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Opinion of the Management Board of PCF Group S.A. on Denying Shareholders Rights to Series D Shares (27 April 2021)

The Management Board of PCF Group S.A. issued this formal opinion on April 27, 2021, to justify the exclusion of existing shareholders' preemptive rights regarding the issuance of 387,714 Series D shares. This strategic move is directly linked to the acquisition of Game On Creative, Inc., a Montreal-based animation and audio production studio specializing in motion capture for AAA gaming titles. The issuance is structured as a private subscription exclusively for Fiducie Familiale Samuel Girardin 2020, a trust associated with the CEO of the acquired company. The primary objective of this capital increase is to integrate Game On’s specialized technical capabilities into the PCF Group and to secure the long-term commitment of Samuel Girardin, who will serve as Studio Head at People Can Fly Canada. To ensure alignment with long-term corporate goals, 70% of the newly issued shares are subject to a lock-up agreement lasting until the end of 2024. The capital raised from this issuance is earmarked for further strategic expansion, including the acquisition of new development teams or the establishment of additional production studios, following the exhaustion of previous investment funds. The issue price was set at 75.75 PLN per share, totaling approximately 29.4 million PLN. This valuation was determined based on the volume-weighted average price of the company’s shares on the Warsaw Stock Exchange over the 30 days preceding the acquisition date. The Management Board concludes that this pricing aligns with market standards and that the exclusion of preemptive rights is in the best interest of the company to facilitate its North American expansion and enhance its production capacity for high-end video game development.

investment funding europe+1

PCF GroupApr 2021

Legal

Raport bieżący nr 16/2021

The Management Board of PCF Group S.A., a prominent Polish game development studio, formally convened an Extraordinary General Meeting scheduled for May 24, 2021, in Warsaw. This regulatory announcement serves to notify shareholders of critical corporate governance actions and proposed changes to the company’s capital structure shortly after its initial public offering. The primary focus of the meeting involves deliberating on the issuance of new Series D shares and the potential expansion of authorized capital. Central to the proposed resolutions is the strategic decision to exclude existing shareholders' preemptive rights regarding the new Series D share issuance. The Management Board provided formal opinions justifying this exclusion, arguing that such a move facilitates more efficient capital raising and provides the flexibility necessary to execute the company’s long-term growth strategy. Furthermore, the board sought authorization to increase the share capital within a designated target capital framework, which includes the power to waive preemptive rights for future issuances with the approval of the Supervisory Board. These financial maneuvers are designed to streamline the process of setting emission prices and securing funding for ongoing development projects. By establishing a target capital mechanism, the leadership aims to respond rapidly to market opportunities without the administrative delays of repeated general meetings. This administrative action reflects the company's transition into a more mature phase of corporate financing within the Polish capital market, emphasizing agility in capital management to support its international gaming operations.

mergers-acquisitions europe game-publishing+2

PCF GroupApr 2021

Legal

Current Report No. 14/2021

This regulatory report, issued on April 27, 2021, details the acquisition of Game On Creative, Inc. by PCF Group S.A. (People Can Fly). The disclosure reveals previously delayed inside information regarding a non-binding letter of intent signed on March 11, 2021, and the subsequent execution of a definitive investment agreement. The transaction involves the 100% acquisition of the Montreal-based creative agency, which specializes in motion capture, cinematics, and audio for the global gaming industry. The financial structure of the deal establishes a purchase price based on eight times Game On’s 2020 EBITDA, subject to adjustments for debt, working capital, and potential leakage. The acquisition is primarily financed through a private subscription of PCF Group Series D shares issued to the seller’s trust, SG Trust. To align long-term interests, the agreement includes a five-year earn-out provision granting the seller 5% of annual EBITDA if specific targets are met. Furthermore, most newly issued shares are subject to a lock-up period, and a call option mechanism is established should the share registration face delays beyond 2021. Strategically, the acquisition integrates Game On into PCF Group’s North American operations. Samuel Girardin, the founder of Game On, transitions to the role of Studio Head at People Can Fly Canada while maintaining his presidency at Game On. PCF Group justified the initial delay in public disclosure under European Market Abuse Regulations to protect the integrity of negotiations and prevent third-party interference that could have compromised the transaction's terms or misled the public regarding the deal's certainty.

