Current reports
Current report no. 6/2023
Conclusion of a preliminary agreement on the creation of a special purpose vehicle for the purposes of the nuclear power plant construction project
Legal basis:
Art. 17 sec. 1 MAR – inside information
Contents of the report:
The Management Board of ZE PAK S.A. („Company”), in relation with the current report no. 36/2022 dated October 31, 2022, concerning the conclusion of a letter of intent regarding the cooperation in the project of building a nuclear power plant („Letter of Intent”), informs that on March 7, 2023, the Company concluded a preliminary agreement (“Agreement”) with PGE Polska Grupa Energetyczna S.A. seated in Lublin („Parties”) regarding creation of a common special purpose vehicle („Special Purpose Vehicle”, “SPV”).
In order to start direct cooperation on the project of building a nuclear power plant based on the Korean APR1400 technology ("Nuclear Power Plant"), the Parties intend to jointly establish a Special Purpose Vehicle in the form of a joint-stock company with its registered office in Konin, which will then acquire or take up shares in the company whose task is to implement project for the construction of a Nuclear Power Plant with the potential participation of a technological partner.
The Agreement contains a summary of the basic terms of cooperation of the Parties in the scope of the joint venture, aimed at participation in the implementation of the investment related to the construction of the Nuclear Power Plant, including the definition of corporate governance rules and the operation of the SPV and restrictions on the sale of shares of the SPV. The parties will hold an equal number of shares in the Special Purpose Vehicle, and the corporate rules will be based on the principle of joint control.
The establishment of a joint venture (Special Purpose Vehicle) by the Parties depends on obtaining the consent of the President of the Office of Competition and Consumer Protection for the concentration. The intention of the Parties is to immediately notify the intention of concentration.
Simultaneously, the Parties plan that the SPV, as part of the next stage of cooperation, will carry out: (i) a feasibility study, (ii) site surveys and (iii) an environmental impact assessment for the purposes of the planned construction of the Nuclear Power Plant.
In the event of circumstances preventing the establishment of the SPV, the Company will disclose such information to the public in the form of a current report.
Signatures of persons representing the Company:
Piotr Woźny – President of the Management Board
Maciej Nietopiel – Vice President of the Management Board
Andrzej Janiszowski – Vice President of the Management Board