Regulatory filing
The Management Board of Agora S.A. ("the Company") with its registered seat in Warsaw, in relation to a regulatory filing no. 22/2016 dated October 4th, 2016, hereby informs about:
(i) concluding on October 11th, 2016 a trilateral agreement ("Agreement") with trade unions operating at Agora S.A. (which fulfills the provisions of article 3, Section 1 of the Act of March 13th, 2003 on Special Rules for Termination of Employment for Reasons Not Attributable to Employees) and with works council in the Company (which constitutes an agreement in accordance with the Act of April 7th, 2006 on informing and consulting employees),
(ii) adopting by the Management Board of the Company on October 11th, 2016 resolution to execute group layoffs in accordance with the provisions of the Agreement.
The group layoffs shall be executed from October 20th, 2016 till December 31st, 2016 and shall affect up to 135 employees of the Company, i.e. ca 6.8% of all employees of the Company.
In accordance with the agreement, the laid-off employees will be provided by the Company with a wider range of supportive measures than it is required by law. The redundancy payment estimated according to law regulations shall be increased by indemnity in the amount equal to one additional monthly salary. The laid-off employees shall be supported by additional protective measures provided by the Company inter alia, help in searching for new job or reskilling.
The Company, in accordance with law requirements, shall submit an appropriate set of information, together with the signed Agreement, to a relevant Labor Office.
The Company shall provide its estimates of costs and savings related to the process of group layoffs in the Management Discussion and Analysis for the third quarter of 2016.
Legal basis: article 17, paragraph 1 of the Regulation of the European Parliament and Council Regulation (EC) No. 596/2014 of April 16th, 2014 on market abuse (Regulation on Market Abuse) and repealing Directive 2003/6 / EC of the European Parliament and of the Council and the Commission Directive 2003 / 124 / EC, 2003/125 / EC and 2004/72 / EC.