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Court repealed a settlement of a subsidiary of PGE Energia Odnawialna S.A.

  • No. of the report: 36/2013
  • Report date: 10.05.2013
  • Report legal ground: Art. 56 section 1 p. 2 of Act on Public Offering – current and periodic information

Contents of the report

The Management Board of PGE Polska Grupa Energetyczna S.A. (the „Company”) discloses that on May 9, 2013 the Management Board of MEGA sp. z o.o. ("Subsidiary") received a decision of the District Court in Rzeszów of April 25, 2013 on repealing of settlement approved by the Meeting of Creditors on October 11, 2011. The decision will become final after 7 days from the serving thereof. In the justification the court pointed out the lack of feasible possibilities of execution of the settlement and, by the meaning of art. 304 section 1 of the Bankruptcy and Recovery Law, at the same time decided to open bankruptcy proceeding involving liquidation of assets of the Subsidiary.

The Subsidiary is PGE's dependent entity under the accounting regulations obeyed by PGE and is consolidated in the PGE’s financial statements. PGE Energia Odnawialna S.A., a direct subsidiary of PGE Polska Grupa Energetyczna S.A., holds 75.01% of shares in the Subsidiary. As at December 31, 2012 the balance sheet total of the Subsidiary amounted to approximately PLN 16.7 million.

Legal ground: § 5 section 1 point 24 and § 30 p. 6 and 16 of the Regulation of the Minister of Finance dated February 19, 2009 on current and periodic information published by issuers of securities and on conditions under which such information may be recognized as being equivalent to information required by the regulations of law of a state which is not a member state. (Dziennik Ustaw of 2009, No. 33, item 259, as amended).