mergers-acquisitions investment europe+2

PCF GroupApr 2021

Legal

Consolidated Annual Report of PCF Group S.A. for 2020

PCF Group S.A. experienced a transformative fiscal year in 2020, characterized by significant corporate growth and the preparation for major international game releases. The primary focus of the period was the final development stages of Outriders, a major AAA title developed in collaboration with Square Enix, alongside the continued expansion of the group’s internal production capabilities. Financial performance for the year reflected a robust upward trajectory, with consolidated revenues reaching 95.5 million PLN, representing a substantial increase compared to the previous year. This growth was driven primarily by the work-for-hire model and milestone payments associated with ongoing development contracts for global publishers. The group maintained a strong balance sheet throughout 2020, ending the year with a net profit of 23.4 million PLN. A pivotal moment in the company's history occurred in late 2020 with its successful initial public offering on the Warsaw Stock Exchange, which provided the capital necessary to execute a long-term strategy of diversifying the project portfolio. This strategy includes the development of new intellectual properties under both self-publishing and partnership models. Geographically, the group expanded its footprint by strengthening its presence in Poland and North America, employing over 300 professionals across multiple global studios. Operational risks identified during the period included the potential impact of the COVID-19 pandemic on development timelines and the intense competition for talent within the global gaming industry. Despite these challenges, the management confirmed that all financial statements were prepared in accordance with International Financial Reporting Standards, providing a fair and clear view of the group's assets and financial health. The transition to a public company also necessitated the implementation of rigorous corporate governance standards and independent auditing processes to ensure transparency for new shareholders. Overall, the results from 2020 established a foundation for the group to transition from a specialized developer into a major global player in the action game segment.

investment europe poland

PCF GroupApr 2021

Legal

Raport Roczny PCF Group S.A. za 2020 r.

The 2020 annual financial disclosure for PCF Group S.A. outlines the company’s fiscal performance and operational status for the period ending December 31, 2020. As the parent entity of the People Can Fly studio, the group operates within the global AAA game development sector, focusing on high-budget action titles. The primary objective of this reporting is to provide a transparent overview of the company’s financial health, corporate governance, and strategic development following its transition to a public entity on the Warsaw Stock Exchange. Financial data presented in the disclosure adheres to International Financial Reporting Standards as adopted by the European Union. The figures reflect a pivotal year for the group, characterized by the final development stages of the title Outriders and the expansion of its international studio network. The reporting confirms that the financial statements provide a fair and clear view of the assets, liabilities, and overall financial results of both the individual company and the larger capital group. The scope of the analysis covers the group’s diversified geographic presence, including its primary operations in Poland and its subsidiary studios in North America and Europe. Beyond financial metrics, the disclosure emphasizes the implementation of rigorous corporate governance policies and the maintenance of auditor independence. It concludes that the group’s management has successfully navigated the risks inherent in large-scale game production while maintaining the necessary internal controls to support continued growth in the competitive global gaming market.

market-analysis investment game-publishing+2

PCF GroupApr 2021

Legal

Ocena Rocznych Sprawozdań Finansowych i Roczne Sprawozdanie Zarządu Dokonana Przez Radę Nadzorczą PCF Group S.A.: 2020

The Supervisory Board of PCF Group S.A. issued a formal assessment of the company’s individual and consolidated financial statements for the fiscal year ending December 31, 2020. The primary purpose of this evaluation is to verify the accuracy, legality, and reliability of the financial data and management reports provided by the executive board. This assessment covers the parent company and its capital group, ensuring compliance with Polish accounting laws and International Financial Reporting Standards (IFRS) as adopted by the European Union. The findings confirm that the financial statements provide a fair and clear view of the group’s assets, financial position, and cash flows. The methodology involved a comprehensive review of the reports alongside an independent auditor's opinion and direct consultations with the key statutory auditor via videoconference. The Supervisory Board concluded that the accounting books were maintained correctly and that all financial disclosures align with the actual state of affairs without material distortions. Beyond financial figures, the assessment validates the Management Board's report on activities and the statement on corporate governance for 2020. These documents were found to be consistent with the financial results and compliant with the disclosure requirements for public issuers of securities in Poland. The Supervisory Board’s positive evaluation serves as a formal endorsement of the company’s transparency and regulatory adherence during its first year as a publicly traded entity following its initial public offering.

