At the June 28, 2022, Ordinary General Meeting, PCF Group S.A. withdrew three key resolutions intended to establish a long-term incentive program for company personnel.
See it on page 1The withdrawn proposals included a conditional increase in share capital through the issuance of Series E ordinary shares and the issuance of Series C subscription warrants.
See it on page 1The cancellation of these items effectively halted the company's planned equity-based compensation strategy and associated capital expansion for that period.
See it on page 1The agenda change was initiated by a group of major shareholders, including Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko, and Krzysztof Dolaś.
See it on page 2The decision to remove these items was executed by the aforementioned shareholders acting under their rights as parties to a pre-existing shareholder agreement.
See it on page 1The regulatory filing confirms that the proposed issuance of Series C warrants would have involved waiving pre-emptive rights for existing shareholders and seeking admission of new shares to the Warsaw Stock Exchange.
See it on page 1The Management Board of PCF Group S.A., the Warsaw-based parent company of the game development studio People Can Fly, formally announced a significant modification to the agenda of its Ordinary General Meeting held on June 28, 2022. During this session, the assembly elected to withdraw three specific items from consideration that were originally intended to establish a long-term incentive structure for the company. This regulatory filing, issued in accordance with Polish financial transparency laws, details the suspension of corporate actions regarding the group’s capital structure and employee compensation strategies.
The withdrawn items included the adoption of a Multi-Year Incentive Program designed for key personnel within the company and its capital group, as well as a resolution for a conditional increase in share capital through the issuance of Series E ordinary shares. Additionally, the assembly removed a proposal concerning the issuance of Series C subscription warrants, which would have involved waiving pre-emptive rights for existing shareholders and seeking the admission of new shares to the regulated market on the Warsaw Stock Exchange.
This shift in the meeting’s scope was initiated by a specific group of major shareholders, including Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko, and Krzysztof Dolaś. Acting as parties to a pre-existing shareholder agreement, these individuals utilized their rights under the Commercial Companies Code to propose an amended agenda that deleted the resolutions pertaining to the incentive program. The decision reflects a strategic pause or pivot in the company’s approach to equity-based compensation and capital expansion during the mid-2022 period, specifically affecting the governance and financial planning of the People Can Fly capital group.
