Legal11 bit studios
Resolutions Adopted by the Ordinary General Meeting of Shareholders of 11 bit studios S.A. on June 22, 2012
22 Jun 201218 pages~24 min full read
11 bit studios S.A. authorized a capital increase of up to 400,000 Series E shares, priced at a minimum of 9.00 PLN each, for listing on the Warsaw Stock Exchange’s NewConnect market.
See it on page 7Shareholders elected to retain the 2011 net profit of 1,292,777.32 PLN to offset historical losses and strengthen the company's supplementary capital.
See it on page 4The company mandated that at least 8% of annual net profits must be allocated to supplementary capital until that reserve reaches one-third of the total share capital.
See it on page 14Following the June 22, 2012 meeting, the company's total share capital was set to reach a maximum of 231,169.90 PLN across five share series.
See it on page 7The Articles of Association were updated to formally expand the company's business scope to include software development, game publishing, and electronic equipment production.
See it on page 13Corporate governance was formalized under a Management Board and a Supervisory Board of three to five members, with specific qualified majorities required for fundamental business or capital changes.
See it on page 16The Ordinary General Meeting of 11 bit studios S.A., held on June 22, 2012, established a strategic framework for the company’s financial recovery and future expansion following the 2011 fiscal year. During this period, the company reported a net profit of 1,292,777.32 PLN, which shareholders elected to retain for the purpose of offsetting historical losses and bolstering supplementary capital. To further fuel development, the company authorized a significant capital increase through the issuance of up to 400,000 Series E shares via private subscription. These shares, priced at a minimum of 9.00 PLN each, were designated for dematerialization and subsequent listing on the Warsaw Stock Exchange’s NewConnect alternative trading system.
Beyond immediate financial restructuring, the company formalized a broad operational scope and a rigid corporate governance hierarchy. The updated Articles of Association expanded the business profile to encompass software development, game publishing, and the production of electronic equipment. Governance is structured around a Management Board and a Supervisory Board consisting of three to five members, with specific qualified majorities required for fundamental changes to the company’s business profile or share redemption.
The long-term fiscal stability of the firm is supported by a mandate to allocate at least 8% of annual net profits to supplementary capital until that reserve reaches one-third of the total share capital. By the conclusion of these proceedings, the total share capital was set to reach a maximum of 231,169.90 PLN, divided across five share series. These measures collectively transition the company from a recovery phase into a structured growth phase, supported by both public market integration and internal capital preservation policies.
