GIGROUP (GIG): Concluding by the subsidiary of the Issuer of a significant agreement - raport 51

Raport bieżący nr 51/2016

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

The Management Board of Work Service S.A. (hereinafter referred to as: the Issuer or the Company) notifies on receiving today of the information on exceeding the limit of statistical significance as a result of concluding on 17 August 2016 by the subsidiary - Exact Systems S.A. of an agreement with an entity from the automotive industry - LEAR Corporation GmbH (hereinafter: the Customer) - an agreement, which meets the criteria of a significant agreement (hereinafter referred to as: The Agreement).

The Subject of the Agreement is providing by the Issuer's subsidiary to the Customer, under particular orders from the Customer, quality control services such as selection, repair and sorting of parts, components and finished products.

Services will be provided in the UK , German, Hungarian , Romanian , Russian , Slovak , Czech , Turkish and Polish.

The remuneration of the Issuer's subsidiary for the execution of the Agreement is established under a detailed price list constituting an appendix to the Agreement.

The terms of the Agreement do not deviate from the market standards used in such agreements. The Parties did not reserve in the Agreement neither a condition nor a date. The Parties provided for the possibility of charging the Issuer's subsidiary with contractual penalties, which do not deviate from the market standards used in such agreements.

The Agreement has been concluded for the period of 2 years with the possibility of extension by the mutual written consent of the Parties. The Agreement may be terminated by any of the parties with a 3-month notice taking effect by the end of a month.

The Agreement meets the criteria for recognition as a significant agreement due to the fact that its value exceeds the equivalent of at least 10% of the Issuers own capitals.

Legal basis:

1.art. 17 sec. 1 MAR (Resolution 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).