During the Extraordinary General Meeting of Energomontaż-Południe its shareholders decided to start buying own shares. They also made a decision to merge with the daughter company - Centrum Kapitałowe-Modus sp. z o.o.

The Extraordinary General Meeting of Shareholders of Energomontaż-Południe SA was held on 20 December 2010. The shareholders adopted a resolution to buy own shares of up to 20% of the value of the company's share capital (14.194.400 shares). The shares will be purchased for the price not lower than their nominal value, i.e. PLN 1.00 each. Detailed rules on the price will be specified in separate resolutions of the Management Board after consultation with the Supervisory Board. It was agreed that the company would allocate for this purpose in total not more than PLN 65 million.

- For the purchase of the shares we want to allocate the capital obtained from recent issue of the E series shares. The shares can be intended for resale or used as a payment for the shares of acquired companies in the event of acquisition. After making a decision, precise goal will be made public. We also consider scenarios which will lead to an increase in the value and profit of the company - says Alina Sowa, the Vice-President of the Management Board of Energomontaż-Południe.

It was decided that the shares could be acquired by 20 December 2012 (for two years) or by the moment the resources allocated for this purpose run out.

During the Extraordinary General Meeting the shareholders also made a formal decision to merge with Centrum Kapitałowe-Modus sp. z o.o. which in 100% belongs to Energomontaż-Południe S.A. The merger will be executed through incorporation - transfer of all assets of CK-Modus to Energomontaż-Południe S.A. without increasing the share capital of the acquiring company.

At the Extraordinary General Meeting of Shareholders there were represented 8 shareholders who had in total 22.581.142 shares. This accounts for 31.82% of the total number of votes / share capital. Next General Meeting will be held on 27 December 2010 i.e. Monday at 1.30 p.m.