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Greater revenues from the public offer will help Work Service enter new markets

02.03.2012

Due to improving situation on capital markets, Work Service S.A. decided to increase the maximum price for its shares to the amount of PLN 7.5. The Company has already found its first investor which guaranteed taking up as much as 5 million series L shares. Work Service plans to allocate funds obtained as a result of the first public offer to the acquisition of IT Kontrakt and other companies with operations in the personnel services industry in Poland and Central and Eastern Europe.

The Management Board of the Company with the approval of the underwriter established the maximum price, i.e. the highest price at which investors can subscribe for shares of Work Service S.A., of PLN 7.50. Purchase declarations in the "book-building” process will be accepted within the price range from 6.00 to 7.50 per one share.

“When taking the decision on increasing the maximum price for our shares, we took into consideration improving situation on capital markets and increasing fundamental value of our company. The previous maximum price reflected the negative trend which was present on financial markets and bleak prospects of economic growth in individual European countries, which was intensified by solvency problems of some countries of the euro zone. The new maximum price is also due to the conclusion of an agreement with IDM S.A. for taking up as much as 5 million shares of Work Service for the amount of PLN 6.00 per share, which was another factor that convinced us that our offer is attractive to our investors,” comments Tomasz Hanczarek, President of the Management Board of Work Service S.A.

 

Owing to the accomplishment of one of the earliest goals of issue and the increase of potential revenues from the issue of shares, as a result of the increase of the maximum price, Work Service has also updated its issue goals.

 

“The main goal of the public offer, namely taking over IT Kontrakt, remains unchanged. It is the largest company in Poland which specializes in the lease of IT specialists and programmers, which due to being included in the Work Service Capital Group will be able to offer its services on markets we are already present on: the Czech Republic, Slovakia, Germany and Russia. Owing to that the company acquired by us will be provided with more rapid development, and the Capital Group will enter new segments, also on the international market,” says Dariusz Rochman, Vice-President of the Management Board of Work Service S.A. We want to allocate additional funds which we plan to acquire as part of the public offer to the increase of the working capital of the company and further acquisition of a company from the personnel services sector worth PLN 50 million. Further acquisitions will allow us to consolidate the position of the personnel services market leader in Central and Eastern Europe. Thanks to this we will be able to compete equally all over Europe with other international players,” adds Dariusz Rochman.    

Basic subscription for shares of Work Service S.A. will take place from 22 to 26 March. 20 million series L shares are to be taken up, 15 million of which within the institutional investors tranche and 5 million in the open tranche. The maximum price per one share has been increase to PLN 7.50.

The Prospectous of Work Service S.A. is available here (in polish)

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