investment market-analysis europe+1

PCF GroupApr 2021

Financial

Annual Consolidated Financial Report for the Fiscal Year Ended 31 December 2020

PCF Group S.A. achieved exceptional financial growth during the 2020 fiscal year, characterized by a fivefold increase in net profit to 24.6 million PLN and a rise in sales revenues to 103.8 million PLN. This performance was underpinned by a robust work-for-hire business model serving major global publishers, most notably Square Enix and Take-Two Interactive. The Group’s total assets expanded significantly to 95.7 million PLN, supported by a strong cash position of 41.3 million PLN following a successful debut on the Warsaw Stock Exchange in December 2020. This transition to a public joint-stock company coincided with a corporate restructuring that merged the parent entity with its primary subsidiary and expanded its international footprint through the acquisition of a new studio in Chicago. The Group’s revenue streams are primarily derived from game production services and royalties, with a high concentration of income—over 80%—originating from a single major client. To manage this dependency, the Group secured new development agreements and utilized strategic warrant-based incentive programs. Financial stability was further bolstered by government pandemic relief programs in Poland and the United States, which provided approximately 3.9 million PLN in forgivable loans. Operational costs were largely driven by third-party services and a growing workforce, which increased to 281 personnel by year-end. Accounting policies for the period focused on the capitalization of game development costs as intangible assets and the adoption of IFRS 16 for office leases. The Group also leveraged the IP Box tax relief, applying a preferential 5% corporate tax rate on qualified intellectual property income, which resulted in a low effective tax rate of 8%. Despite significant currency risks arising from the mismatch between PLN-denominated costs and USD/EUR revenues, the Group maintained high liquidity and a stable financial outlook, establishing a new dividend policy to distribute 10-20% of future net profits to shareholders.

investment europe poland

PCF GroupApr 2021

Financial

Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group Spółka Akcyjna oraz Spółki PCF Group Spółka Akcyjna w 2020 Roku

In 2020, PCF Group S.A. underwent a transformative period marked by its debut on the Warsaw Stock Exchange and a significant shift in its corporate structure. Following its conversion into a joint-stock company and the absorption of its primary subsidiary, the Group expanded its global footprint to include wholly-owned production studios in the United States, Canada, and the United Kingdom. This expansion was supported by a successful IPO that raised 100.3 million PLN, facilitating the acquisition of a development team in Chicago and the establishment of new studios in Łódź and Montreal. Financial performance in 2020 was characterized by robust growth, with consolidated revenue rising 24% to 103.8 million PLN and net profit surging by over 400% to 24.6 million PLN. This growth was primarily driven by work-for-hire Triple-A game production, which accounted for 96% of revenue. The Group benefited from a preferential 5% "IP Box" tax rate and pandemic-related subsidies from both Polish and North American government programs. Despite this growth, revenue remained highly concentrated, with over 80% derived from a strategic partnership with Square Enix. The Group’s development pipeline centers on high-profile action-RPG titles, including the 2021 release of *Outriders* and two major projects slated for 2024: *Project Gemini* and *Project Dagger*. While the Group continues to rely on major publishers like Square Enix and Take-Two Interactive for financing and distribution, it is actively transitioning toward a self-publishing model, notably retaining the intellectual property for *Project Dagger*. Strategic risks include heavy reliance on specialized talent, currency fluctuations, and the "key man" risk associated with CEO Sebastian Wojciechowski, who maintains a 50.31% stake and significant statutory control. Governance is characterized by high insider concentration, with a shareholder agreement controlling 71.25% of voting rights. While the Group adheres to most Warsaw Stock Exchange standards, it maintains a centralized management structure tailored to its rapid transition from a private entity to a major public developer.

