GIGROUP (GIG): Contract of the Issuer’s subsidiary reached the value of PLN 29,534,641.97 - raport 18

Raport bieżący nr 18/2017

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

The Management Board of "Work Service" S.A. (hereinafter referred to as: "Issuer" or "Company") informs that today it became aware that the total value of cash consideration of received orders for services performed by the Issuer’s subsidiary Sellpro Sp. z o. o. with its registered office in Wrocław (hereinafter referred to as “Subsidiary”) for H&M Hennes & Mauritz Logistics Sp. z o. o. with its registered office in Gądki, which is an entity from clothing industry (hereinafter referred to as: “Client”), resulting from the framework agreement concluded on 19 December 2013 (hereinafter referred to as "Agreement") reached the value of PLN 29,534,641.97 (in words: twenty-nine million five hundred thirty-four thousand six hundred and forty-one zloty and ninety-seven grosz), which exceeds the threshold of 10% of the Issuer's equity, what in the light of the financial criteria of relevance of agreements internally accepted by the Issuer, decides about the importance of the agreement.

The subject of this Agreement is the performance of services by the Subsidiary for the Client, on the basis of individual orders from the Client, service of packaging and customizing of goods, order completing, preparation of goods for shipment, restocking of goods.

The Subsidiary remuneration 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 Subsidiary with contractual penalties, which do not deviate from the market standards used in such agreements.

The agreement was concluded for an indefinite period of time. The Agreement may be terminated by any of the parties with a 30-day notice taking effect by the end of a calendar month.

On the basis of the conducted analysis of the event mentioned at the beginning, the Issuer concluded that it is justified to qualify the information about the fact as confidential within the meaning of Article no 17, Section 1 MAR, subject to the publication in the form of this report.

Legal basis:

Article no 17, Section 1 MAR (of Regulation (EU) no 596/2014 of the European Parliament and the Council of 16 April 2014 on market abuse (...)