Raport bieżący nr 56/2018
Art. 17 ust. 1 MAR - informacje poufne.
The Management Board of Work Service S.A. (the "Issuer"), informs that on 4 October 2018, the Issuer concluded with Remango Investments Sp. z o.o. with its registered office in Warsaw (the “SPV”, and together with the Issuer – the “Parties”), a special purpose vehicle whose shares are held by Mr. Paweł Gos, Mr. Lesław Walaszczyk and a fund co-managed by CVI Dom Maklerski Sp. z o.o., the preliminary conditional share purchase agreement regarding the sale of shares in Exact Systems S.A. with its registered seat in Częstochowa (the "Agreement") (the "Transaction") (the "Company").
Pursuant to the Agreement, the Issuer agreed to sell all of its 7,600,000 shares in the Company, constituting as of the date of the Agreement, 69.09% of the Company's share capital, entitling to 76% of the votes at the Company's general shareholders' meeting. The purchase price for the Issuer's shares has been set at PLN 139,760,000, however payment of PLN 13,000,000 has been deferred by 9 months.
The Agreement also assumes, that on completion of the Transaction, the Company will acquire the shares in Exact Systems GmbH for a purchase price in the amount of PLN 15,500,000, consisting of cash consideration of PLN 13,000,000 and share consideration of 6,99% of Company’s shares in Work Service SPV sp. z o.o.
After completion of both transactions, the total consideration for the Issuer will amount to PLN 155.260.000.
In addition, upon closing of the Transaction, the Company will repay to the Issuer an outstanding balance of intercompany payables. On 17 September 2018, SPV has obtained from the President of the Office for Competition and Consumer Protection (in Polish: Urząd Ochrony Konkurencji i Konsumenta) in Poland a consent for concentration, which was communicated by the Issuer by current report no. 51/2018 dated 20 September 2018.
The Agreement is conditional upon satisfying the conditions precedent indicated therein, which should be satisfied by 31 October 2018. Parties’ intention is to complete the Transaction and conclude the definitive share purchase agreement by 31 October 2018.
The Agreement provides for rescission rights for the Issuer and SPV on the terms and conditions indicated therein. Fulfilling the obligations specified in the Agreement is secured by mutual contractual penalties in the amount of PLN 10,000,000.
Other terms of the Agreement do not differ from the terms commonly used in the agreements of this type.
Selling of Exact Systems S.A. shares by the Issuer is a consequence of decided by the Management Board strategic options in the range of the future of subsidiary Exact Systems (Current report 79/2017 dated October 23rd 2017) and execution of adopted Development and Restructuring Strategy for the Work Service Group for years 2018-2020 (Current Report 82/2017 dated November 28th 2017). Based on adopted Strategy, the Issuer is reducing acquisitions earn-out liabilities toward minorities in Group subsidiaries and planning to vote cash acquired on sales of Exact Systems S.A. mainly for further adjusting Group financial structure by its progressive debt deleveraging.
As a result of the analysis, the Issuer found that it is justified that the indicated above information should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report.
|PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ|
|Data||Imię i Nazwisko||Stanowisko/Funkcja||Podpis|
|2018-10-04||Maciej Witucki||President of the Management Board|
|2018-10-04||Tomasz Ślęzak||Vice-President of the Management Board|