investment ipo mergers-acquisitions+2

PCF GroupApr 2021

Legal

Sprawozdanie z badania rocznego sprawozdania finansowego 2020

This independent auditor’s report, prepared by Grant Thornton Frąckowiak, presents the results of the statutory audit of PCF Group S.A. for the fiscal year ending December 31, 2020. The primary purpose of the document is to provide an expert opinion on whether the company’s financial statements offer a fair and clear view of its financial position and performance in accordance with International Financial Reporting Standards (IFRS) and applicable Polish law. This audit marks the second consecutive year of Grant Thornton’s engagement and the first since the company’s shares were admitted to trading on the Warsaw Stock Exchange in December 2020. The auditors issued an unqualified opinion, concluding that the financial statements are reliable, consistent with the company’s accounting books, and compliant with statutory requirements. The scope of the audit covered the statement of financial position, the statement of profit or loss and other comprehensive income, the statement of changes in equity, and the statement of cash flows. The methodology followed National Auditing Standards (KSB) and EU Regulation 537/2014, utilizing professional judgment and skepticism to identify risks of material misstatement. A key audit matter identified during the process was the valuation of assets from contracts with customers and the recognition of sales revenue. For the 2020 period, PCF Group reported sales revenue of 76.2 million PLN and contract assets valued at 21.6 million PLN. The auditors highlighted the complexity of these contracts, which involve frequent modifications, variable compensation elements such as bonuses and warrants, and professional estimates regarding the degree of work completion. Audit procedures included analyzing internal control environments, verifying management assumptions against source documentation, and checking the accuracy of budget cost qualifications. The report also confirms that the management's activity report is consistent with the financial statements and meets all legal requirements regarding corporate governance disclosures. The auditors declared their independence from the company, noting that no prohibited non-audit services were provided during the period.

investment quality-assurance europe+1

Grant ThorntonApr 2021

Financial

PCF Group Annual Financial Report for the Fiscal Year Ended 31 December 2020

PCF Group S.A., a prominent video game developer headquartered in Warsaw, experienced a year of transformative growth and financial strengthening during the 2020 fiscal year. The period was defined by a successful debut on the Warsaw Stock Exchange, a strategic corporate merger with its subsidiary People Can Fly Sp. z o.o., and a substantial increase in production scale. Total assets grew by approximately 80% to 91.2 million PLN, while net profit rose more than twelvefold to 29.1 million PLN. This performance was underpinned by a 75.8% increase in sales revenue, totaling 83.5 million PLN, driven primarily by the "game production for hire" segment. The financial results highlight a high degree of revenue concentration, with over 80% of income derived from a major partnership with Square Enix for titles such as Outriders and Project Gemini. Revenue recognition followed IFRS 15 standards, incorporating work-for-hire milestones, intellectual property royalties, and intercompany services. Despite the global COVID-19 pandemic, operations remained resilient as the company transitioned to remote work and utilized Polish government financial shields. The company’s fiscal position was further optimized by the application of a 5% preferential IP Box tax rate, supported by formal tax interpretations. Operational expansion was a key theme throughout 2020 and early 2021, characterized by the growth of the workforce to 236 personnel and the strengthening of international subsidiaries in the UK, Canada, and the US. Significant post-balance sheet events included a Series B share issuance that raised 100.3 million PLN and the acquisition of a development team in Chicago. With a liquidity surplus of 29.4 million PLN and a new dividend policy recommending a 10% to 20% payout of net profit, the company concluded the year with a robust balance sheet and a clear trajectory for continued global scaling.

investment ipo europe+1

PCF GroupApr 2021

Legal

Raport bieżący nr 11/2021

PCF Group S.A. issued this regulatory report to disclose the acquisition of the Phosphor Games development team and the associated financial arrangements used to facilitate the transaction. Originally classified as delayed inside information under European Union Market Abuse Regulations, the details were made public on April 23, 2021, following the formal conclusion of the acquisition process. The transaction marks a strategic expansion for the Warsaw-based parent company into the United States market, specifically targeting the Chicago-based development talent of Phosphor Studios and Phosphor Games. The acquisition was executed through a newly established subsidiary, People Can Fly U.S., LLC. To fund this expansion and the operational integration of the Phosphor team, PCF Group S.A. provided a $5,000,000 loan to its American subsidiary. This ten-year intercompany loan carries an interest rate of LIBOR plus two percentage points and is secured by the assets of the U.S. entity, including its intellectual property rights. Prior to the acquisition, the two entities maintained a professional relationship through a work-for-hire agreement where Phosphor Games served as a subcontractor for People Can Fly projects. The decision to delay the public announcement from the initial signing of the letter of intent on March 31, 2021, was a tactical measure to protect the negotiation process. Management concluded that premature disclosure could invite third-party interference, worsen transaction terms, or lead to public misinformation regarding the deal's certainty. By waiting until the acquisition was finalized, the company ensured market stability and the successful execution of its long-term growth strategy within the global gaming industry.

