2020-08-21 07:10, akt.2020-08-21 11:06
publication
2020-08-21 07:10
update
2020-08-21 11:06
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Gi International acquired 19,546,224 shares of Work Service, representing 29.8 percent. share capital and the total number of votes in the company – Work Service announced in a press release.
[Aktualizacja] Work Service quotes go by over 50 percent on Friday’s session. up. It is worth noting, however, that today’s great increases are only a slight catching up of losses compared to previous declines. The company’s situation is still difficult, finding an investor is only one of the initial stages of the road to proper restructuring
As stated, the acquisition of shares took place as a result of the conclusion of sale agreements with shareholders on August 14, 2020 (10,060,113 shares) and two contracts on August 19, 2020 (6,231,111 shares and 3,255,000 shares). Prior to the transaction, Gi International did not own the company’s shares.
In a separate announcement, Work Service announced that one of the conditions precedent of the entry into force of the restructuring agreement had been met – Gi Group confirmed the entry into force of the conditional surety under Polish law, enforceable in the Italian Republic. Earlier, the company informed about the conclusion by Gi Group and Work Service lenders of a conditional surety as security for repayment to banks and about the Gi Group’s declaration of voluntary submission to enforcement up to the amount of 150%. the company’s existing bank debt.
In February, Work Service and Gi International signed an investment agreement. The deadline for the fulfillment of the conditions precedent and the closing of the transaction was finally set by the end of August.
One of the conditions precedent specified in the investment agreement was the agreement with the investor of a loan agreement in the amount of PLN 210 million – Work Service informed about the fulfillment of this condition in the first half of August.
As then announced, the financing will be provided to cover Work Service’s payment obligations, including repayment of the existing reduced debt to banks in the amounts indicated in the repayment schedule, as well as the repayment of the existing debt to the Social Insurance Institution, the Tax Office and PFRON.
Pursuant to the investment agreement, Work Service undertook to increase the share capital by up to PLN 105 million and to offer newly issued shares at an issue price of PLN 0.39 per share. The investor undertakes to acquire such a number of shares as part of the planned capital increase, the total subscription price of which will correspond to the parts of the loan amount that will become due on December 31, 2020 and July 31, 2021, i.e. PLN 80 million.
Other conditions precedent of the investment agreement were, inter alia, consent of the anti-monopoly authorities to take over control of the company and agreeing with the banks to an agreement on debt restructuring.
The entire owner of Gi International is Gi Group, a company providing services in the field of temporary and permanent employment, recruitment, consulting and HR training. (PAP Biznes)
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