concluded any contract except one described above.
The contract was considered as significant one due to its value had exceeded 10% of equity of the Issuer.
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 country not being the member of the EU.
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