Published: 2020-10-21 15:00:00 CEST
General meeting of shareholders

Decisions taken in the extraordinary general meeting of shareholders of LITGRID AB

The following decisions were adopted in the extraordinary General Meeting of Shareholders of LITGRID AB (company code 302564383, registered office at Viršuliškių skg. 99B, Vilnius) on 21 October 2020:

Regarding the approval of AB LITGRID 2020 September 29 Board Decision No. 2 (Protocol No. 17).

Adopted resolution:

1. To approve the conclusion of the emergency repair service agreement for the NordBalt connection DC cable with NKT HV Cables AB on the following essential terms of the contract:
1.1. Contracting party NKT HV Cables AB, legal entity code 559079 0290, registered office address: Rombvägen 4, 37165 Lyckeby, Sweden.
1.2. Object of the contract is NordBalt connection DC cable emergency repair services.
1.3. The contract price is EUR 17,000,000 excluding VAT.
1.4. Pricing:
1.4.1. The annual fee is EUR 300,000 excluding VAT;
1.4.2. A one-time fee of EUR 250,000, excluding VAT, for the preparation of a pre-repair plan, an annual review in accordance with Annex no. 9 and preparation of engineering documentation in accordance with Annex no. 7;
1.4.3. Payment for the works ordered by the Customer will be made in accordance with Annex no. 4 "Service Fees" fees. For some works, the actual costs + surcharge are paid. These actual costs of the Contract are provided for 20% of the initial Contract price excluding VAT.
1.5. The term of the contract is until the fulfillment of the contractual obligations, but the period of performance of the works is 3 years from the day of concluding the Agreement with the possibility to extend the Agreement 2 (two) times for a term of 1 year.
1.6. Limitation of liability - the general liability of the Contractor under the Contract for repair works does not exceed EUR 400000, unless the Customer insures either the cable or the works.
1.7. Enforcement of contract obligations:
1.7.1. Bank guarantee for performance of the contract - 10% from the annual preparation fee;
1.7.2. Bank guarantee for the performance of the repair works contract 10% from the price of the repair contract.
1.8. Other essential conditions:
1.8.1. the contract is governed by Swedish law;
1.8.2. disputes between the parties shall be settled by arbitration in Stockholm.

The individual authorized by LITGRID AB to provide additional information:
Jurga Eivaitė
Project manager
Communication Division
Phone: +370 613 19977