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The Ordinary Meeting of Shareholders of Work Service SA approved of the company's financial statements and elected a new Supervisory Board

The approval of the financial statements of Work Service SA for 2019, the granting of a vote of approval to the Management Board and the appointment of the new Supervisory Board are the outcome of the company's first Ordinary Meeting of Shareholders since its majority stake was taken over by Gi Group, the large international player in the HR. The Management Board of Work Service announced maintenance of high operational efficiency indicators, dynamic development of services in the field of personnel consulting, restructuring in the area of ​​HR, recruitment and employee outsourcing, ensuring the highest quality of customer service. In the nearest future, the Management Board of Work Service will start to consult the strengthening of the structure of the financial balance sheet and recapitalization of the company with the Supervisory Board.

 

The Ordinary Meeting of Shareholders of Work Service, the biggest Polish company in the HR industry, which was held on October 15 this year was the first one since the takeover in August  this year of the majority stake in the company by Gi Group, one of the world's leading companies providing services for the development of the labor market. As the company's management board informs, the shareholders approved the financial statements for 2019 and acknowledged the fulfilment of duties by the members of the Management Board of Work Service. It is a positive summary of the period of difficult restructuring, which finally ended up with securing the international investor in 2020.

 

The Ordinary Meeting of Shareholders appointed the new Supervisory Board composed of 7 dependent representatives (Maurizio Uboldio, Dario Dell’Osa, Antonio Carvelli, Davide Toso, Federica Polo, Maria Luisa Cammarata, Francesca Garofolo, Gi Group) and 2 independent members (Donato di Gilio, Marcus Preston).

 

- The priority for Work Service is to maintain high operational efficiency indicators and to develop services in the field of personnel consulting, restructuring in HR area, recruitment and employee outsourcing. It is crucial for us to constantly improve the quality of service to existing customers and to expand our portfolio with new ones - says Iwona Szmitkowska, Vice President of the Management Board of Work Service.

 

As the company's management board declares, thanks to the appointment of the new Supervisory Board, it will be possible to start consultations on the next stages of the transaction, regarding in particular the capital increase by up to PLN 105 million at PLN 0.39 per share. In connection with the restructuring process of Work Service carried out over the last two years, it is necessary to significantly strengthen the structure of the Company's balance sheet, which was one of the assumptions of the investment agreement implemented on August 24th this year, under which Gi Group took over the controlling stake in Work Service SA. The Management Board of the Company will start to consult this matter with the Supervisory Board in the nearest future.

 

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