GIGROUP (GIG): Conclusion of a factoring agreement by the Issuer and Issuer's subsidiaries - raport 6

Raport bieżący nr 6/2016

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 today it became aware of signing by the other party - Raiffeisen Bank Polska S.A. of a Factoring Agreement (dated 24 February 2016) concluded for a definite period of time by the Issuer and its subsidiaries. The Management Board of the Company notifies about exceeding the threshold by the Issuer.

On 24 February 2016 the following agreement was concluded by the Issuer:

1. Factoring Agreement (with client's policy) and Factoring Agreement (without policy).

The subject of the Agreement is:

1. financing the Issuer and its subsidiaries (IT Kontrakt Sp. z o.o., Work Express Sp. z o.o.) in the amount of PLN 37 000 000 by Raiffeisen Bank Polska S.A.

The Agreement allows for establishing of standard for this type of Agreements the following securi-ties, in particular

1. Assignment of rights to compensation from the policy in relation to contracting parties' liabili-ties functioning under the Factoring Agreement.

2. Promissory note declaration pursuant to the Civil Law issued to the Issuer.

3. Power of attorney for bank accounts.

The Factoring Agreement does not deviate from market standards used in similar factoring agreements. The said Agreement meets the criteria for recognition as valid agreement due to the fact that its value exceeds the equivalent of at least 10% of the Issuers own capitals.

Legal basis:

1. Art. 5 (1)(3) of the Regulation 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 (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.

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