RB 54:Conclusion of the Financing Agreement between the Company and the Investor.
Firma: WORK SERVICE SPÓŁKA AKCYJNASpis treści:
1. RAPORT BIEŻĄCY
2. MESSAGE (ENGLISH VERSION)
3. INFORMACJE O PODMIOCIE
4. PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
| KOMISJA NADZORU FINANSOWEGO | ||||||||||||
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| Raport bieżący nr | 54 | / | 2020 | ||||||||
| Data sporządzenia: | 2020-08-11 | |||||||||||
| Skrócona nazwa emitenta | ||||||||||||
| WORK SERVICE S.A. | ||||||||||||
| Temat | ||||||||||||
| Conclusion of the Financing Agreement between the Company and the Investor. | ||||||||||||
| Podstawa prawna | ||||||||||||
| Art. 17 ust. 1 MAR - informacje poufne. | ||||||||||||
| Treść raportu: | ||||||||||||
| Work Service S.A. Management Board ("Issuer" or "Company") - in relation to the current reports: (i) no. 10/2020 regarding the conclusion of negotiations with the lending banks of the Issuer ("Banks") concerning the change of financing conditions of the Issuer, (ii) No 12/2020 on the conclusion of an agreement with the company Gi International S.R.L., Milan, Italian Republic, owned by Gi Group S.P.A. ("Investor"), investment agreement of 13 February 2020. ("Investment Agreement") specifying, among others, the conditions and principles of granting financing to the Company by the Investor for the purpose of restructuring the existing debt of the Company to the Banks and financing the current activities of the group of the Company, and (iii) No. 27/2020 concerning the conclusion by the Issuer of a preliminary agreement with the Banks covering the arrangements for the restructuring conditions of the Issuer's debt - announces that on August 10, 2020 , the Company and the Investor entered into a financing agreement ("Financing Agreement") and thus another condition precedent determined in the Investment Agreement was fulfilled. The Financing Agreement determines that a facility with the total amount of PLN 210,000,000.00 (two hundred and ten million zloty) (“Loan Amount”) will be provided to the Company (“Financing”). The Financing will be provided to cover the following payment obligations of the Company, including without limitation repayment of the reduced existing Banks debt in the amounts indicated in the bank repayment schedule, as well as payment of existing ZUS debt, existing US debt and existing PFRON debt. The Financing will be provided by the Investor subject to fulfilment of the following conditions ("Conditions Precedent"): (a) the Investor or GI Group S.P.A. acquires, directly or indirectly, the majority stake in the share capital of the Company, i.e. the Investor becomes the ultimate owner of at least 50% (fifty percent) and 1 (one) share in the Company's share capital; (b) Iwona Szmitkowaska, Mr. Thibault Lefebvre and Nicola Dell’Edera are appointed as the Management Board’s members of the Company; The Loan Amount becomes due in the following manner: (a) the part of the Loan Amount amounting to PLN 30,000,000.00 (thirty million zloty) becomes due on 31 December 2020; (b) the part of the Loan Amount (if disbursed effectively before the end of 31 December 2020) amounting to PLN 50,000,000.00 (fifty million zloty) becomes due on 31 July 2021; (c) the remaining part of the Loan Amount becomes due on 31 July 2025. Under the Financing Agreement, the Company undertakes to execute the share capital increase amounting to at least PLN 30,000,000.00 (thirty million zloty) and up to the maximum amount of PLN 105,000,000.00 (one hundred five million zloty) and offer the newly issued shares at the issue price of PLN 0.39 per share whereby the Investor shall exchange the Loan Amount that becomes due on 31 December 2020. The Investor undertakes to subscribe for at least a number of newly issued shares in the planned share capital increase, which total subscription price amounts to the parts of the Loan Amount, which becomes due on 31 December 2020 and 31 July 2021, i.e. PLN 80,000,000.00 (eighty million zloty). The Financing Agreement shall provide that to secure the repayment of the Loan Amount and within one month after the Company shall make a declaration on its voluntary submission to enforcement under Article 777 § 1 point 5 of the Civil Procedure Code up to the Loan Amount valid until 31 December 2028; and pledge agreements over shares in the Company’s subsidiaries: Industry Personnel Services sp. z o.o., Sellpro sp. z o.o., Finance Care sp. z o.o., Krajowe Centrum Pracy sp. z o.o., Work Service Czech S.R.O., Work Service Slovakia S.R.O., will be executed. Legal basis: Article 17 section 1 MAR _EU_Regulations of the European Parliament and of the Council _UE_ No 596/2014 of 16 April 2014 on market abuse _Regulation on market abuse 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 Jarosław Dymitruk – Vice-president of the Management Board | ||||||||||||
| MESSAGE (ENGLISH VERSION) | |||
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| PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ | |||||
| Data | Imię i Nazwisko | Stanowisko/Funkcja | Podpis | ||
| 2020-08-11 | Iwona Szmitkowska | President of the Management Board | |||
| 2020-08-11 | Jarosław Dymitruk | Vice-president of the Management Board | |||
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