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28.12.2017, 14:27
WSE Change in significant conditions of factoring agreements by the Issuer and Issuer’s Subsidiaries
The Management Board of Work Service S.A. (hereinafter referred to as: the Issuer, the Company) informs that on this day became aware of signing by the other party Bank Millennium S.A. of annexes (dated 22.12.2017) to Factoring Agreements concluded for an indefinite period of time by the Issuer and Issuer’s Subsidiaries.
The Management Board of the Company notifies about exceeding the limit of significance by the Issuer and Issuer’s Subsidiaries. On 22 December 2017, the following annexes were signed by the Issuer and Issuer’s Subsidiaries: 1. Work Service S.A. -Annex no 9 to the Factoring Agreement (with customer’s policy), 2. Work Service S.A. –Annex no 8 to the Factoring Agreement (without customer’s policy), 3. Automotive Assembly Systems Sp. z o.o.-Annex no 8 to the Factoring Agreement (without customer’s policy), 4. Automotive Assembly Systems Sp. z o.o.-Annex no 8 to the Factoring Agreement (with customer’s policy), 5. Work Express Sp. z o.o.-Annex no 4 to the Factoring Agreement (without customer’s policy), 6. LogistykaPL Sp. z o.o.-Annex no 4 to the Factoring Agreement (without customer’s policy), 7. Finance Care Sp. z o.o.- Annex no 9 to the Factoring Agreement (with customer’s policy), 8. Outsourcing Solutions Partner Sp. z o.o.- Annex no 4 to the Factoring Agreement (with customer’s policy), 9. Outsourcing Solutions Partner Sp. z o.o.- Annex no 4 to the Factoring Agreement (without customer’s policy), 10. Exact Systems S.A.-Annex no 8 to the Factoring Agreement (with customer’s policy), 11. Exact Systems S.A.-Annex no 9 to the Factoring Agreement (without customer’s policy), 12. Industry Personnel Services Sp. z o.o.-Annex no 9 to the Factoring Agreement (with customer’s policy), 13. Industry Personnel Services Sp. z o.o.-Annex no 8 to the Factoring Agreement (without customer’s policy), 14. Sellpro Sp. z o.o.- Annex nr 10 to the Factoring Agreement (with customer’s policy), 15. Sellpro Sp. z o.o.-Annex nr 9 the Factoring Agreement (without customer’s policy). The Subject of the Annexes is extension of the validity period of the factoring limit of the Issuer and Issuer’s Subsidiaries for definite period. The current security has been maintained, i.e. transfer of rights to the compensation from the policy regarding the receivables of the contactors operating under Factoring Agreements and Issuer’s guarantee pursuant to the Civil Code for the liabilities of the Issuer’s Subsidiaries. The Company will establish a new security, i.e. the declaration of submission to enforcement made by the Issuer and Issuer’s Subsidiaries. Detailed conditions of the Annexes to the Factoring Agreements do not deviate from market standards used in similar factoring agreements. As a result of the analysis, the Issuer found that it is justified that the indicated above information should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report. Legal basis: Article 17 (1) MAR (Regulation of the European Parliament and of the Council (EU) No 596/2014 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 Directive 2003/124/EC, 2003/125/EC and 2004/72/EC. Signatures: Maciej Witucki - President of the Management Board Krzysztof Rewers - Vice-President of the Management Board
The Management Board of the Company notifies about exceeding the limit of significance by the Issuer and Issuer’s Subsidiaries. On 22 December 2017, the following annexes were signed by the Issuer and Issuer’s Subsidiaries: 1. Work Service S.A. -Annex no 9 to the Factoring Agreement (with customer’s policy), 2. Work Service S.A. –Annex no 8 to the Factoring Agreement (without customer’s policy), 3. Automotive Assembly Systems Sp. z o.o.-Annex no 8 to the Factoring Agreement (without customer’s policy), 4. Automotive Assembly Systems Sp. z o.o.-Annex no 8 to the Factoring Agreement (with customer’s policy), 5. Work Express Sp. z o.o.-Annex no 4 to the Factoring Agreement (without customer’s policy), 6. LogistykaPL Sp. z o.o.-Annex no 4 to the Factoring Agreement (without customer’s policy), 7. Finance Care Sp. z o.o.- Annex no 9 to the Factoring Agreement (with customer’s policy), 8. Outsourcing Solutions Partner Sp. z o.o.- Annex no 4 to the Factoring Agreement (with customer’s policy), 9. Outsourcing Solutions Partner Sp. z o.o.- Annex no 4 to the Factoring Agreement (without customer’s policy), 10. Exact Systems S.A.-Annex no 8 to the Factoring Agreement (with customer’s policy), 11. Exact Systems S.A.-Annex no 9 to the Factoring Agreement (without customer’s policy), 12. Industry Personnel Services Sp. z o.o.-Annex no 9 to the Factoring Agreement (with customer’s policy), 13. Industry Personnel Services Sp. z o.o.-Annex no 8 to the Factoring Agreement (without customer’s policy), 14. Sellpro Sp. z o.o.- Annex nr 10 to the Factoring Agreement (with customer’s policy), 15. Sellpro Sp. z o.o.-Annex nr 9 the Factoring Agreement (without customer’s policy). The Subject of the Annexes is extension of the validity period of the factoring limit of the Issuer and Issuer’s Subsidiaries for definite period. The current security has been maintained, i.e. transfer of rights to the compensation from the policy regarding the receivables of the contactors operating under Factoring Agreements and Issuer’s guarantee pursuant to the Civil Code for the liabilities of the Issuer’s Subsidiaries. The Company will establish a new security, i.e. the declaration of submission to enforcement made by the Issuer and Issuer’s Subsidiaries. Detailed conditions of the Annexes to the Factoring Agreements do not deviate from market standards used in similar factoring agreements. As a result of the analysis, the Issuer found that it is justified that the indicated above information should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report. Legal basis: Article 17 (1) MAR (Regulation of the European Parliament and of the Council (EU) No 596/2014 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 Directive 2003/124/EC, 2003/125/EC and 2004/72/EC. Signatures: Maciej Witucki - President of the Management Board Krzysztof Rewers - Vice-President of the Management Board