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WORKSERV (WSE): The conclusion of the agreement creating financial and register pledges over substantial assets

Raport bieżący nr 46/2016

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

The Management Board of Work Service S.A. (the “Issuer” or “Company”) hereby informs that on 13 July 2016 it obtained information that on 11 July 2016 an agreement creating financial and register pledge over the shares in Industry Personnel Services Sp. z o.o. (a company that is a wholly owned subsidiary of the Issuer) (“IPS”) was concluded between the Company as the pledger and Bank BGŻ BNP Paribas S.A., Raiffeisen Bank S.A., Bank Zachodni WBK S.A. and Bank Millennium S.A. as the pledgees (the “Banks”, “Pledgees”) (the “Agreement”).

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The purpose of the Agreement is to establish a financial pledge by the Issuer over 16,000 newly created shares in IPS to the benefit of the Banks and a register pledge over the shares in IPS to the benefit of Bank BGŻ BNP Paribas S.A. as the administrator of the register pledge for the purpose of securing payments of amounts resulting from the credit line agreement of 18 November 2015, which was concluded between the Issuer and the Banks and which the Company informed about in the current report no. 43/2015 of 19 November 2015.

The register pledge has been established up to the highest sum insured in the amount of PLN 277,500,000 over 16,000 shares of the nominal value of PLN 500,00 each and of the total nominal value of PLN 8,000,000. All the pledged shares give 100 % of the votes at the General Meeting of the Shareholders of IPS. The book value of all the pledged shares in the books of account amounts to PLN 29,042,490,00. The said shares constitute a long-term capital investment of the Issuer. The Company hereby informs that the request for the entry of the register pledge established under the Agreement has been filed to an appropriate registry court. The Issuer shall inform about the entry of the register pledge into the pledge register in a separate current report. There are no connections between the Issuer and the persons managing or supervising the Issuer and the Pledgees.

The conclusion of the Agreement is connected with increasing the share capital of IPS up to the amount of PLN 27,669,000,00 through issuing 16,000 shares and taking up all the newly created shares of IPS by the Issuer. According to the provisions of the credit agreement, in the event of taking up any newly created shares in IPS by the Issuer, the Company is obliged to establish a pledge over the newly created shares to the benefit of the Pledgees. In connection with the conclusion of the Agreement, the value of all the pledged shares in IPS exceeds 10% of the Issuer’s equity.

Signatures:

Maciej Witucki - President of the Management Board

Adam Pawłowicz - Vice-President of the Management Board


PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
DataImię i NazwiskoStanowisko/FunkcjaPodpis
2016-07-13Maciej WituckiPresident of the Management Board
2016-07-13Adam PawłowiczVice-President of the Management Board

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