Updated Mar 17, 2026 by PCF Group
Legal · February 10, 2023
Published by PCF Group
PCF Group S.A. has formally initiated a capital increase through the issuance of Series E ordinary bearer shares, leveraging authorized capital provisions to expand its financial base. This strategic move, finalized on February 10, 2023, involves the complete exclusion of pre-emptive rights for existing shareholders to facilitate a more streamlined allocation of the new securities. The primary objective of this issuance is to fund an increased capital commitment to Incuvo S.A., a Katowice-based subsidiary specializing in virtual reality development. This decision follows prior corporate disclosures regarding the group's intent to deepen its investment in this specific segment of the gaming industry. The issuance process includes the dematerialization of the new shares and an application for their admission to trading on the regulated market of the Warsaw Stock Exchange. By utilizing authorized capital, the management board aims to execute the capital raise efficiently, ensuring that the necessary resources are available to support the growth and operational integration of Incuvo S.A. within the broader PCF Group portfolio. This action necessitates formal amendments to the company’s articles of association to reflect the updated share capital structure. This corporate action reflects a targeted expansion strategy within the Polish game development sector, specifically focusing on the transition of existing intellectual properties into the virtual reality space. The legal framework for this issuance is governed by Polish financial regulations concerning periodic and current reports for public issuers. By securing this additional capital, PCF Group strengthens its position as a diversified developer and publisher, aligning its financial structure with its long-term strategic goals for subsidiary development and technological diversification.
PEOPLE CAN FLY Raport bieżący nr 6/2023 Data sporządzenia: 10 lutego 2023 r. Temat: Emisja akcji w ramach docelowego podwyższenia kapitału zakładowego Podstawa prawna: § 5 pkt 9 oraz § 14 pkt 1 i 2 Rozporządzenia Ministra Finansów z dnia 29 marca 2018 r. w sprawie informacji bieżących i okresowych przekazywanych przez emitentów papierów wartościowych oraz warunków uznawania za równoważne informacji wymaganych przepisami prawa państwa niebędącego państwem członkowskim Treść raportu: Zarząd PCF Group S.A. z siedzibą w Warszawie („Spółka”) informuje, że w dniu 10 lutego 2023 r. podjął uchwałę w sprawie podwyższenia kapitału zakładowego Spółki w ramach kapitału docelowego w drodze emisji akcji zwykłych na okaziciela serii E („Akcje Nowej Emisji”), pozbawienia dotychczasowych akcjonariuszy w całości prawa poboru wszystkich Akcji Nowej Emisji, ubiegania się o dopuszczenie i wprowadzenie Akcji Nowej Emisji do obrotu na rynku regulowanym prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A., dematerializacji Akcji Nowej Emisji oraz upoważnienia do zawarcia umowy o rejestrację Akcji Nowej Emisji oraz zmiany Statutu Spółki („Uchwała Emisyjna”).
i wprowadzenie Akcji Nowej Emisji do obrotu na rynku regulowanym prowadzonym przez Giełdę Papierów Wartościowych w Warszawie S.A., dematerializacji Akcji Nowej Emisji oraz upoważnienia do zawarcia umowy o rejestrację Akcji Nowej Emisji oraz zmiany Statutu Spółki („Uchwała Emisyjna”). Podjęcie Uchwały Emisyjnej związane jest z decyzją Spółki o zwiększeniu zaangażowania kapitałowego Spółki w spółkę zależną Spółki, tj. Incuvo S.A. z siedzibą w Katowicach, o czym Zarząd Spółki informował w raporcie bieżącym numer 2/2023 z dnia 27 stycznia 2023 r. W załączeniu do niniejszego raportu bieżącego przekazuje się treść Uchwały Emisyjnej.
PCF Group S.A., the parent company of People Can Fly, announced a strategic increase in its capital involvement in its subsidiary, Incuvo S.A., on January 27, 2023. The transaction involves a share swap agreement with Incuvo’s top executives, CEO Andrzej Wychowaniec and VP of Products Radomir Kucharski. Under the terms of the agreement, PCF Group will issue 136,104 new Series E ordinary shares at an issue price of 46.13 PLN per share, totaling approximately 6.28 million PLN. These shares represent roughly 0.45% of PCF Group’s share capital and voting rights. In exchange for the new PCF Group shares, the executives will contribute a combined 1,748,878 shares of Incuvo S.A. to PCF Group. This non-cash contribution increases PCF Group’s ownership stake and voting power in Incuvo from 50.01% to approximately 62.25%. The valuation for the swap was determined using a six-month volume-weighted average price for both companies' shares for the period ending November 30, 2022, with Incuvo’s fair value further verified by an independent auditor. The primary objective of this consolidation is to advance PCF Group’s long-term growth strategy. By deepening its control over Incuvo, PCF Group aims to diversify its portfolio into the virtual reality (VR) segment, leveraging Incuvo’s specialized expertise. The move is intended to foster publishing synergies within the group and facilitate the transition of existing intellectual properties into VR environments. To ensure long-term alignment, the newly issued shares are subject to a lock-up agreement effective until the end of December 2024, mirroring the restrictions placed on shareholders during the company’s 2020 initial public offering.
