| Management Board of Work Service S.A. ("Issuer" or "Company"), informs that on 21 October 2020 The Issuer concluded with the company under business name GI Group S.p.A. with its registered office in Milan, which is an indirect parent company of the Issuer (through GI International S.R.L. being shareholder of the Issuer), an agreement (the "Agreement") concerning the commencement of potential operational cooperation within the GI Group (the "GI Group") including also entities from the Issuer's group (the "WS Group”), in order to enable the development of relations between the two groups to benefit from mutual synergies, economies of scale, and reducing operating costs (the "Project"). Cooperation will consist of exchange of information under the Agreement to evaluate the following potential areas of intervention: 1) asset and liability transfers, completed at an arm's length basis; 2) transitioning to the same software and other operating systems by GI Group and WS Group; 3) creating a shared service center, to cover all or selected: purchasing, payroll, controlling, IT, human resources, legal, accounting, financing and treasury operations of both the Company Group and the GI Group. For the purposes of the Project, the Parties have agreed in the Agreement to establish appropriate working groups and functions, which shall be composed of GI Group and WS Group nominees as appropriate. The Agreement provides for the possibility to exchange relevant information in order to enable consideration, evaluation, advice, planning or implementation of the above mentioned cooperation. Pursuant to the Agreement, the Issuer is required to carefully consider the impact of the above mentioned cooperation on minority shareholders and to take action, and to take steps to ensure that the situation of those shareholders is duly taken into account. The Agreement binds the parties to the moment: (i) completion of the cooperation, or (ii) termination by the party with three months' notice. As a result of its analysis, the Issuer has concluded that it is justified to classify the information referred to above as inside information within the meaning of Article 17(1) of the MAR, to be published in this report. | |
