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WORKSERV (WSE): Conclusion of Factoring Agreements by the Issuer and Issuer's Subsidiaries - raport 85

Raport bieżący nr 85/2018

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

The Management Board of Work Service S.A. (hereinafter referred to as: Issuer, Company) reports that it has exceeded the materiality threshold in connection with the conclusion of Factoring Agreements with Bibby Financial Services Sp. z o.o. by the Issuer and its Subsidiaries on December 4th 2018. (“Factor”) for an indefinite period of time.

On 4 December, the Issuer and its Subsidiaries (hereinafter jointly referred to as "Customers") signed the following agreements ("Agreements") with the Factor:

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1. Factoring Agreement with recourse - between the Issuer and Factor;

2. Factoring Agreement with recourse - between Sellpro Sp. z o.o. and Factor;

3. Factoring Agreement with recourse - between Finance Care Sp. z o.o. and Factor;

4. Factoring Agreement with recourse - between Industry Personnel Sp. z o.o. and Factor;

The subject of the agreements is factoring financing of the Issuer and its Subsidiaries by the Factor in the total amount of PLN 14,000,000.

In the Agreements, the Factor undertook to provide factoring services on a permanent basis, on the terms specified in the Agreements, consisting in the purchase by the Factor of the Customer's receivables from the Recipients and for deliveries of goods and services meeting the criteria specified in the Agreement and in the General Terms and Conditions of Factoring at Bibby Financial Services Sp. z o.o.

"("General Terms and Conditions") as well as the provision of other services related to the financing and handling of receivables.

Pursuant to the Agreements, the Customers transfer to the Factor all rights related to the purchased receivables. On account of the Purchase Price, the Factor shall pay Advance payments to the Customers on the terms and conditions specified in the General Terms and Conditions. Payment of the Purchase Price to the Customers, reduced by the remuneration of the Factor and the Advances paid shall take place after the Factor has received the payment from the Recipient.

The Agreement allows for establishing of standard for this type of Agreements the following securities, in particular

1. Assignment of rights to compensation under the policy with respect to claims of counterparties operating under Factoring Agreements.

2. Bill of exchange declaration according to the Civil Law issued for the Issuer and Subsidiaries of the Issuer.

3. Claims of the Issuer and its Subsidiaries against Recipients acquired by Bibby Financial Services Sp. z o.o. pursuant to the provisions of the Factoring Agreements.

As a result of the analysis, the Issuer found that it is justified that the information indicated above should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report.

Legal basis:

Article 17 (1) MAR (Regulation 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 Directive 2003/124/EC, 2003/125/EC and 2004/72/EC.

Signatures:

Maciej Witucki – President of the Management Board

Tomasz Ślęzak – Vice-president of the Management Board


PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
DataImię i NazwiskoStanowisko/FunkcjaPodpis
2018-12-05Maciej WituckiPresident of the Management Board
2018-12-05Tomasz Ślęzak Vice-president of the Management Board

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