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Current report no. 28/2016

Decision suspending legal consequences of the termination of the agreement for the supply of steam to a subsidiary of the Issuer


Current report no.
 [28/2016]

Date of drawing-up the report: 18 August 2016

Time of publication: 14:33

Abbreviated name of issuer: CIECH S.A.

Subject: Decision suspending legal consequences of the termination of the agreement for the supply of steam to a subsidiary of the Issuer 

Legal basis: Art. 17. 1 of the MAR – confidential information

 

Text of the report: 

The Management Board of CIECH S.A. with its registered office in Warsaw (the “Issuer” or the “Company”) hereby informs that today, the Ramnicu Valcea Tribunal Court, Romania, has announced its decision, issued upon the application of a subsidiary of the Issuer - CIECH Soda Romania S.A. based in Romania (“CSR”) against S.C. CET Govora S.A. in composition bankruptcy based in Romania (“CET”), suspending the legal consequences of the termination by the court-appointed administrator of CET of the agreement for the supply of process steam to CSR. The decision to suspend the legal consequences shall be binding until the court of the first instance has examined and issued its decision with regard to the action against CET, submitted by CSR, challenging the validity of the termination. 

Based on the issued decision, CET should continue to implement the agreement for the supply of steam under the existing conditions.

This decision is immediately enforceable but not final.

Furthermore, the Issuer informs that regardless of the legal measures undertaken, discussions with the court-appointed administrator of CET, regarding the conclusion of a long-term agreement for the supply of process steam, are being continued.

The issuer posted information on the termination of the agreement for the supply of process steam, the legal measures undertaken and the conclusion of the agreement for the supply of steam in its current reports nos. 24/2016 of 06.07.2016, 25/2016 of 28.07.2016 and 26/2016 of 03.08.2016.

 

Legal basis: article 17.1 of the Regulation of the European Parliament and of the Council (EU) No. 596/2014 of 16 April 2014 on Market Abuse (the Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (Official Journal of the European Union L No. 173, p. 1) (the “MAR”).

 

Signatures of the Company's representatives: 
                      

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


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