Brief: Work Service Updates On Sale Of Shares In Exact Systems

Gi Poland SA

22/05/2018 06:42

May 22 (Reuters) - WORK SERVICE SA  WSEP.WA :
    * SAID ON MONDAY THAT IT SIGNED THE HEAD OF TERMS REGARDING
SALE
OF SHARES OF EXACT SYSTEMS SA WITH PAWEL GOS, LESLAW WALASZCZYK
AND CVI DOM MAKLERSKI SP. Z O.O. (PURCHASERS)
    * THE HEAD OF TERMS REGARDS FRAMEWORK CONDITIONS OF
CONDUCTING A
MANAGEMENT BUY-OUT OF SHARES OF EXACT SYSTEMS SA HELD BY THE
ISSUER BY SPECIAL PURPOSE VEHICLE SET UP BY THE PURCHASERS 
    * INITIAL PURCHASE PRICE IS SET AT 162.6 MILLION ZLOTYS,
OF WHICH 13.0 MILLION ZLOTYS WILL BE DEFERRED UP TO 9 MONTHS
    * ADDITIONALLY, IN JUNE 2018, EXACT SYSTEMS WILL REPAY ABOUT
50%
OF INTER-COMPANY RECEIVABLES TOWARDS WORK SERVICE, FOR WHICH
FUNDS WILL BE GAINED THROUGH A BOND ISSUE
    * REMAINING INTER-COMPANY RECEIVABLES WILL BE SETTLED IN THE
PROCESS OF CLOSING OF THE TRANSACTION
    * COMPANY ALSO NEGOTIATES WITH PURCHASERS BOND FINANCING IN
THE
AMOUNT OF 20 MILLION ZLOTYS
    * COMPANY GRANTED PURCHASERS AN EXCLUSIVITY UNTIL JUNE 30
    * EARLIER IN APRIL, THE COMPANY AGREED TO SELL THE SHARES
FOR
178.6 MLN ZLOTYS  urn:newsml:reuters.com:*:nL5N1RF0EH; HOWEVER THE SALE DID NOT GO
THROUGH AS ONE OF THE TRANSACTION CONDITIONS WAS NOT MET

    
 Source texts for Eikon:  urn:newsml:reuters.com:*:nEM20hPXva  urn:newsml:reuters.com:*:nEM33RldRa
    
 Further company coverage:  WSEP.WA  
   


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