| The Management Board of Work Service S.A. (the “Issuer”) hereby informs that on 23 October 2017 the Issuer, as the purchaser, concluded with Profólió Projekt Tanácsadó Kft. (the “Seller”) with its registered seat in Budapest, Hungary, a new purchase agreement of the remaining 25% of shares in the share capital of Prohuman 2004 Kft. (“Prohuman”) with its registered seat in Budapest, Hungary (the “Shares”) (the “Agreement”). The new Agreement replaces the Agreement of 13 December 2016 and the Agreement of 5 July 2017, about which the Issuer informed in the current report no. 69/2016 and the current report no. 66/2017 respectively. The sale shall take place in three tranches. The First Tranche includes 5,22 % of shares in the share capital of Prohuman and shall take place on 25 October 2017 for the price of 1,530,000,000 Hungarian Forints (“HUF”). The Second Tranche shall include 4,58% of shares in the share capital of Prohuman, and shall take place on 31 January 2018 for the price of 1,460,000,000 HUF. The Issuer may delay the acquisition of shares covered by the Second Tranche but not later than the date of the Third Tranche. In such a case, Seller shall be entitled to interest on delayed payment at the annual rate of 8%. The Third Tranche shall include 14,8% of shares in the share capital of Prohuman. The sale of the aforesaid shares shall take place by 27 April 2018 for the price of 4,115,000,000 HUF or if after 27April 2018 but not later than 29 June 2018 for the price of 4,335,000,000 HUF. Once that tranche is paid, the Issuer shall be the owner of 100% of shares in the share capital of Prohuman. In the event of any delays in payments other than those described in the section above, the Parties to the Agreement have agreed on interest on delayed payment at the annual rate of 20%. No Third Tranche payment will also give the Seller the right to terminate the Agreement. As a result of the conducted analysis, the Issuer has decided that it is justified to qualify the aforementioned information as confidential information pursuant to Article 17 section 1 of the Market Abuse Regulation (MAR), subject to publication in the form of the current report. Legal basis: Article 17 section 1 of the MAR (Regulation (EU) 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/EC). Signatures: Maciej Witucki – President of the Management Board Tomasz Ślęzak – Vice President of the Management Board | |
