WIKANA S.A. Legal basis: Art. 56 sec. 1 point 2 of the Act on Public Offerings - current and periodic information
Report content:
The Management Board of WIKANA S.A. ("Issuer") announces that a subsidiary of the Issuer, WIKANA PROPERTY Sp. z o.o. ROSA S.K.A. ("Subsidiary"), executed on 14 January 2016 an agreement with Przedsiębiorstwo Wielobranżowe DOM PLUS Michał Duda, Jacek Całka S.C. ("Contractor") concerning construction works ("Agreement"), consisting of the development of three multi-family residential buildings, together with installations, connections and land development, at ul. Misjonarska 12a in Lublin.
The deadline for performance of the Agreement has been specified as November 2016. Remuneration for performance of the Agreement is a flat fee of PLN 3 890 000 net.
The Agreement provides for contractual penalties for the Contractor, including for failure to complete the Agreement within the specified deadline, failure to remove faults under warranty within the given deadline and termination of the Agreement by the Subsidiary due to Contractor fault. The Subsidiary has the right to seek supplementary compensation from the Contractor up to the amount of damages actually suffered, provided that the amount of damage exceeds the amount of contractual penalties received. The Contractor is entitled to receive a contractual penalty from the Subsidiary for, among others, withdrawal from the Agreement at the Subsidiary's fault or delay in final handover. Contractual penalties may be calculated in aggregate, provided that the total does not exceed 10% of the value of the Agreement.
The other conditions in the Agreement do not differ from the standard conditions applied to this type of agreement.
The Agreement is not subject to any condition or deadline precedent, but it does meet a criterion for siginificant agreements due to its value exceeding 10% of the Subsidiary's equity.
Detailed legal basis: § 5 sec. 1 point 3 of the Ordinance of the Minister of Finance of 19 February 2009 concerning current and periodic information disclosed by issuers of securities [...]
President of the Management Board Robert Pydzik
Member of the Management Board Agnieszka Maliszewska
Wikana SA issued this content on 2016-01-14 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-14 13:55:13 UTC
Original Document: http://www.wikana.pl/uploads/raporty/biezace/2_2016_en.pdf
