2010-09-24 17:00:58 CEST

2010-09-24 17:02:55 CEST


REGULATED INFORMATION

This message has been corrected. Click here to view the corrected message

English Lithuanian
Lietuvos Energija AB - Notification on material event

Notice on Drafted Activity Spin-off Conditions of Joint-stock Company LIETUVOS ENERGIJA 


The joint-stock company LIETUVOS ENERGIJA (legal entity code - 220551550, legal
status - joint-stock company, address of registered head-office: Žvejų g. 14,
Vilnius, the Republic of Lithuania, data about the company are collected and
stored at Vilnius branch of VĮ Registrų Centras, Division of Registry of Legal
Entities, VAT payer code LT205515515, share issue (ISIN) code LT0000117681)
(hereinafter - the Company) hereby informs, that on September 24, 2010 the
Management Board of the Company reviewed and approved the prepared draft
spin-off conditions. The draft spin-off conditions were prepared by the
Management Board following the resolution  of extraordinary general
shareholders meeting of the Company, dated June 18, 2010. 

The company, a part of activity of which (including assets, rights and duties),
including the activities of transmission system operator and electricity market
operator, performed directly by the Company and indirectly via its subsidiary
companies as well as a part of information technologies activities and other
activities in the field of electricity sector, related to the activity of
transmission system operator, will be spun-off and on the basis of assets,
rights and duties, assigned to this part, there will be established a new
company of the same legal status - LITGRID Turtas AB (legal entity code under
procedure established in the legal acts of the Republic of Lithuania will be
issued by the register of legal entities upon registration of LITGRID Turtas
AB, legal status - joint-stock company, prospective address of the head-office
A. Juozapavičiaus g. 13, Vilnius, the Republic of Lithuania, code of shares
issue (ISIN) will be assigned after LITGRID Turtas AB registers the shares
issue at the Central Securities Depository) (hereinafter - LITGRID Turtas AB). 

There are no terminated legal entities upon spin-off. The legal entity
continuing its activity after the spin-off - joint-stock company LIETUVOS
ENERGIJA, the legal person commencing its activity after the spin-off - LITGRID
Turtas AB. 

The spin-off of the Company is performed by way of spin-off, established under
Law on Joint-stock companies of the Republic of Lithuania, Article 71, P. 1 -
when a part of the company, which continues its activity, is spun-off and on
the basis of assets, rights and duties, assigned to this part, a single or
several new companies are established of the same legal status, i.e. separation
is performed by spinning-off a part of Company activity, as a set of assets,
rights and duties, which from the perspective of organization comprises an
autonomous economic unit, performing activity and able to perform its functions
on its own accord, based on which a new company LITGRID Turtas AB will be
established. 

The spin-off will be performed provided that under the procedure established by
legal acts of the Republic of Lithuania, the general shareholders meeting of
the Company adopts a resolution regarding the spin-off of the Company, approval
of the spin-off conditions and other related issues. The part of the Company
activity to be spun-off (the Company assets, rights and duties, transferred to
LITGRID Turtas AB upon the spin-off) will be transferred to LITGRID Turtas AB,
established upon the spin-off, from the moment of signing of transfer and
acceptance certificate or certificates of the respective assets, rights and
duties (hereinafter - Transfer and Acceptance Certificate).  The rights and
duties by transactions and the made transactions, included in the part,
spun-off from the moment of the signing of Transfer and Acceptance Certificate,
will be transferred to LITGRID Turtas AB,  a new company, established upon the
spin-off, and will become the rights and duties and the made transactions of
LITGRID Turtas AB. Moreover, the transferred assets, rights and duties as well
as transactions will be included into LITGRID Turtas AB bookkeeping. It is
intended to transfer to LITGRID Turtas AB, established upon the spin-off,
assets, rights and duties related to the part of activity, spun-off from the
Company, on December 1, 2010, but not later than by February 1, 2011. 

The Company spin-off conditions (including its all attachments), draft Articles
of Association of Company, which will continue its activity upon the spin-off,
and LITGRID Turtas AB, which will commence its activity upon the spin-off, sets
of financial statements of the Company for the last 3 years and annual reports,
a set of interim financial statements, made on June 30, 2010, assessment report
of spin-off conditions and report on the intended spin-off, prepared by the
Management Board of the Company, will be made available from September 27, 2010
until the general shareholders meeting of the Company, during which a
resolution will be adopted regarding approval of spin-off conditions of the
Company and other related issues and about which it will be announced under
procedure established by legal acts of the Republic of Lithuania, Monday -
Thursday from 7:30 to 16:30, on Friday from 7:30 to 15:15, at the following
address: Žvejų g. 14, Vilnius, the Republic of Lithuania, or at the new
premises of the Company at Elektrinės g. 21, Elektrėnai, the Republic of
Lithuania. The spin-off conditions of the Company and other documents related
to the spin-off will also be published at the stock exchange of the Republic of
Lithuania - NASDAQ OMX Vilnius and the website of the company -
http://www.le.lt and of which it will be announced in the daily Verslo Žinios. 

Renata Gaudinskaite, +370 5 278 2421