Court remitted recovery proceedings of subsidiary of PGE Dystrybucja S.A.
No. of the report: 50/2012
Report date: 12.09.2012
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. ("PGE") discloses that on September 12, 2012 PPH EKTO Sp. z o.o. with its registered office in Białystok (the "Subsidiary") has received the decision of the District Court in Białystok - 8th Commercial Division on remittance of recovery proceeding with respect to the Subsidiary. The decision was issued on August 30, 2012 and will become final and binding as of September 19, 2012. The proceeding was remitted because on August 24, 2012 the Subsidiary withdrew its statement of initiation of the recovery proceeding and requested for remittance of the proceeding due to the obtaining of financial sources allowing for fulfillment of all liabilities, which were to be covered by the recovery proceedings.
The Subsidiary is PGE's dependent entity under the accounting regulations obeyed by PGE, and is consolidated in the PGE's financial statements. The sole shareholder of the Subsidiary is PGE Dystrybucja S.A., which is a subsidiary of PGE. As at June 30, 2012 the balance sheet total of the Subsidiary amounted to approximately PLN 7.4 million.
Legal ground: § 5 section 1 p. 24 and § 30 p. 15 of the Regulation of the Polish Minister of Finance of 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).