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WORK SERVICE S.A.: Obtaining the approval of the Issuer's Supervisory Board for the intended transaction of acquiring GI Group sp. z o.o. with registered office in Katowice (2021-05-18 21:07)
KOMISJA NADZORU FINANSOWEGO

Raport bieżący nr26/2021
Data sporządzenia: 2021-05-18
Skrócona nazwa emitenta
WORK SERVICE S.A.
Temat
Obtaining the approval of the Issuer's Supervisory Board for the intended transaction of acquiring GI Group sp. z o.o. with registered office in Katowice
Podstawa prawna
Art. 17 ust. 1 MAR - informacje poufne.
Treść raportu:
The Management Board of Work Service S.A. ("Issuer" or "Company"), with reference to the current report No. 25/2021, informs that today the Issuer's Supervisory Board agreed to the Issuer to carry out a transaction consisting in the purchase of all shares in Gi Group sp. z o.o. with registered office in Katowice from GI International s.r.l. (wholly owned by Gi Group SpA based in Milan) and Mr. Stefano Colli-Lanzi as Sellers ("Transaction"). Gi Group sp. z o.o. is at the same time the total owner of the company Generale Industrielle Polska sp. z o.o. with registered office in Katowice. The Supervisory Board of Work Service S.A. accepted the key terms of the Transaction set out in the draft of the relevant share purchase agreement, which includes in particular the determination of the sale price of Gi Group sp. z o.o. shares. for the amount of PLN 23,700,000.00 ("Price"). Payment of the Price is to be made, depending on the choice of the Issuer: (i) in cash or (ii) by setting off the Issuer's claims against GI International s.r.l. or; (iii) by converting the Prices into the Company's shares of a new issue (the "Conversion"); or (iii) by converting the Price into a long-term loan or bonds, the repayment of which will take place within 3 years from the date of signing by the Issuer and the Sellers of a separate agreement regulating the repayment terms, but they will not differ from market conditions; or (iv) jointly in the manner specified in point (i), (ii), (iii) above, whereby all or part of the Price will be repaid in the manner set out in point (i) and / or (ii) and / or (iii).

At the same time, the Issuer informs that the possibility of settling the Price by means of Conversion is part of the process announced by the Issuer in the current report No. 20/2021 "Commencement of negotiations aimed at restructuring the Issuer's financial debt to GI International S.R.L." and – in the case of Transaction - there is, among others subject to the adoption by the General Meeting of Shareholders of an appropriate resolution on increasing the share capital by August 31, 2021. If the Issuer chooses a settlement method other than the Conversion or the General Meeting of Shareholders does not adopt a resolution to increase the share capital within the prescribed period, the Transaction should be settled in in cash no later than September 13, 2021 and/or by August 31, 2021 at the latest, the terms of a long-term loan or bond issue will be agreed by the parties.
The implementation of the Transaction subject to the consent of the Supervisory Board is the result of the conclusion of an operational cooperation agreement within the Gi Group, about which the Issuer informed in the current report 91/2020. The granting of this consent allows the Management Board of the Company to commence works aimed at the execution of the Transaction.

As a result of the analysis carried out, the Issuer assumed that qualification of the above-mentioned information as confidential within the meaning of Art. 17 (1) MAR, subject to publication in the form of this report, is justified.

Legal basis:
Art. 17(1) and (4) of MAR (Regulation EU no. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.

Signatures:
Iwona Szmitkowska – President of the Management Board
Nicola Dell’Edera - Vice-President of the Management Board

MESSAGE (ENGLISH VERSION)

WORK SERVICE SPÓŁKA AKCYJNA
(pełna nazwa emitenta)
WORK SERVICE S.A.Usługi inne (uin)
(skrócona nazwa emitenta)(sektor wg. klasyfikacji GPW w W-wie)
53-413Wrocław
(kod pocztowy)(miejscowość)
Gwiaździsta66
(ulica)(numer)
+48 71 37 10 900+48 71 37 10 938
(telefon)(fax)
www.workservice.pl
(e-mail)(www)
897-16-55-469932629535
(NIP)(REGON)
PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
DataImię i NazwiskoStanowisko/FunkcjaPodpis
2021-05-18Iwona Szmitkowska President of the Management Board
2021-05-18Nicola Dell’Edera Vice-President of the Management Board

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