Related Documents
Legal
Current Report No. 27/2024: Increase in the Amount of Unsecured Guarantee for Bank of Montreal
The filing announces a formal amendment to the financing arrangement between People Can Fly Canada Inc., a subsidiary of PCF Group S.A., and the Bank of Montreal, aimed at expanding the unsecured guarantee supporting the bank’s credit exposure. Effective 15 November 2024, the guarantee amount is raised from CAD 9.2 million to CAD 13.154 million, reflecting the anticipated increase in the demand revolving facility from CAD 8.0 million to CAD 11.954 million. This credit line is intended to pre‑finance forthcoming Canadian tax incentives, and the larger guarantee aligns the security package with the expanded loan exposure. Concurrently, the first‑ranking hypothec on PCF Canada’s entire movable asset base will be increased from CAD 11.04 million to CAD 15.7848 million, ensuring that the bank’s priority claim remains proportionate to the heightened indebtedness. All other contractual terms of the original financing agreement, dated 24 May 2023, remain unchanged. The amendment is grounded in Article 17(1) of the MAR Regulation and follows the earlier disclosure made on 24 May 2023 concerning the original credit facility. The scope of the transaction is limited to the corporate group’s Polish parent company, its Canadian subsidiary, and the Canadian banking institution, covering a single fiscal period in 2024. No statistical sampling or broader market analysis is involved; the communication serves solely to inform stakeholders of the revised guarantee and collateral levels accompanying the enlarged revolving credit facility.
PCF GroupNov 2024
Legal
Raport Bieżący Nr 16/2023: Signing of a Credit Agreement by People Can Fly Canada Inc.
People Can Fly Canada Inc., a Montreal-based subsidiary of the Polish game development firm PCF Group S.A., entered into a strategic credit agreement with the Bank of Montreal on May 24, 2023. This financing arrangement establishes two distinct demand revolving credit facilities totaling 9.2 million Canadian dollars. The primary objective of this capital infusion is to bolster the subsidiary’s operational liquidity and bridge the financing of Canadian tax incentives, which are critical components of the region's game development ecosystem. The financial package is divided into a 1.2 million CAD facility dedicated to general working capital and corporate requirements, and a larger 8 million CAD facility specifically earmarked for financing tax credits. These credits are subject to annual renewal and carry interest rates based on the Canadian Prime Rate plus a standard market margin. To secure the financing, PCF Group S.A. provided an unsecured guarantee of 9.2 million CAD, while the Canadian subsidiary granted the bank a first-ranking security interest and a mortgage of 11.04 million CAD over its entire movable property and assets. The agreement imposes standard restrictive covenants and reporting obligations on the borrower, including limitations on changing the core business scope or incurring additional financial debt without lender approval. This transaction reflects a common industry practice where international studios leverage regional tax incentives through specialized banking products to maintain steady cash flow during lengthy development cycles. The scope of this disclosure is limited to the legal and financial obligations arising from the Canadian operations of the PCF Group as of the second quarter of 2023.
PCF GroupMay 2023
Legal
Raport bieżący nr 13/2023
PCF Group S.A. has entered into a strategic financial arrangement through its subsidiary, People Can Fly Canada Inc., by signing a letter of intent with the Bank of Montreal. This agreement, finalized on May 1, 2023, outlines the terms for two distinct demand revolving credit facilities intended to support the studio's North American operations. The primary objective of this financing is to provide liquidity for general corporate purposes and to bridge the gap for anticipated Canadian tax credits, which are a common component of game development financing in the region. The proposed credit facilities total 9.2 million Canadian dollars. Specifically, 1.2 million CAD is earmarked for working capital and general corporate needs, while the remaining 8 million CAD is dedicated to financing tax incentives. As part of the arrangement, the Warsaw-based parent company, PCF Group S.A., will act as a guarantor for the full amount of the debt. The subsidiary is also expected to provide customary security interests typical for this type of corporate lending transaction. This financial move reflects the group's efforts to optimize its capital structure and leverage regional fiscal benefits within the Canadian gaming industry. While the letter of intent establishes a framework for the loans, the finalization of the credit documentation is scheduled for approximately May 30, 2023. The management notes that the commencement of negotiations does not guarantee the final execution of the agreements, though it signals a clear intent to secure specialized funding for its Montreal-based operations.
PCF GroupMay 2023
Report
Raport Bieżący Nr 13/2023: Podpisanie Listu Intencyjnego w Przedmiocie Zawarcia Umów Kredytowych
The report announces that on 1 May 2023, People Can Fly Canada Inc. (PCF Canada), a subsidiary of PCF Group S.A., entered into an intent‑to‑borrow agreement with the Bank of Montreal and PCF Group as guarantor. The agreement outlines two revolving credit facilities: a demand facility up to 1 200 000 CAD for working‑capital and general corporate purposes, and a second facility of 8 000 000 CAD earmarked for tax‑relief financing in Canada. PCF Canada committed to provide customary collateral, while PCF Group pledged an unsecured guarantee of 9 200 000 CAD to secure the obligations. The parties agreed to negotiate definitive credit documentation by 30 May 2023, with completion expected around that date. The report clarifies that signing the letter of intent and initiating negotiations does not guarantee final execution of the credit agreements. The disclosure is limited to the Canadian subsidiary and its financing arrangements, covering a single fiscal year’s transaction. No survey or external data sources are cited; the information derives solely from internal corporate communications and regulatory filing requirements under Article 17(1) of MAR.
PCF Group