Apator Metrix SA has given the guarantee of due performance of works by GWi towards NG
The Management Board of Apator SA announces that George Wilson Industries Ltd ("GWi") with headquarters in Coventry, the entity jointly controlled in 50% by Apator Metrix SA, performs some works towards National Grid Gas Plc ("NG") with headquarters in London. Subject of the cooperation are repairs, overhauls and supplies of gas meters and gas regulators. The total estimated value of supplies is GBP 7,7 m that is PLN 40,7 m and it has been defined in 5 contracts concluded by GWi in the second half 2014. The condition of performance of the contracts required by NG, is the guarantee of due performance of works by GWi.
Further to the above the Management Board of Apator SA announces that Apator Metrix SA gave the guarantee to the maximum amount of GBP 6,7 m that is PLN 35,4 m for the period of 3 years since the cooperation contracts had been concluded between NG and GWi with the option to prolong them for further 4 years.
NG is allowed to pursue claims from Apator Metrix SA only in case of lack of possibilities to obtain them directly from GWi.
Guarantee contract does not include any provisions referring to Apator Metrix SA in the respect of financial conditions entitled due to guarantee given.
Apator SA has 100% capital in subsidiary - Apator Metrix SA but Apator Metrix SA has 50% shares in GWi.
Legal basis: §5 para 1 point 7 of the Regulation of Minister of Finance regarding current and regular information being transferred by the issuers of securities and conditions to be considered as equivalent information required by law of the state not being the member of the EU.
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