GIGROUP (GIG): Change in significant conditions of factoring agreements by the Issuer’s Subsidiaries - raport 37

Raport bieżący nr 37/2016

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 16.06.2016) to Factoring Agreements concluded for an indefinite period of time by the Issuer’s Subsidiaries.

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

On 16 June 2016, the following annexes were signed by the Issuer’s Subsidiaries:

•Krajowe Centrum Pracy Sp. z o.o. –Annex no 4 to the Factoring Agreement (without customer's policy),

•Outsourcing Solutions Partner Sp. z o.o.- Annex no 2 to the Factoring Agreement (with customer's policy) and Annex no 2 (without customer's policy),

•People Care Sp. z o.o.- Annex no 4 to the Factoring Agreement (without customer's policy),

•Work Service International Sp. z o.o.- Annex no 4 to the Factoring Agreement (with customer's policy) and Annex no 4 (without customer's policy).

The Subject of the Annexes is:

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

The current securities have been maintained, i.e. Issuer’s guarantee pursuant to the Civil Code for the liabilities of the Issuer’s Subsidiaries and transfer of rights to the compensation from the policy regarding the receivables of the contactors operating under Factoring Agreements.

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.

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