PCF Group S.A., the Warsaw-based parent company of game developer People Can Fly, held an Extraordinary General Meeting on August 7, 2023, to authorize a significant capital increase through the issuance of Series G ordinary shares. The primary thesis of the meeting was to secure additional funding necessary to execute the company’s updated 2023 growth strategy, which focuses on self-publishing, Game-as-a-Service (GaaS) models, and expanding production teams for specific projects including Project Dagger, Bifrost, and Victoria. The meeting resulted in the approval of a share issuance of at least one but no more than 2,510,904 new Series G shares with a nominal value of 0.02 PLN each. This issuance aims to raise at least 100.9 million PLN, effectively seeking to bridge the funding gap left by a previous Series F offering in June 2023, which raised 134.4 million PLN against a higher target. To facilitate a rapid capital raise, the assembly voted to deprive existing shareholders of their pre-emptive rights, opting instead for a private subscription via a book-building process targeted at qualified and institutional investors. The scope of this corporate action is centered on the Polish capital market, with the new shares intended for listing on the Warsaw Stock Exchange. The methodology for the issuance involves a private placement exempt from a full prospectus requirement, utilizing a book-building mechanism to maximize proceeds based on market demand. While pre-emptive rights were waived, the resolution includes a preference right for existing shareholders holding at least 0.25% of the company’s votes to maintain their proportional ownership. The resolutions were passed with high levels of shareholder participation, representing approximately 86.28% of the share capital. The critical Resolution 4, which authorized the capital increase and the exclusion of pre-emptive rights, received 28,838,521 votes in favor, with zero against and 3,507 abstentions. The Board of Directors is now authorized to finalize the issue price and execute the capital increase within six months of the meeting date.
PCF Group S.A., the parent company of game development studio People Can Fly, announced the formal registration of several amendments to its Articles of Association by the District Court for the Capital City of Warsaw on July 1, 2021. These changes, originally adopted during the Extraordinary General Meeting on May 24, 2021, primarily focus on restructuring the company’s share capital and granting the Management Board expanded financial authorities to support future growth and capitalization efforts. A central component of these amendments is the increase of the company’s share capital from 591,250.24 PLN to 599,004.52 PLN. This was achieved through the issuance of 387,714 Series D ordinary bearer shares, each with a nominal value of 0.02 PLN. Following this registration, the total number of votes resulting from all issued shares stands at 29,950,226. The total share capital now comprises 27,500,000 Series A shares, 2,062,512 Series B shares, and the newly issued 387,714 Series D shares. Furthermore, the amendments introduce a new provision authorizing the Management Board to increase the share capital within a designated authorized capital limit. This authorization allows for an additional increase of up to 29,562.50 PLN through the issuance of up to 1,478,125 new ordinary bearer shares over a three-year period. Notably, the Board is empowered to exclude existing shareholders' pre-emptive rights, in whole or in part, subject to approval from the Supervisory Board. This mechanism provides the company with significant flexibility to raise funds through private, closed, or open subscriptions, and facilitates the potential dematerialization and listing of new shares on the Warsaw Stock Exchange.
PCF Group S.A., the parent company of game development studio People Can Fly, announced the commencement of a bookbuilding process for a private subscription of up to 5,853,941 new Series F ordinary bearer shares. This capital increase is conducted under a prospectus exemption for offerings representing less than 20% of the company’s existing shares already admitted to trading on the Warsaw Stock Exchange (GPW) over a 12-month period. The primary objective is to secure funding in alignment with the company’s updated strategic goals. The offering is targeted exclusively at qualified institutional investors and large-scale investors committing at least EUR 100,000. Existing shareholders holding at least 0.25% of total voting rights as of February 28, 2023, are granted preference in the allocation process, provided they verify their holdings. Geographically, the offering is restricted to Poland and international markets under Regulation S of the U.S. Securities Act, explicitly excluding the United States, Australia, Canada, Japan, and South Africa. In conjunction with the share issuance, the company entered into an agreement with Trigon Dom Maklerski S.A. to manage the offering. Furthermore, a lock-up agreement was established with Sebastian Wojciechowski, the company’s CEO and key shareholder. Under this agreement, Wojciechowski has committed to a long-term restriction on selling his existing shares until December 31, 2027, with standard exceptions for strategic transactions or tender offers. This lock-up is intended to ensure leadership stability and alignment with the long-term interests of the company during its strategic expansion.