LegalPCF Group
Raport bieżący nr 18/2024: Delayed Inside Information Regarding Negotiations with Krafton Inc.
10 Sept 20243 pages~4 min full read
PCF Group S.A. has entered into a Master Services Agreement with Krafton Inc. to develop a new game mode for an existing Krafton title on a work-for-hire basis.
See it on page 1The negotiation process began following a proposal received on 13 June 2024, with the formal decision to negotiate made on 11 July 2024 and the agreement signed on 10 September 2024.
See it on page 1The contract is structured as a master services agreement, meaning specific production schedules, service descriptions, and payment terms will be defined in subsequent statements of work.
See it on page 2PCF Group S.A. delayed the public disclosure of these negotiations from 11 July 2024 to protect legitimate business interests and prevent competitive interference, in accordance with Article 17(4) of the EU Market Abuse Regulation (MAR).
See it on page 1The company maintained strict confidentiality throughout the negotiation period by managing an insider list as required by MAR Article 18.
See it on page 2The board confirms that the initiation of these negotiations does not guarantee the final execution of all project-specific contracts.
See it on page 2The primary aim is to inform the market that PCF Group S.A. entered negotiations with Krafton Inc. for a Master Services Agreement covering the development of a new game mode for Krafton’s existing title, and to explain why the related insider information was disclosed later than required under the EU Market Abuse Regulation (MAR). The board received Krafton’s proposal on 13 June 2024, decided on 11 July 2024 to commence negotiations, and ultimately signed the agreement on 10 September 2024. The public announcement of the negotiation decision was postponed on 11 July 2024 in accordance with MAR Article 17(4), and the delayed disclosure is now being released.
Key details indicate that the forthcoming contract will operate on a work‑for‑hire basis, with PCF acting as a developer contracted by Krafton and receiving a pre‑agreed remuneration. The agreement is framed as a master services contract, with specific terms such as service descriptions, production schedules, and payment levels to be defined in subsequent statements of work. The negotiated terms are described as consistent with standard production‑publishing agreements for similar projects, and the board stresses that the initiation of negotiations does not guarantee final contract execution.
The disclosure covers a cross‑border collaboration between a Warsaw‑based Polish company and a Seoul‑based South Korean publisher, situating the activity within the global video‑game development sector. The board’s justification for the delay rests on preventing potential competitive interference and market distortion, noting that immediate disclosure could have harmed the company’s legitimate interests and that no prior public statements existed that might mislead investors. Confidentiality was maintained through a controlled list of individuals with access, as required by MAR Article 18, and the board confirms that the delay did not constitute misinformation.
In compliance with MAR, the board will promptly notify the Polish Financial Supervision Authority of the delayed disclosure and will issue a separate report when the agreement is formally announced to the public. This approach aligns with regulatory guidance issued on 13 April 2022 and reflects the company’s commitment to transparent yet responsible market communication.
