GIGROUP (GIG): Change in significant conditions of factoring agreement by the Issuer’s Subsidiary - raport 49

Raport bieżący nr 49/2016

Podstawa Prawna:
Art. 17 ust. 1 MAR - informacje poufne.

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 annex (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 annex was signed by the Issuer’s Subsidiary:

• Work Express Sp. z o. o. –Annex no 2 to the Factoring Agreement (without customer's policy)

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

Legal basis:

art. 17 ust. 1 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 Text with EEA relevance).

Signatures:

Maciej Witucki -President of the Management Board

Piotr Gajek - Vice-President of the Management Board