GIGROUP (GIG): Closing of a sales transaction of subsidiary - IT Kontrakt sp. z o.o. by Work Service S.A. - raport 62

Raport bieżący nr 62/2017

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

With reference to current reports nos. 42/2017 dated 25 April 2017 and 51/2017 dated 8 June 2017, the Management Board of Work Service S.A. (“Company”) gives notice that after meeting all conditions precedent for closing the transaction included in the preliminary conditional share purchase agreement concluded on 31 March 2017 between the Company and SO SPV 118 sp. z o.o. with its registered office in Warsaw, an SPV controlled by Oaktree Capital Management (UK) LLP acting jointly with Cornerstone Partners sp. z o.o. (“Purchaser”) (“Agreement”), on 30th June, 2017 the Agreement was fulfilled and the transaction concerning the sale of 9,495 shares in IT Kontrakt sp. z o.o. with its registered office in Wrocław (“ITK”) (“Shares”), representing 94.95% of ITK’s share capital.

The price paid by the Purchaser was of PLN 146.858.174,59.

In the day of closing the transaction, the payment of the entire price for the Shares was paid and title to the Shares was transferred.

Part of the funds raised by the Company from the sale of Shares will be used for the early redemption of the U series bonds issued by the Company with a nominal value of PLN 80 million.

The operation and early redemption of the U series bonds issued by the Company are part of the reduction of debt and the implementation of optimization of the Company's financial policy..

Legal grounds:

Article 17 item 1 of the 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 Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.

Signatures:

Maciej Witucki – President of the Management Board

Piotr Gajek – Vice-President of the Management Board