mergers-acquisitions investment market-forecast+2

PCF GroupApr 2021

Legal

Raport Bieżący Nr 10/2021

PCF Group S.A., the parent company of game development studio People Can Fly, announced significant changes to its Supervisory Board effective April 1, 2021. This corporate action involved the simultaneous resignation of two board members and the appointment of their successors. The transition fulfills specific governance obligations outlined in the company’s November 2020 prospectus following its initial public offering on the Warsaw Stock Exchange. Bartosz Biełuszko and Krzysztof Dolaś resigned from their positions on the Supervisory Board to align with the company's post-IPO commitments. Despite stepping down from their oversight roles, both individuals maintain their operational leadership positions within the studio as Art Director and Technical Art Director, respectively. Their departures were mandated to occur within 60 days of the company’s shares being admitted to trading on the main market. To fill these vacancies, the Group of Authorized Shareholders—comprising Sebastian Wojciechowski, Bartosz Kmita, Bartosz Biełuszko, and Krzysztof Dolaś—exercised their personal rights under the company’s articles of association to appoint Barbara Sobowska and Kuba Dudek. Both new members will serve until the end of the current three-year joint term. The new appointees bring extensive legal and financial expertise to the board. Barbara Sobowska is a dual-qualified lawyer in New York and England & Wales with a background in international law firms and technology sector advisory. Kuba Dudek serves as a managing partner at SpeedUp Venture Capital Group, bringing experience from over 30 investment processes in the technology industry. Both appointees confirmed they do not engage in activities competitive with PCF Group S.A. and are not listed in the Register of Insolvent Debtors.

mergers-acquisitions europe poland

PCF GroupApr 2021

Presentation

People Can Fly 2020 – Omówienie Wyników

This financial and operational analysis details the performance of PCF Group (People Can Fly) for the 2020 fiscal year, a period marked by significant scaling and preparation for major releases. The group reported a 23.6% increase in revenue, reaching 103.8 million PLN, driven primarily by development work for Square Enix on Outriders and Project Gemini, as well as work for Take-Two Interactive on Project Dagger. Adjusted EBITDA saw a substantial rise of 76.7% to 32.6 million PLN, while net profit grew by over 400% to 24.6 million PLN. The group’s operational scope expanded globally during this period, with the workforce growing by 28.3% to 281 employees across studios in Poland, the United States, the United Kingdom, and Canada. This growth was supported by strategic acquisitions in early 2021, including Phosphor Games in Chicago and Game On Creative in Montreal, the latter specializing in motion capture and animation. These moves were intended to bolster internal production capabilities and secure new intellectual property rights, particularly under the agreement with Take-Two Interactive where PCF retains IP ownership. The production pipeline is centered on a multi-project strategy. Following the April 2021 launch of Outriders—which became Square Enix’s largest Steam debut—the group shifted focus to Project Gemini and Project Dagger. The latter is an action-RPG with a projected budget of 40-60 million EUR. To align interests with its primary publishing partner, Square Enix holds investment warrants that could represent up to 18.1% of the company, contingent on reaching specific revenue milestones. Financially, the group maintained a strong liquidity position, ending 2020 with 36.7 million PLN in net cash. This figure does not include the proceeds from a January 2021 share issuance. Capital expenditures increased to 6.6 million PLN in 2020, largely directed toward finishing a new headquarters in Warsaw and upgrading IT infrastructure to support concurrent AAA game development.

