PGNiG : Current Report No. 84/2016

2016.08.26 16:01 Current Report No. 84/2016

Warsaw, 26 August 2016
Approval of the detailed terms for buy-back of treasury shares
for the purposes of the redemption thereof
Current report No. 84/2016
Further to Current Report No. 80/2016 of 25 August 2016, the Management Board of Polskie Górnictwo Naftowe i Gazownictwo S.A. ('PGNiG', the 'Company') announces that today it passed a resolution on the detailed terms and conditions for buy-back of treasury shares for the purposes of redemption thereof, including, inter alia, the invitation to submit offers for sale (the 'Invitation').
Based on the authorisation to define the detailed terms and procedure for buy-back of treasury shares which was granted by the resolution of the Company's extraordinary general meeting of 25 August 2016 (the 'Authorisation Resolution'), on 26 August 2016, the Management Board resolved to buy back 92,764,378 treasury shares of the Company. Any further buy-back of treasury shares on the terms and conditions of and within the scope provided in the Authorisation Resolution will be subject to a subsequent decision of the Company's Management Board to allow for completion of the buy-back of the treasury shares on or before 31 December 2016. The Management Board may also decide to withdraw from any further buy-back of the treasury shares on or before 31 December 2016 in accordance with the powers granted in the Authorisation Directive.
The form of the Invitation is attached herewith.