| Management Board of Work Service S.A. ("Issuer" or "Company"), with reference to current report no. 42/2020 concerning the conclusion of a cooperation agreement on debt restructuring between the Company and the Issuer's lenders , hereby informs that today the Company concluded with BNP Paribas Bank Polska S.A., Bank Millennium S.A., Santander Bank Polska S.A. and Powszechna Kasa Oszczędności Bank Polski S.A. ("Lenders" or "Banks") an Annex No. 8 ("Annex") to the Loan Agreement of 18 November 2015, of which the Company informed in current report No. 43/2015 ("Loan Agreement"). The conclusion of previous annexes to the Loan Agreement concerned, among others, current reports no. 34/2017, no. 7/2018, no. 82/2018, no. 86/2018, no. 15/2020, no. 17/2020 and no. 28/2020. The Annex introduces to the Loan Agreement the provisions defined in the cooperation agreement in the scope of debt restructuring, the conclusion of which the Company informed in current report no. 42/2020 ("Restructuring Agreement"), in particular the principles and scope of repayment of the Company's receivables due to the Banks under the Loan Agreement in the principal amount of approximately PLN 110,350,000.00 ("Existing Bank Debt") up to an amount corresponding to 50% of the principal amount (the "Repayment Amount"), as well as, among others, reduction of the whole part of interest on the principal amount deferred under the Loan Agreement. Amendments to the Loan Agreement defined in the Annex come into force on the date of fulfilment of all conditions precedent specified in the Restructuring Agreement ("Day of Entry into Force"). Furthermore, on the Day of Entry into Force, the Lenders shall release the collaterals established for the benefit of the Lenders by each of the Guarantors (within the meaning of the Loan Agreement), and the Guarantors shall cease to be parties to the Loan Agreement. Moreover, the Company also informs that the following documents related to the Restructuring Agreement have been signed today: i.e. (a) Gi Group S.P.A. ("New Guarantor") and the Banks have concluded a conditional guarantee under Polish law, enforceable in the Italian Republic ("Surety Agreement"), constituting a collateral for the repayment due to the Banks of the Repayment Amount together with interest, commissions and other incidental claims (on the terms and conditions set out in a separate document agreed between the New Guarantor and the Banks); (b) The New Guarantor has submitted statements of voluntary submission to enforcement pursuant to Article 777 of the Civil Procedure Code for the benefit of each Bank and a similar document under Italian law agreed with the Banks ("New Guarantor's Statements"); and (c) The Company has submitted for the benefit of the Banks statements on voluntary submission to enforcement pursuant to Article 777 of the Civil Procedure Code up to the amount of 150% of the Existing Bank Debt ("Company’s Statements"). At the same time, the Issuer informs that in connection with the conclusion of the Annex and the Surety Agreement and submission of the New Guarantor's Statements and the Company's Statements, some of the conditions precedent to the entry into force of the Restructuring Agreement have been fulfilled, of which the Company informed in current report no. 42/2020. Legal basis: Article 17 section 1 MAR _EU_Regulations of the European Parliament and of the Council No 596/2014 of 16 April 2014 on market abuse _Regulation on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC. Signatures: Iwona Szmitkowska – President of the Management Board Jarosław Dymitruk – Vice President of the Management Board | |
