LITGRID AB Extraordinary General Meeting Notice
Notice of Extraordinary General Meeting of Shareholders of LITGRID AB
Under the initiative and decision of the Board of LITGRID AB (company code 302564383), the Extraordinary General Meeting of Shareholders of LITGRID AB is convened at the Company’s registered office at Karlo Gustavo Emilio Manerheimo g. 8, hall No. 229 on 13 September 2024, at 10:00 a.m.
Agenda for the Extraordinary General Meeting
The agenda of the Extraordinary General Meeting of Shareholders includes:
- Adoption of financial investment decision for the project "Construction of the Harmony Link Interconnector".
- Termination of the 26 May 2020 Cooperation Agreement for the Implementation Phase of the Submarine Poland-Lithuania HVDC Harmony Link interconnector project.
- Declaration of the 23 April 2021 decision of the LITGRID AB Board null and void.
Shareholders' registration begins at 9:30 a.m. and ends at 9:55 a.m. on 13 September 2024.
The record date for participation is set as 6 September 2024. Participation and voting rights at the Extraordinary General Meeting of Shareholders can only be exercised by individuals who remain shareholders of LITGRID AB by the end of this record date.
All participants entitled to vote must present a document confirming their identity. Additionally, a non-shareholder must provide a document affirming their right to vote at the General Meeting.
Please note that participation and voting by electronic means is not permitted.
Approved Agenda Items
On 22 August 2024, the Board of LITGRID AB approved the draft decisions related to the agenda of the Extraordinary General Meeting:
1) Financial Investment Decision
The draft decision states:
1. To approve the 22 August 2024 LITGRID AB decision of the Board, following Clause 5.3 of the Harmony Link Cooperation Agreement, to adopt a Financial Investment Decision (FID) for the implementation of the technical solution for the project "Construction of the Harmony Link Interconnector" in Lithuanian territory, detailing:
- The object of the investment includes the construction of a new double circuit 220kV alternating current (AC) overland cable/overhead interconnection between the Polish-Lithuanian border and the Gižai substation.
- Construction of the Gižai substation with multiple voltage ratings in Lithuania.
- The maximum estimated budget for this Project is EUR 220,030,000.
- EXPECTED funding is designated at EUR 147,232,471.50, representing a 75% pro-rata share of the estimated eligible costs.
- The estimated completion duration for the Project is June 30, 2031.
2. Initial clauses for this decision shall come into effect under stipulated conditions beneficial to PSE S.A., including a corresponding positive Financial Investment Decision from them and termination of the Cooperation Agreement concerning the Submarine Poland-Lithuania HVDC Harmony Link interconnector project.
3. LITGRID AB may incur liabilities for damages should it not adhere to obligations outlined under this agreement.
2) Termination of Cooperation Agreement
The second point concerns the termination of the Cooperation Agreement established on 26 May 2020 regarding the Submarine Harmony Link interconnector project. The Board of LITGRID AB seeks approval for this termination.
3) Nullification of Previous Decision
Lastly, the 23 April 2021 decision of the LITGRID AB Board is proposed to be declared null and void as per the recommended resolution during the Extraordinary General Meeting slated for September 13.
Proposing Changes to the Agenda
Shareholders possessing at least 1/20 of the total voting rights can suggest amendments to the agenda. Proposals must be submitted to the Company by 29 August 2024 for consideration.
Submitting Questions and Proxies
Shareholders are encouraged to submit questions in writing regarding the agenda by no later than 9 September 2024. Additionally, shareholders can assign a proxy to represent and vote on their behalf at the General Meeting.
Voting Process
For any voting-related queries, shareholders may request the General Ballot Paper before the meeting date and must submit it by the end of the registration period at the General Meeting.
As per the records, the total number of shares entitling a voting right stands at 504,331,380.
Information regarding participation is readily available on LITGRID's website.
Frequently Asked Questions
What is the purpose of the Extraordinary General Meeting?
The meeting aims to discuss and approve significant investment and operational decisions for the company.
Who can participate in the meeting?
Only registered shareholders of LITGRID AB by the record date can participate and vote.
How can shareholders submit questions regarding the meeting agenda?
Questions must be submitted in writing and sent to the company by registered mail ahead of the deadline.
Can shareholders vote remotely?
No, participants are required to attend in person as electronic voting is not allowed.
Where can shareholders find more information about the meeting?
Comprehensive details regarding the meeting can be found on LITGRID's official website.
More information can be obtained by contacting: Mantas Bieliauskas, Communications Project Manager at +370 652 53424 or via email at mantas.bieliauskas@litgrid.eu.
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