VANTAGE DEVELOPMENT SA (15/2018) Conclusion by the Issuer of a subsidiary of the Issuer of a contract for construction works and general contracting of the second stage of the investment of the Legnica Valley

The Management Board of Vantage Development S.A. ("Issuer") informs that on March 7, 2018, a subsidiary of the Issuer, VD limited liability company, Flats XVII sp. K. ("Ordering party"), implementing the residential development project of the Legnica Valley at Małopanewska Street in Wrocław ("Investment "), concluded with ERBUD SA ("Contractor"), a contract for construction works and general contracting, worth PLN 29 million net ("Agreement"). On the basis of the Contract, the Contractor was obliged to complete and complete a multi-family residential building in the Legnica II Legnica investment, including the necessary technical infrastructure, land development and infrastructure, the demolition of existing buildings and the construction of an access road. Stage II of the Investment will cover 142 apartments with a total area of ​​7,248 m2. Completion of works was scheduled within 66 weeks from the date of delivery of the work commencement, which order may be issued by March 31, 2018 at the latest. The Purchaser is entitled until the order commencement of works, but no later than by 31 March 2018 to withdraw from the Agreement without giving a reason and without the right to charge a contractual penalty for withdrawal. If the Ordering Party does not issue an order to commence work in the above deadline, the Agreement expires on March 31, 2018, and the Contractor is not entitled to: the right to withdraw from the Agreement, contractual penalties or any other claim for damages. In addition, the Employer may, by 31 December 2019, withdraw from the Agreement in the case of min. delays in the implementation of individual stages of work. The total amount of all contractual penalties charged may not exceed 15% of remuneration. The Employer is entitled to claim damages exceeding the amount of the contractual penalty on the general principles of the Civil Code.

Source: company website, investor relations, current and periodic reports.

Company information
Company name:Vantage Development SA
Adress: ul. Dąbrowskiego 44 50-457 Wrocław
Phone:+48 71 7983577

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