Current Report No.: 9/2020
Current Report No.: 9/2020
Date of preparation: 21 February 2020
Short name of Issuer: ENEA S.A.
Subject: Conclusion by ENEA Wytwarzanie Sp. z o.o. of an out-of-court settlement in connection with a court dispute concerning the acquisition of shares in Eco-Power Sp. z o.o.
Legal basis: Article 17(1) MAR - confidential information
Content of the report:
The Management Board of ENEA S.A. ("Company", "Issuer") hereby reports that on 21 February 2020 its subsidiary ENEA Wytwarzanie Sp. z o.o. ("ENEA Wytwarzanie") concluded with the companies Fen Wind Farm B.V. with registered seat in Amsterdam ("Fen Wind") and Wento Holdings S.à r.l. with registered seat in Luxembourg ("Wento") (hereinafter jointly referred to as "Parties") an out-of-court settlement in connection with a court dispute concerning the purchase by ENEA Wytwarzanie of shares in Eco-Power Sp. z o.o., which owns the Skoczykłody wind farm ("Settlement").
The Parties were bound by a conditional preliminary agreement concerning the acquisition by ENEA Wytwarzanie from Fen Wind of 100 per cent of shares in Eco-Power, while Wento guaranteed performance of Fen Wind's obligations under the preliminary agreement.
Pursuant to the Settlement, the Parties declared that they terminate the aforementioned preliminary agreement with effect from the date of the Settlement, and that they unconditionally and irrevocably waive any claims against one another arising from this agreement. At the same time, the Parties confirmed that in connection with the termination of the preliminary agreement they have no claims against one another directly or indirectly related to the intended sale to ENEA Wytwarzanie of the shares in Eco-Power Sp. z o.o.
Pursuant to the Settlement, the Parties also undertook to take the procedural steps necessary to close the court proceedings concerning the agreement for the sale of shares in Eco-Power Sp. z o. o. which had been initiated before the competent Court.
The Company informs that according to the information contained in the financial statements published by the Issuer in connection with the dispute concerning the acquisition of shares in Eco-Power Sp. z o. o., in accordance with the estimation of the value of those shares, a provision of PLN 129 million was created. Additionally, the Company informed about the creation of the provision related to the estimation of the value of shares in Eco-Power Sp. z o.o. in Current Report No. 9/2017 on preliminary financial results for 2016. The entry into force of the Settlement will enable the Issuer to release this provision, which may have an impact on the financial results of ENEA Capital Group. The Company is currently analysing the projected scale of the impact of that event on the financial results for 2019 and the current reporting period.