investment market-analysis europe+1

PCF GroupApr 2021

Legal

Raport Bieżący Nr 9/2021

The Management Board of PCF Group S.A. has officially rescheduled the publication date for its 2020 annual financial results. This adjustment affects both the standalone annual report for the parent company and the consolidated annual report for the entire capital group. The revised release date is now set for April 26, 2021, moving the disclosure forward from the previously announced deadline of April 29, 2021. This administrative update serves as a formal correction to the schedule originally established in January 2021. By advancing the publication date by three days, the company ensures that investors and regulatory bodies receive the comprehensive financial performance data for the 2020 fiscal year slightly ahead of the initial projection. The scope of this disclosure is limited to the Polish domestic market where the issuer is listed, specifically addressing the reporting obligations for the 2020 calendar year. The announcement adheres to the legal framework governing public issuers of securities in Poland, specifically following the regulations set by the Minister of Finance regarding current and periodic information. This procedural filing is a standard requirement for maintaining transparency within the capital markets, ensuring that all stakeholders are informed of changes to the financial reporting calendar. No specific reasons for the schedule acceleration were provided, as the primary function of the communication is to establish the new definitive date for the dissemination of audited financial statements.

investment market-analysis europe+1

PCF GroupMar 2021

Report

Cultural and Creative Sectors in Post-COVID-19 Europe: Crisis Effects and Policy Recommendations

Requested by the CULT Committee European Parliament Policy Department for Structural and Cohesion Policies Directorate-General for Internal Policies PE 652.242 – February 2021 EN Cultural and creative sectors (CCS) have been hit hard by the consequences of the COVID -19 pandemic. This study analyses the so far effects of the crisis on the CCS, as well as the policy responses that are formulated to support the sectors.

market-analysis marketing player-behavior+3

European ParliamentFeb 2021

Legal

Raport Bieżący Nr 7/2021

PCF Group S.A., the Warsaw-based parent company of the game development studio People Can Fly, finalized the transition of its Series B shares to the main market of the Warsaw Stock Exchange in early February 2021. This regulatory filing details the formal resolutions passed by the exchange management to convert temporary allotment certificates into permanent ordinary bearer shares. The process involved 2,062,512 Series B shares, each carrying a nominal value of 0.02 PLN. The transition followed a specific timeline where February 2, 2021, served as the final trading day for the rights to shares, previously identified under the ISIN code PLPCFGR00036. Effective February 3, 2021, these rights were replaced by the actual Series B ordinary shares, which were introduced to trading on the primary market under the new ISIN code PLPCFGR00010. This administrative milestone was contingent upon the formal registration of the shares by the National Depository for Securities. This action represents a standard post-IPO procedure for Polish game developers listed on the Warsaw Stock Exchange, ensuring that newly issued capital is fully integrated into the public trading environment. By converting these rights into shares, the company solidified its equity structure following its initial public offering. The resolutions governing this change took effect immediately upon their adoption on February 1, 2021, marking the completion of the listing process for this specific tranche of securities within the Polish capital market.

investment ipo market-analysis+2

PCF GroupFeb 2021

Legal

Raport Bieżący Nr 6/2021

PCF Group S.A., the parent company of the game development studio People Can Fly, established its financial reporting calendar for the 2021 fiscal year in compliance with Polish regulatory requirements for public issuers. The schedule outlines the specific dates for the release of annual, semi-annual, and quarterly financial results, ensuring transparency for investors and regulatory bodies following the company’s transition to the public market. The reporting cycle begins with the publication of both the standalone and consolidated annual reports for the 2020 fiscal year on April 29, 2021. Subsequent reporting for the 2021 fiscal year includes the consolidated quarterly report for the first quarter on May 28, 2021, and the consolidated quarterly report for the third quarter on November 29, 2021. The consolidated semi-annual report, covering the first half of 2021, is scheduled for release on September 29, 2021. The company has elected to utilize specific regulatory exemptions regarding the scope of its filings. PCF Group S.A. will not publish separate standalone quarterly or semi-annual reports, opting instead to include the required condensed financial information within its consolidated filings. Furthermore, the company has exercised its right to omit the publication of quarterly reports for the fourth quarter of 2020, as well as the second and fourth quarters of 2021, as permitted under the Regulation of the Minister of Finance. This schedule provides a clear roadmap for the company's financial disclosures throughout the 2021 calendar year.

