Brief: Tauron Unit And Rafako Consortium Sign Settlement On Jaworzno Power Unit

Mostostal Warszawa SA

03/04/2023 07:44

April 3 (Reuters) - Tauron Polska Energia SA  TPE.WA :
    * SAID ON FRIDAY THAT ITS UNIT TAURON WYTWARZANIE HAS SIGNED
SETTLEMENT, AND ANNEX TO CONTRACT WITH CONSORTIUM OF RAFAKO,
MOSTOSTAL WARSZAWA, AND E003B7 REGARDING 910 MW JAWORZNO UNIT
    * SAID SETTLEMENT REGARDS TERMS OF CONTRACT TERMINATION AND
MUTUAL
SETTLEMENTS IN THIS MATTER
    * UNDER SETTELMENT TAURON WYTWARZANIE TO LOWER ITS ALL
CLAIMS TO
240.0 MILLION ZLOTYS 
    * TAURON WYTWARZANIE TO DEMAND SAID PAYMENT FROM GUARANTORS
IN
AMOUNT OF 60.0 MILLION ZLOTYS FROM EACH 
    * GUARANTORS ARE POWSZECHNY ZAKLAD UBEZPIECZEN, BANK
GOSPODARSTWA
KRAJOWEGO, POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKA, AND MBANK
    * UNDER SETTLEMENT TAURON WYTWARZANIE TO PAY 18.0 MILLION
ZLOTYS
NET TO CONSORTIUM AS REMUNERATION FOR WORKS PERFORMED UNDER
CONTRACT 
    * UNDER SETTLEMENT TAURON WYTWARZANIE AND RAFAKO TO CONCLUDE
AGREEMENT WITH UNIQA TOWARZYSTWO UBEZPIECZEŃ AND INTERRISK
TOWARZYSTWO UBEZPIECZEŃ VIENNA INSURANCE GROUP REGARDING
SETTLEMENT OF DAMAGE RESULTING FROM FAILURE OF UNIT 
    * UNDER SETTLEMENT TAURON WYTWARZANIE TO ALSO PAY RAFAKO 8.5
MILLION ZLOTYS OF POTENTIAL COMPENSATION FROM UNIQA
    * UNDER SETTLEMENT TAURON WYTWARZANIE TO ALSO PAY CONSORTIUM
14.0
MILLION ZLOTYS FOR ACQUISITION OF PROJECT ASSETS AND PROJECT
DOCUMENTATION
    * UNDER SETTLEMENT RAFAKO AND E003B7 AGREED FOR TAURON
WYTWARZANIE
TO CONTINUE COOPERATION WITH SUBCONTRACTORS INVOLVED IN
PERFORMANCE OF THE CONTRACT
    * UNDER SETTLEMENT TAURON WYTWARZANIE TO ALSO PAY E003B7
LUMP-SUM
REMUNERATION OF 10.0 MILLION ZLOTYS NET, FOR EXPIRATION OF
SUBCONTRACTORS CLAIMS
    * ON DATE OF ENTRY INTO FORCE OF SETTLEMENT, ALL TECHNICAL
GUARANTEES AND WARRANTIES EXPIRE
    * PARTIES LIMITED SCOPE OF CONTRACT TO THE WORKS CARRIED OUT
SO
FAR AND DECIDED THAT UPON SIGNING SETTLEMENT, CONTRACT WAS
TERMINATED IN UNPERFORMED PART
    * UNDER ANNEX TO CONTRACT, PARTIES AGREED ON THE FINAL PRICE
OF
THE CONTRACT OF 4.66 BILLION ZLOTYS NET
    * CONDITIONS PRECEDENT INCLUDE OBTAINING, BY APRIL 20, BY
TAURON
WYTWARZANIE, RAFAKO, E003B7 AND MOSTOSTAL WARSZAWA CORPORATE
CONSENTS TO CONCLUDE SETTLEMENT
    * FOR RAFAKO, CORPORATE CONSENTS WILL BE UNDERSTOOD AS THE
CONSENT
OF MANAGEMENT BOARD, SUPERVISORY BOARD, AS WELL AS RECEIVING
STATEMENT OF MS GALLEON ON FURTHER INTEREST IN CONTINUING
INVESTOR PROCESS
    * CONDITIONS PRECEDENT INCLUDE ALSO ADOPTION BY RAFAKO
GENERAL
MEETING, ALL RESOLUTIONS ON INCREASE OF RAFAKO'S SHARE CAPITAL
BY APRIL 24

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM48X7Qta
 Further company coverage:  TPE.WA  RFK.WA  MSWP.WA 

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