Transgaz’s Management Plan, approved with unanimity


Transgaz shareholders approved on September 23rd the Management Plan of the company for the period 2013-2017, prepared by the Board of Directors in accordance with the provisions of GEO no. 109/2011 on corporate governance of public companies. Sources within the company claim that the plan was unanimously approved by shareholders. Also, the shareholders approved the controlled closure of Nabucco Gas Pipeline International GmbH Austria (NIC) and of Nabucco National Companies. Transgaz shareholders approved a budget for the controlled closure worth EUR 20mln (the unconditional approval of WR 31/2012 issued by the Management Committee of Nabucco Gas Pipeline International GmbH Austria (NIC), which provides the adoption of this budget). They agreed Transgaz SA participation with OMV, as lenders, to grant Nabucco Gas Pipeline International GmbH Austria (NIC), as borrower, a loan worth a total of up to EUR 7.5mln (of which Transgaz’s share will not exceed 50%). This loan will carry interest and be backed with viable assets belonging to NIC, meant to cover the liquidity needs of NIC to avoid the insolvency and the related legal proceedings (including loss of control over NIC in favor of a liquidator), as they are regulated by the national law applicable to NIC, for the duration needed to clarify the result of the ongoing share capital increase operation. Transgaz’s General Meeting of Shareholders held yesterday also approved the company’s participation with contribution in cash worth up to EUR 1,340,000 to the share capital increase of Nabucco Gas Pipeline International GmbH Austria (NIC), in order to cover the liquidity deficit totaling EUR 7.5mln.