investment market-analysis europe+1

PCF GroupJan 2021

Legal

Raport Bieżący Nr 5/2021

The management of PCF Group S.A., a Warsaw-based game development studio, officially disclosed a significant shift in its shareholding structure following a formal notification received on January 25, 2021. This disclosure pertains to a change in the percentage of share capital and total voting rights held by parties to a specific shareholder agreement. The notification was triggered by legal requirements governing public offerings and the conditions for introducing financial instruments into organized trading systems within the Polish market. The primary focus of the announcement is the adjustment of equity stakes held by a coordinated group of investors acting in concert. While the specific percentage increase or decrease is detailed in the accompanying annexes rather than the summary text, the notification confirms that the threshold changes necessitated a public filing under national securities regulations. This event reflects a realignment of influence within the company’s governing body shortly after its initial public offering, indicating a shift in the concentration of voting power among major stakeholders. This regulatory filing covers the Polish capital market and specifically concerns the corporate governance of PCF Group S.A. at the beginning of 2021. The data is based on mandatory legal declarations provided by the shareholders to the company’s management board. Such disclosures are standard procedural requirements intended to ensure transparency for minority investors and the broader financial market regarding the control and ownership distribution of publicly traded gaming entities. The report maintains a strictly technical and administrative tone, fulfilling the issuer's information obligations to the market regulator and the public.

mergers-acquisitions investment market-analysis+2

PCF GroupJan 2021

Legal

Uchwały Podjęte Przez Nadzwyczajne Walne Zgromadzenie PCF Group S.A. w Dniu 24 Maja 2021 R.

The Extraordinary General Meeting of PCF Group S.A., held on May 24, 2021, resulted in the formal adoption of several key corporate resolutions essential for the company’s governance and operational framework. This meeting, conducted in Warsaw, primarily focused on the election of leadership for the assembly and the establishment of specific incentive programs designed to align the interests of management and key personnel with those of the shareholders. The proceedings were conducted in accordance with Polish financial regulations regarding current and periodic information provided by issuers of securities. A central outcome of the assembly was the implementation of a long-term Incentive Program for the years 2021–2024. This program involves the issuance of subscription warrants and a conditional increase in share capital, excluding existing shareholders' pre-emptive rights to ensure flexibility in rewarding performance. Specifically, the resolution authorizes the issuance of up to 1,491,335 Series B subscription warrants, which entitle holders to subscribe for an equivalent number of Series C ordinary bearer shares. This capital increase is capped at a nominal value of 29,826.70 PLN, with the issue price for Series C shares set at 0.02 PLN per share. The scope of these resolutions covers the internal corporate structure and financial planning of PCF Group S.A. within the Polish gaming industry for the specified four-year period. By approving these measures, the assembly provided the Management Board and Supervisory Board with the legal mandate to execute the incentive scheme, which includes the authority to determine specific participants and the precise timing of warrant acquisitions. The meeting concluded without any objections being raised to the minutes or the rejection of any proposed resolutions, signifying shareholder consensus on the company’s strategic direction regarding executive compensation and capital management.

investment funding ipo+2

PCF GroupJan 2021

Opinion of the Management Board of PCF Group S.A. on Denying Shareholders Rights to Series D Shares (27 April 2021)

Raport bieżący nr 16/2021

Current Report No. 14/2021

Consolidated Annual Report of PCF Group S.A. for 2020

Raport Roczny PCF Group S.A. za 2020 r.

Ocena Rocznych Sprawozdań Finansowych i Roczne Sprawozdanie Zarządu Dokonana Przez Radę Nadzorczą PCF Group S.A.: 2020

Annual Consolidated Financial Report for the Fiscal Year Ended 31 December 2020

Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group Spółka Akcyjna oraz Spółki PCF Group Spółka Akcyjna w 2020 Roku

Sprawozdanie z badania rocznego sprawozdania finansowego 2020

PCF Group Annual Financial Report for the Fiscal Year Ended 31 December 2020

Raport bieżący nr 11/2021

Raport Bieżący Nr 10/2021

People Can Fly 2020 – Omówienie Wyników

Raport Bieżący Nr 9/2021

Cultural and Creative Sectors in Post-COVID-19 Europe: Crisis Effects and Policy Recommendations

Raport Bieżący Nr 7/2021

Raport Bieżący Nr 6/2021

Raport Bieżący Nr 5/2021

Uchwały Podjęte Przez Nadzwyczajne Walne Zgromadzenie PCF Group S.A. w Dniu 24 Maja 2021 R.

European Video Games Industry Insight Report: 2021