WORK SERVICE S.A. - Conclusion of conditional share purchase agreement by a essential subsidiary company of the Issuer

KOMISJA NADZORU FINANSOWEGO

Raport bieżący nr 11 / 2017

Data sporządzenia: 2017-02-01

Skrócona nazwa emitenta

WORK SERVICE S.A.

Temat

Conclusion of conditional share purchase agreement by a essential subsidiary company of the Issuer

Podstawa prawna

Art. 17 ust. 1 MAR - informacje poufne.

Treść raportu:

With reference to the current report no. 2/2017, the Management Board of Work Service S.A. (“the Issuer”) hereby informs that on 1 February 2017 Exact Systems S.A. with its registered office in Częstochowa (“Exact Systems”) concluded with two foreign companies (“the Seller”) a conditional purchase agreement of 100 % of shares in a Portuguese limited liability company under the name QLS AUTOMOTIVE – SERVIÇOS DE CONTROLO DE QUALIDADE E LOGISTICA, LDA. (“The Portuguese Company”) (“the Shares”) (“the Agreement”). The purchase price for the Shares shall be EUR 9,200,000 and shall be adjusted by the net amount of debt according to the value as at 28 February 2017 (“the Price”). The conclusion of the share purchase agreement by Exact Systems depends on meeting the conditions precedent including: (i) reaching a determined EBITDA level, (ii) no breach of guarantee and warranties made by sellers in the Agreement, that would result in losses or damages of more than 20% of the Price, (iii) obtaining required corporate approvals, (iv) obtaining consents from bodies that finance the Portuguese Company. The share purchase agreement shall be executed on 20 March 2017 subject to confirmation of fulfilment of conditions precedent by 6 March 2017. If the conditions precedent are not met by 6 March 2017, each party of the Agreement shall be entitled to terminate it. Sellers’ liability for any loss or damage resulting from infringements specified in the Agreement (including untrue guarantees and warranties) is differentiated in terms of time, depending on a breach and limited to the amount of EUR 1,200,000. The Agreement provides a three-year non-compete clause limited in territory. In case of breach of that clause, Exact Systems is entitled to claim from the Sellers a contractual penalty. Exact Systems is entitled to claim a compensation exceeding a contractual penalty. The Portuguese Company is the only shareholder of three entities that operate in Portugal and Spain. The Agreement has been concluded under the Portuguese law. Other provisions of the Agreement do not differ from commonly applied terms and conditions for this type of agreement. Legal basis: Art. 17(1) of Regulation No. 596/2014 of the European Parliament and of the Council 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 Directives 2003/124/EC, 2003/125/EC and 2004/72

MESSAGE (ENGLISH VERSION)

WORK SERVICE SPÓŁKA AKCYJNA

(pełna nazwa emitenta)

WORK SERVICE S.A. Usługi inne (uin)

(skrócona nazwa emitenta) (sektor wg. klasyfikacji GPW w W-wie)

53-413 Wrocław

(kod pocztowy) (miejscowość)

Gwiaździsta 66

(ulica) (numer)

[phone] [phone]

(telefon) (fax)

www.workservice.pl

(e-mail) (www)

897-16-55-469 932629535

(NIP) (REGON)

PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ

Data Imię i Nazwisko Stanowisko/Funkcja Podpis

2017-02-01 Maciej Witucki President of the Management Board

2017-02-01 Piotr Gajek Vicepresident of the Management Board