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Current report no. 25/2016

Deliveries of technological steam to the subsidiary of the Issuer by rthe main supplier after the lapse of the period of notice of termination of the agreement

 

Current report no. [25/2016]

Date of drawing-up the report: 28/07/2016

Abbreviated name of issuer: CIECH S.A.

Subject: Deliveries of technological steam to the subsidiary of the Issuer by rthe main supplier after the lapse of the period of notice of termination of the agreement  

Legal basis: Art. 17 section 1 of MAR - confidential information

 

Text of the report: 

With reference to current report of 6 July 2016, no. 24/2016, the Management Board of CIECH S.A., with a registered office in Warsaw (“the Issuer” or “the Company") announces that today the court curator of S.C. CET Govora S.A. in Romania under contractual bankruptcy (“CET”), announced that, despite termination of the heat energy sale agreement with the subsidiary of the Issuer - CIECH Soda Romania S.A. in Romania (“CSR”) (technological steam supply) effective on 31 July 2016, deliveries of technological steam to CSR will continue after 31 July 2016, with a gradual reduction of their scope by 25% per day, until final discontinuation of deliveries. 

At the same time, the Issuer announces that the CSR company questions the validitiy of the notice of termination and is taking appropriate legal action before the relevant court, aimed at invalidation of the effectiveness of termination of the agreement.

Notwithstanding the undertaken legal steps, the CSR company is conducting negotiations with the court curator of CET regarding the determination of new conditions of steam delivery to CSR after 31 July 2016 in the event that the court determines that the termination is effective.

 

The Issuer announced the commencement of the settlement proceedings by CET, the sole supplier of technological steam to CSR, in its current report no. 13/2016 on 9 May 2016.  

 

Legal basis: Art. 17 section 1 of the Regulation of the European Parliament and Council (EU) no. 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) and revoking Directive 2003/6/EC of the European Parliament and Council and Committee Directives 2003/124/CE, 2003/125/CE and 2004/72/CE (O. J. EU L No. 173, p. 1) (“MAR”).

Signatures of the Company's representatives:
                      

Maciej Tybura – President of the Management Board
Artur Osuchowski – Member of the Management 


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