Notice of Extraordinary General Meeting of Shareholders of LITGRID AB
The Board of LITGRID AB (company code 302564383) has initiated and decided to convene an Extraordinary General Meeting of Shareholders. This meeting will take place at the Company's registered office located at Karlo Gustavo Emilio Manerheimo g. 8, hall No. 229 on 13 September 2024, starting at 10:00 a.m.
Agenda for the Extraordinary General Meeting
The agenda for this Extraordinary General Meeting of Shareholders includes the following items:
- Approval of the financial investment decision for the "Construction of the Harmony Link Interconnector" project.
- Termination of the Cooperation Agreement established on 26 May 2020 for the Implementation Phase of the Submarine Poland-Lithuania HVDC Harmony Link interconnector project.
- Declaration of the LITGRID AB Board's decision from 23 April 2021 as null and void.
Registration for shareholders will begin at 9:30 a.m. and will close at 9:55 a.m. on 13 September 2024.
The record date for participation is set for 6 September 2024. Only those who remain shareholders of LITGRID AB by the end of this record date will be able to exercise their participation and voting rights at the Extraordinary General Meeting.
All participants who are eligible to vote must present a valid identification document. Furthermore, non-shareholders must provide documentation that verifies their right to vote at the General Meeting.
Please be aware that electronic participation and voting are not permitted.
Approved Agenda Items
On 22 August 2024, the Board of LITGRID AB approved the draft decisions related to the agenda for the Extraordinary General Meeting:
1) Financial Investment Decision
The draft decision states:
1. To approve the decision made by the LITGRID AB Board on 22 August 2024, in accordance with 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 "Construction of the Harmony Link Interconnector" project within Lithuania, which includes:
- 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 set at EUR 147,232,471.50, which represents a 75% pro-rata share of the estimated eligible costs.
- The estimated completion date for the project is June 30, 2031.
2. The initial clauses for this decision will take effect under conditions favorable to PSE S.A., which include receiving a corresponding positive Financial Investment Decision from them and terminating the Cooperation Agreement regarding the Submarine Poland-Lithuania HVDC Harmony Link interconnector project.
3. LITGRID AB may incur liabilities for damages if it fails to comply with the obligations outlined in this agreement.
2) Termination of Cooperation Agreement
The second item on the agenda addresses the termination of the Cooperation Agreement established on 26 May 2020 for the Submarine Harmony Link interconnector project. The Board of LITGRID AB is seeking approval for this termination.
3) Nullification of Previous Decision
Finally, the proposal includes declaring the LITGRID AB Board's decision from 23 April 2021 as null and void, as recommended during the Extraordinary General Meeting scheduled for September 13.
Proposing Changes to the Agenda
Shareholders holding at least 1/20 of the total voting rights are entitled to propose amendments to the agenda. These proposals must be submitted to the Company by 29 August 2024 for consideration.
Submitting Questions and Proxies
Shareholders are encouraged to submit written questions regarding the agenda by no later than 9 September 2024. Additionally, shareholders may appoint a proxy to represent them and vote on their behalf at the General Meeting.
Voting Process
For any inquiries related to voting, shareholders can request the General Ballot Paper prior to the meeting date and must submit it by the end of the registration period at the General Meeting.
According to the records, the total number of shares that confer voting rights stands at 504,331,380.
Further information regarding participation is available on LITGRID's website.
Frequently Asked Questions
What is the purpose of the Extraordinary General Meeting?
The meeting is intended to discuss and approve important investment and operational decisions for the company.
Who can participate in the meeting?
Participation and voting are restricted to registered shareholders of LITGRID AB as of the record date.
How can shareholders submit questions regarding the meeting agenda?
Shareholders must submit questions in writing and send them to the company by registered mail before the deadline.
Can shareholders vote remotely?
No, shareholders must attend in person, as electronic voting is not permitted.
Where can shareholders find more information about the meeting?
Detailed information about the meeting can be found on LITGRID's official website.
For additional inquiries, please contact: Mantas Bieliauskas, Communications Project Manager at +370 652 53424 or via email at mantas.bieliauskas@litgrid.eu.
