Further to Current Report No. 3/2011 of Mondi Świecie S.A. (“Mondi”) dated 4 February 2011, in which Mondi informed of having taken a decision to pursue its intent to exercise the so-called Voluntary Call Option (“Call Option”) provided, without limitation, that the Court of Arbitration at the Polish Chamber of Commerce confirms that the Call Option is binding upon the parties pursuant to the terms set out in the General Agreement, Polish Energy Partners S.A. (“PEP”) hereby represents that the exercising of the Call Option is not feasible pursuant to the provisions of the agreements executed by and between the parties.
PEP is of the opinion that the position of Mondi is not only deficient in terms of its legal (substantive) basis but it is also defective from the formal perspective. The assessment made by PEP is based on the legal opinions of renown authorities in the field. PEP will present arguments in proceedings before the Arbitration Tribunal to demonstrate that the claims of Mondi are groundless.
Notwithstanding the type of transaction, there is no reason for the potential transfer of the legal title to EC Saturn to Mondi to be based on any price other than the actual value of EC Saturn. The price indicated by Mondi in its Current Report No. 3/2011 is in gross disproportion to the actual value of the enterprise.
The aforementioned lawsuit filed by Mondi should not have any impact on the day-to-day cooperation between PEP and Mondi in the Saturn Project and, accordingly, it does not entail any need to adjust the 2011 forecasts. The foregoing results from the fact that the General Agreement of 29 April 2002 and the remaining agreements for the Saturn Project remain in full force and effect and are performed by the parties.
In the opinion of PEP, there is no operating justification for Mondi to take the aforementioned actions, namely, for Mondi to buy out EC Saturn. The quality of work performed by SM and PEP, as well as Mondi’s profits from the power alliance are very high and not undermined by Mondi.
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