77/2009: Subcontracting agreement entered into by subsidiaries
The Management Board of PBG S.A. hereby informs that on 21 October 2009 the Board was notified that Hydrobudowa Polska S.A. subsidiary and Alpine Construction Polska Sp. z o.o. acting as the Contractor concluded on 11 September 2009 a Subcontracting Agreement with PBG Technologia Sp. z o.o. subsidiary and Energomontaż Południe S.A. acting as the Subcontractor.
The object of the Agreement valued at net PLN 93,000,000 includes Prefabrication, construction and installation of the steel roof structure within the scope of the investment: Second stage of construction works at the Baltic Arena construction site - football stadium in Gdańsk Letnica”. The remuneration may be decreased by net PLN 7,950,000 should the Contractor relinquish part of the construction and installation works stipulated in the Agreement.
The investment is to be delivered by the Subcontractor by 13 August 2010.
Pursuant to the Agreement, the following contractual penalties have been determined:
- 0.05% of the gross remuneration per each day of delay or stoppage in the performance of the object of the said Agreement, in the repair of defects identified upon acceptance of works or during the warranty period, as well as for causing stoppage through the fault of the Contractor’s.
15% of gross remuneration; for withdrawing from or terminating the Agreement with immediate effect due to reasons depending on the Contractor.
The aggregate amount of all contractual penalties cannot exceed 15% of gross contractual remuneration. Irrespective of the contractual penalties, the Parties may claim compensation up to the value of damage incurred.
The Contractors hold joint liability for obligations towards the Contracting Party.
Pursuant to the Agreement, the Consortium of Hydrobudowa Polska and Energomontaż Południe, Energomontaż will perform works worth net PLN 91.5m, but the value of the works may drop should the Contractor relinquish part of originally arranged works.
Additionally, with reference to current report 72/2009 published on 22 September 2009 (available at: http://www.pbg-sa.pl/relacje-inwestorskie/informacje-ogolne/raporty-biezace.html) the Management Board of PBG S.A. reminds that PBG S.A. is bound with Energomontaż Południe by a Conditional Investment Agreement that stipulates that PBG S.A. shall take up 17,734,002 series A subscription warrants excluding the subscription rights and in consideration for the subscription warrants, the Company will take up the same number of shares in the conditionally increased share capital of Energomontaż Company.
The agreement was recognised as material due to PBG equity criterion.
Legal basis:
Article 5 par.1 point 3 of the Regulation of 19th February 2009 on current and interim information provided by issuers of securities and the conditions for recognising information required under the non-Member State law as equivalent.
Signature of the authorised person:
Magdalena Eckert-Boruta
Pliki:
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