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11/03/2021 | Press release | Distributed by Public on 11/03/2021 04:06

22/2021 - Granting a loan to the Towarowa Giełda Energii up to PLN 240 million

2021-11-03 09:35:43

Current Report No. 22/2021

Date: 3 November 2021

Topic: Granting a loan to the Towarowa Giełda Energii up to PLN 240 million

Legal basis: Article 17(1) MAR - inside information

Content:
The Management Board of the Warsaw Stock Exchange ("GPW", "Company" or "Exchange") announces that on 3 November 2021, GPW has granted a revolving loan to the Towarowa Giełda Energii S.A. ("TGE") up to PLN 240 million (in words: two hundred forty million zlotys).
The loan will be granted in PLN. The interest rate is variable and is defined as the sum of the base WIBOR O/N interest rate and the margin. The loan will be repaid by June 30, 2022, with the possibility of concluding an annex for another period, which will depend on the situation on the international electricity market and TGE's liquidity needs.

TGE will be able to use the funds from the loan to the extent required by the market situation. The purpose of the loan is to finance VAT on transactions in electricity on the international market. The use of the loan will depend on the direction of trade on the Day-Ahead Market. TGE needed to raise funding due to different VAT rules applicable to international and domestic transactions, where VAT reverse charge only applies to the former. Financing is necessary in the period from the payment of VAT in domestic transactions to the return of the input VAT from the tax office. The economic and financial condition of TGE is very good, the profitability of the remains at a very high level.

TGE is 100% owned by the Warsaw Stock Exchange. TGE is a member of the GPW Group.

Legal basis: Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (EU Official Journal L No. 173) ("MAR")

Signatures of the Company's representatives:
Izabela Olszewska - Member of the Management Board
Dariusz Kułakowski - Member of the Management Board