Lithuanian electricity transmission operator LITGRID AB (company code 302564383, registered office address Viršuliškių skg. 99B, Vilnius, Lithuania) announces that on June 3, 2020 the opinion of the Audit Committee of the parent company UAB EPSO-G about the intention to conclude the agreement between LITGRID AB and related party UAB EPSO-G (hereinafter - the Transaction) on the transfer of tax liability has been received.
On May 25, 2020 the Audit Committee of UAB EPSO-G considered the Transaction and issued an opinion:
• compliance of the Transaction with market conditions is not assessed due to the reason that the Transaction is executed exclusively in accordance with requirements established in the Article 561 of the Law on Corporate Income Tax of the Republic of Lithuania (hereinafter - the Law on Corporate Income Tax), i.e. pursuant to the Article 561 of the PMI, the Transaction could not be entered into with an entity other than a group entity;
• the Transaction is fair and reasonable with respect to all shareholders of LITGRID AB who are not parties to the Transaction (the transfer of tax losses is carried out in accordance with the Law on Corporate Income Tax and LITGRID AB does not incur any losses due to the transaction).
On 5 June 2020 Board of the LITGRID AB approved conclusion of the Agreement with UAB EPSO-G.
The individual authorized by LITGRID AB to provide additional information on the material event:
Jurga Eivaitė
Communications Manager
tel. +370 613 19977
e-mail: jurga.eivaite@litgrid.eu