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137/2011 Court dismissed Danish petition - Orange Polska

Pursuant to Article 38(1.10) of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws of 2009 No. 33, item 259, with subsequent amendments), the Management Board of Telekomunikacja Polska S.A. (“TP S.A.” or "the Company") hereby informs that GN Store Nord A/S  with its headquarters in Bellerup, Denmark (“GN Store Nord”) has filed to the District Court in Warsaw a suit to declare the nullity of the Resolution no. 3/2011 of the Extraordinary General Meeting of Shareholders on authorization for the Management Board to buy back the Company’s own shares for the purpose of their redemption dated 13 October 2011 and that the Court has dismissed a petition of GN Store Nord to secure claims by suspending the execution of share buy-back program conducted by the Company until the final decision in the legal proceeding is made.

The Company obtained information that GN Store Nord had filed a suit to declare the nullity of the Resolution no. 3 of the Extraordinary General Meeting of Shareholders dated 13 October 2011. Pursuant to the decision dated 17th November 2011, the Court dismissed a petition of GN Store Nord to secure claims. Neither the suit of GN store Nord nor the Court’s decision has yet been delivered to the Company.

The Management Board of the Company considers GN Store Nord’s suit to be groundless. GN Store Nord, which holds only 10 TP S.A. shares, has made an attempt to hinder a program of buy-back of the Company’s own shares, which is beneficial to shareholders. Such an action seems to be aimed not at exercising the shareholder’s rights but rather at exerting pressure on TP S.A. in connection with a pending legal dispute between Danish Polish Telecommunications Group I/S, a subsidiary of GN Store Nord, and TP S.A.

The Company may continue the execution of its share buy-back program, which has already been launched.

Moreover, the Company will take the relevant legal steps to have GN Store Nord’s suit dismissed.

 

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