Lietuvos Energija AB - Notification on material event

CORRECTION: Notice on Drafted Reorganization Terms of Joint-stock Company LIETUVOS ENERGIJA and Joint-stock Company LIETUVOS ELEKTRINĖ

Letter of auditor and assessment report added

Elektrėnai, Lithuania, 2011-05-12 10:00 CEST (GLOBE NEWSWIRE) -- The
joint-stock company LIETUVOS ENERGIJA (legal entity code - 220551550, legal
form - public limited liability company, registered office at Elektrinės g. 21,
Elektrėnai, Republic of Lithuania, whose data are collected and stored in the
Registration Division of Legal Entities of Vilnius Branch of the State
Enterprise Centre of Registers, VAT payer code LT 205515515, share issue (ISIN)
code LT0000117681) (hereinafter referred to as the Company) hereby informs that
on 11 May 2011, the Board of the Company considered and approved the Draft of
the Reorganisation Conditions of the Company and the joint-stock company
LIETUVOS ELEKTRINĖ. The Company produced the Draft of the Reorganisation
Conditions in compliance with the resolution of the extraordinary general
shareholders' meeting of the Company as of 19 January 2011. 

On the basis of this Draft of the Reorganisation Conditions of the Company and
the joint-stock company LIETUVOS ELEKTRINĖ, the Company and the joint-stock
company LIETUVOS ELEKTRINĖ (hereinafter referred to as the Companies) are
reorganised by the way of merge prescribed in Paragraph 4 of Article 2.97 of
the Civil Code of the Republic of Lithuania, by merging the Companies under
reorganisation (which, after the reorganisation, will terminate their
activities as legal entities) into Lietuvos energija, AB. The latter company
will start its activities after the reorganisation and will takeover all
property, rights and obligations of the Companies under reorganisation, i.e. a
new legal entity will emerge and continue the activities of the Companies,
which will seize to exist. This new legal entity will be Lietuvos energija, AB
(the legal entity code will be awarded after the company is registered with the
Register of Legal Entities in compliance with the procedure established by the
legal acts of the Republic of Lithuania, the company's legal form will be of a
public limited liability company, the future address of the company -
Elektrinės g. 21, Elektrėnai, Republic of Lithuania, issue emission code (ISIN)
will be awarded after the registration of the share issue of Lietuvos energija,
AB in the Secondary Securities Depository of Lithuania) (hereinafter referred
to as Lietuvos energija, AB). 

After the reorganisation the following companies will seize to exist - the
Company and the joint-stock company LIETUVOS ELEKTRINĖ. 

The merge of the companies will be implemented after the general shareholders'
meetings of the Companies will take a decision regarding the merge of the
Companies, the approval of the merge conditions and other related questions in
compliance with the procedure established in the laws of the Republic of
Lithuania. 

Lietuvos energija, AB will take over all current and fixed assets, current and
fixed liabilities, amounts receivable and payable as per Companies' agreements
and other obligations arousing on other grounds. Lietuvos energija, AB will
also take over all other rights and obligations of the Companies as per
transactions as well as other rights and obligations arousing from other
documents produced by the Companies (technical specifications, design
specifications, etc) except for the Companies' rights and obligations, which
cannot be delegated to other persons during the reorganisation in compliance
with mandatory legal norms of the Republic of Lithuania. Lietuvos energija, AB
will also take over all rights to licences, authorisations and diplomas used by
the Companies (hereinafter referred to as the Licences) if legal acts provide
for such a possibility of delegating rights (hereinafter the above property,
rights and obligations to be taken over by Lietuvos energija, AB will be
referred to as the Property, rights and obligations under transfer). The
property, rights and obligations under transfer and all transactions of the
Companies will be included into the accounting of Lietuvos energija, AB until
the moment Lietuvos energija, AB acquires the Licences and until the Licences
take effect (hereinafter referred to as the Date of Transfer). After the
effective date of the Licences is announced, separate acts of transfer and
acceptance of the Property, rights and obligations under transfer between
Lietuvos energija, AB and the Companies will be signed on the Date of Transfer
(i.e. on a respective date before the effective date of the Licences). 

The companies' reorganisation conditions (including all annexes), the draft
Articles of Association of Lietuvos energija, AB, which will continue its
activities after the merge, the Companies' sets of financial statements and
annual reports for the last three financial years, the assessment report of the
reorganisation conditions and the report on the prospect reorganisation
produced by the Board of the Company will be available from 12 May 2011 to the
date of the general shareholders' meeting of the Company, which will decide on
the approval of the Companies' reorganisation conditions and other related
questions, and which will be announced about in compliance with the procedure
established in the legal acts of the Republic of Lithuania, Monday through
Friday from 7.30 a.m. to 4.30 p.m., and Friday from 7.30 a.m. to 15.15 p.m., at
the following address: Elektrinės g. 21, Elektrėnai, Republic of Lithuania. The
Companies' reorganisation conditions and other documents related to the
reorganisation will be announced at the Stock Exchange of the Republic of
Lithuania NASDAQ OMX and on the Companies' websites www.le.lt and
www.lelektrine.lt 


         Jūratė Kavaliauskaitė
         Head of Communications
         Tel. +370 619 62019
         E-mail:jurate.kavaliauskaite@lpc.lt.

Attachments:

letter of auditor and assesssment report.pdf