GIGROUP (GIG): Change in significant conditions of factoring agreement by the Issuer’s Subsidiary - raport 48

Raport bieżący nr 48/2016

Podstawa Prawna:
Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bieżące i okresowe

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 18.07.2016) to Factoring Agreement concluded for an indefinite period of time by the Issuer’s Subsidiary.

The Management Board of the Company notifies about exceeding the limit of significance by the Issuer’s Subsidiary.

On 18 July 2016, the following annexes were signed by the Issuer’s Subsidiary:

• Sellpro Sp. z o. o. –Annex no 7 to the Factoring Agreement (without customer's policy),

• Sellpro Sp. z o. o. –Annex no 8 to the Factoring Agreement (with customer's policy).

The Subject of the Annexes is:

1. Extension of the validity period of the factoring limit of the Issuer’s Subsidiary for definite period.

The current security has been maintained, i.e. Issuer’s guarantee pursuant to the Civil Code for the liabilities of the Issuer’s Subsidiary.

Detailed conditions of the Annexes to the Factoring Agreements do not deviate from market standards used in similar factoring agreements. Mentioned Annexes meet the criteria for recognition as valid agreements due to the fact that their value exceeds the equivalent of at least 10% of the Issuers own capitals.

Legal basis:

1. Art. 5 sec. 1(3) of the Resolution of the Minister of Finance from 19 February 2009 regarding the current information given by the issuers of securities and the conditions for regarding as equivalent of the information required by law of a country which is not a member state,

2. Art. 56 sec. 1(2) of the Act of 29 July 2005 on public offering and conditions for introducing financial instruments into organized trading system and on public companies.

Signatures:

Maciej Witucki -President of the Management Board

Piotr Gajek - Vice-President of the Management Board