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Current Report No. 63/2015

31.12.2015 11:35

Signed agreement for sale of designated part of the Brzeszcze mine as an organized part of an enterprise (Final Agreement)

In reference to current report No. 38/2015 dated 19 October 2015 and other reports concerning the intention to purchase some of the assets of the Brzeszcze mine, the Management Board of TAURON Polska Energia S.A. (“TAURON”, “Issuer”) informs that on 31 December 2015, a 100% TAURON-owned subsidiary – Nowe Brzeszcze Grupa TAURON sp. z o.o. (“Buyer”, “NBGT”) and Spółka Restrukturyzacji Kopalń S.A. (Mine Restructuring Company) (“SRK”) signed agreement for sale of designated part of the Brzeszcze mine as an organized part of an enterprise (“Final Agreement”, “Sale Agreement”, “Agreement”).

The Sale Agreement was signed under the Preliminary Agreement dated 19 October 2015 and pursuant to Article 8a section 4 of the Act of 7 September 2007 on functioning of hard coal mining industry. The subject of the Sale Agreement is purchase by NGBT of designated part of the Brzeszcze mine as an organized part of an enterprise including tangible and intangible assets used for mining, production and sale of hard coal and methane (“Subject of Sale”) for the price of PLN 1 (say PLN one). The parties agreed that the Subject of Sale will be handed over to the Buyer on 1 January 2016.

At the same time the Issuer informs that to provide smooth and uninterrupted operation of the mine, the parties to the Agreement defined, in separate agreements, the terms and conditions of mutual cooperation after the purchase of the Subject of Sale by the Buyer including, among other things, terms and conditions of providing mutual services in the scope of ventilation at the Brzeszcze mine, exchange of information as well as cooperation and mutual settlements in matters concerning claims and liabilities related to the Subject of Sale, handing over the payroll and accounting services and other matters.

Because the purchase of the Subject of Sale requires return of public aid that was granted to SRK to cover current operating losses at the Brzeszcze mine, the Buyer, who will continue the operation using the assets forming the Subject of Sale, shall return the public aid in the amount determined in the final settlement of the public aid between SRK and the authority that had granted it, but not higher than PLN 145,327,497 including interest.

The Issuer informs also that the Buyer will take over, under Article 23 (1) of the Labor Code, as a party in the existing employment relations, 1501 employees involved in the functioning of the Subject of Sale, who are a part of the Brzeszcze mine staff.

The Buyer intends to continue operation that has been run under organized part of the enterprise.

Article 56 section 5 of the Act on Public Offering – update of information

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