GIGROUP (GIG): Establishing registered pledges on the assets of substantial value - raport 5

Raport bieżący nr 5/2016

Podstawa Prawna:
Art. 56 ust. 1 pkt 2 Ustawy o ofercie - informacje bieżące i okresowe

The Management Board of Work Service S.A. ("The Issuer" or "The Company") notifies on receiving on 18 February 2016 information on establishing a registered pledge on the assets of substantial value in the possession of the Issuer.

Registered pledge was established on the basis of:

Decision of 3 February 2016 regarding the entry on the registered pledge on 352 assets with the nominal value of 1000 PLN each in the Subsidiary Work Express Sp. z o.o. with its registered office in Katowice (KRS 0000216937). Entry to the Registry of Pledges made on 3 February 2016 under the number 2480598.

Establishing of a registered pledge on the above-mentioned shares held by Work Service S.A. was made on the basis of the Registered Pledge Agreement and financial pledges on the shares in "Work Express" Sp. z o.o. ("Agreement") concluded on 18 November 2015 between Work Service S.A. as the Pledgor and BNP Bank Polska S.A. ("Creditor 1" or "Agent"), Bank Millenium S.A. ("Creditor 2") and BANK ZACHODNI WBK S.A. ("Creditor3") REIFFEISEN BANK POLSKA S.A. ("Creditor 4"), hereinafter jointly referred to as: "Creditors" as pledgees and Agent, as the administrator of the pledge register to secure the payment of the monetary amounts resulting from the Credit Line Agreement, on the conclusion of which the Issuer had informed with the current report no 43/2015 of 19 November 2015. The value of the liability covered by the registered pledge is 128,000,000 PLN.

The registered pledge was established to the highest security in the amount of 277,500,000 PLN on 352 shares, with the nominal value of 1000 PLN each with the total nominal value of 352,000 PLN, which is equivalent to 100% of the amount of the share capital of "Work Express" Sp. z o.o. The pledged shares provide 352 votes on the Shareholders' Meeting of "Work Express" Sp. z o.o. The registered value of the pledged shares in the accounting books is 67 604 819,00 zł. PLN. These shares constitute a long-term capital investment of the Issuer.

There is no connection between the Issuer or the Issuer's managing and supervising persons and the pledgees and their managing persons.

The criterion constituting the basis for the recognition of the aforementioned assets as assests of substantial value is the criterion that their value is greater than 10% of the amount of the Issuer's own capital. Simultaneously the value of the aforementioned pledges exceeds the value in PLN of 1,000,000 EUR, calculated on the basis of the average exchange rate published by the National Bank of Poland, in force on the day of the notification obligation.

Legal basis:

Art. 56(1)(2) of the Act on public offering and conditions for introducing financial instruments into organized trading system and on public companies (Dz. U. no 185, item 1439 from 2009, as amended) referring to § 5 (1)(1) 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.

Signatures:

Iwona Szmitkowska – Vice- President of the Management Board

Hubert Rozpędek – Vice-President of the Management Board