| The Management Board of Work Service S.A. ("Issuer", "Company"), regarding the resolution no. 3/2016 of the Extraordinary General Meeting of the Company of 18 May 2016 on launch of the bond issue programme ("EGMS Resolution"), about adoption of which the Issuer informed in the current report no. 25/2016 of 18 May 2016 - informs that on 13 September 2017 the Management Board of the Company adopted a resolution no. 2 on bonds issuance ("Issuance Resolution"). The Issuance Resolution has been adopted under the EGMS Resolution, as part of the implementation of the programme established in the Company concerning bond issuance up to the total nominal value not higher than PLN 150,000,000.00 (“Bond Issue Program”). Under the Issuance Resolution, the Management Board of the Company decided to issue, pursuant to art. 33 item 2 of the Act on Bonds of 15 January 2015, by submitting a bond purchase offer to the given addressee, in the number of not more than 149 addressees, secured ordinary bearer bonds with variable interest rate, in the number up to 60,000 bonds within one or two issues, with unit nominal value of PLN 1,000 ("Bonds"). The bonds shall be offered with the issuance price equal to the nominal value. The purpose of the issuance of the Bonds will be financing the purchase by the Work Service Group shares in a subsidiary Prohuman 2004 Kft. and financing the core business of the Group. The Management Board of the Company did not state the threshold for the issuance to be successful. The interest shall be paid from the issuance date each six months, on the last day of each interest period. The reference rate for determination of the interest rate shall be six-months base rate WIBOR (WIBOR 6M), determined for each interest period, plus margin on the level of 5 percentage points Bonds will be issued no later than 31 October 2017. Redemption of the Bonds shall take place within 15 months from the issue date (no later than 30 November 2018). The Company will have the right to early redemption of Bonds (call option). This bequest may be disabled or modified when issuing individual series of bonds by the Management Board. The bondholders will have the right to early redemption of Bonds (put option). This bequest may be disabled or modified when issuing individual series of bonds by the Management Board. Allocation of bonds for the investor shall be made under condition of submitting by the investor of a statement on acceptance of the Bonds purchase offer and payment by the investor of the issue price for the Bonds to the date and in a manner indicated in the Bonds purchase offer. The Bonds shall be issued as bearer bonds, without the form of a document, and shall be on the issuance date registered in the register within the meaning of art. 8 sec. 1 of the Act on Bonds, maintained by mBank S.A.. The Bonds can be introduced to the alternative trading system Catalyst, organised by BondSpot S.A. or the Stock Exchange in Warsaw (Giełda Papierów Wartościowych w Warszawie S.A). The Bonds are secured by an in blanco promissory note issued by Work Service SA, a registered pledges on 9.000.000 shares of Work Service SA owned by Shareholders of the company. In respect of claims arising from the promissory note , the Company will make a statement on submission to enforcement pursuant to art . 777 § 1 point 5 of the Code of Civil Procedure to a maximum of 120 percent of the nominal value of the Bond Issue Program. The aforementioned collateral was established to cover the entire Bond Issue Program. As a result of the analysis, the Issuer found that it is justified that the indicatedabove information should be qualified as confidential information within the meaning of Article 17(1) MAR, subject to publication in the form of this report. Legal basis: Article 17 (1) MAR (Regulation of the European Parliament and of the Council (EU) No 596/2014 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 Directive 2003/124/EC, 2003/125/EC and 2004/72/EC. Signatures: Maciej Witucki – President of the Management Board Krzysztof Rewers - Vice -President of the Management Board | |
