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Poland

Notice of Extraordinary General Meeting

The Management Board of PCF Group S.A., the Warsaw-based developer known as People Can Fly, issued a formal notice to convene an Extraordinary General Meeting scheduled for November 13, 2024. The primary purpose of this meeting is to address several corporate governance matters, including the approval of a co-opted member of the Supervisory Board, amendments to the company’s Articles of Association, and the adoption of a revised remuneration policy for members of the Management and Supervisory Boards. The company’s share capital is currently valued at 718,805.42 PLN, divided into 35,940,271 ordinary bearer shares across series A, B, D, E, F, and G. Each share entitles the holder to one vote at the meeting. The registration date for participation is set for October 28, 2024, sixteen days prior to the assembly. Shareholders representing at least one-twentieth of the share capital maintain the right to request the inclusion of specific items on the agenda or to submit draft resolutions electronically or in writing. The proceedings will be held at the ADN Conference Center in Warsaw and will be broadcast in real-time via the internet in both Polish and English. While the company does not permit remote participation or correspondence voting, it provides detailed procedures for representation by proxy. The agenda also includes formal administrative requirements such as electing a Scrutiny Committee and adopting a consolidated text of the amended Articles of Association. This announcement serves as a regulatory requirement under the Polish Commercial Companies Code to ensure transparency and shareholder engagement for the publicly traded entity.

investment game-development poland

PCF GroupOct 2024

Financial

Półroczne Sprawozdanie Zarządu z Działalności Grupy Kapitałowej PCF Group S.A. oraz Spółki PCF Group S.A.: 2024

PCF Group S.A. experienced a period of significant strategic realignment and financial volatility during the first half of 2024. Operating across international hubs in Poland, the UK, the US, and Canada, the Group reported revenues of 76.3 million PLN, an 11% year-over-year increase. This growth was primarily fueled by development fees from major work-for-hire partnerships, including Project Gemini with Square Enix, Project Maverick with Microsoft, and the newly initiated Project Echo with Krafton. Despite rising revenues, the Group’s net loss widened to 33.3 million PLN, a 155% increase from the previous year, driven by a 63% surge in operating costs and substantial non-cash write-offs. The reporting period was defined by a rigorous consolidation of the production pipeline. The Group canceled Project Dagger and Project Red following strategic re-evaluations, resulting in combined write-offs exceeding 76 million PLN. Furthermore, the renegotiation of the Project Gemini contract with Square Enix transitioned the project to a near-break-even margin, while the disappointing commercial performance of Bulletstorm VR led to the termination of its publishing agreement. These challenges have prompted a formal review of strategic options to secure new financial or strategic investors, as the Group estimates a need for 350 million PLN in new financing between 2025 and 2026 to sustain its self-publishing ambitions. Looking ahead, the Group’s long-term strategy targets 3.3 billion PLN in total revenue through 2028, anchored by the scheduled 2025 release of Project Bison and the 2026 early access launches of Project Bifrost and Project Victoria. While the Group maintains a stable equity-to-assets ratio of 0.80 and a current liquidity ratio of 1.76, it faces ongoing risks related to high wage pressures, dependency on external publishers who retain key intellectual property rights, and the inherent uncertainty of transitioning to a self-publishing model. Management has suspended dividends and incentive programs to prioritize liquidity as it navigates this capital-intensive development phase.

investment market-analysis poland

PCF GroupSept 2024

Legal

Current Report No. 22/2024: Update of the Strategy Implementation Timeline

The update serves to revise the implementation timetable for PCF Group S.A.’s corporate strategy, confirming that core strategic assumptions remain valid provided that additional financing is secured. The Board reiterates the strategic direction outlined in earlier reports while adjusting specific milestones to reflect current project progress and resource constraints. Project scheduling now targets the launch of the self‑publishing title “Bison” in 2025, followed by early‑access releases of “Bifrost” and “Victoria” in 2026. Workforce planning anticipates maintaining approximately 370 full‑time equivalents engaged in work‑for‑hire activities throughout 2025‑2028. Revenue objectives are set at a cumulative 3.3 billion złoty for the 2024‑2028 period, with an allocation of roughly 5 % in 2025, 27 % in 2026, 29 % in 2027 and 33 % in 2028. The Board also signals that dividend distribution will be deferred until positive earnings and cash flow are achieved from the publishing operations, not earlier than the fiscal year ending 2026. A pivotal condition for continued execution is the procurement of roughly 350 million złoty in new capital during 2025‑2026, essential to sustain the self‑publishing pipeline at its current scale. Consequently, the incentive scheme tied to a cumulative EBITDA profit of 1.5 billion złoty, originally slated for 2023‑2027, has been suspended and its performance horizon shifted to 2024‑2028 pending the financing outcome. The Board will also evaluate contingency scenarios should the required capital not materialize or if work‑for‑hire project deliverables falter. The assessment draws on internal analyses and publicly available market data, referencing prior internal reports dated August 2024 and January 2023. It is presented for informational purposes only, carries no investment recommendation, and has not undergone external audit or verification.

investment funding europe+1

PCF GroupSept 2024

Financial

Skonsolidowany Raport Półroczny Za Okres 01.01.2024 - 30.06.2024

PCF Group S.A. (People Can Fly) reported a period of significant financial and strategic transition during the first half of 2024. While consolidated sales revenues increased to 76.3 million PLN from 68.7 million PLN in the previous year, the Group’s net loss widened substantially to 33.3 million PLN. This downturn was primarily driven by rising operating costs, which reached 171.1 million PLN, and significant non-cash impairment charges totaling approximately 85 million PLN related to the cancellation of Project Red and Project Dagger. The Group’s cash reserves fell to 83.4 million PLN by June 30, 2024, as heavy investment in intangible assets and negative operating cash flows pressured liquidity. The Group’s revenue model remains heavily reliant on development fees from international partners, including Square Enix, Microsoft, and Krafton. However, a strategic shift in the relationship with Square Enix regarding Project Gemini—now operating on a cost-only work-for-hire basis—has compressed margins. To stabilize operations, the Group secured a new agreement with Krafton for Project Echo and continues to utilize the IP Box tax relief in Poland. Despite these efforts, the unsatisfactory launch of Bulletstorm VR and the termination of associated publishing agreements have further complicated the transition toward a self-publishing model. Looking forward, management has initiated a comprehensive review of strategic options to secure 350 million PLN in new financing required for the 2025–2026 period. This capital is essential to sustain the development of major self-published titles, including Project Bison, Bifrost, and Victoria, which have been rescheduled for release between 2025 and 2026. While the Board maintains a going concern assumption for the next 12 months, it acknowledges that failure to secure additional funding by the end of 2024 may necessitate a reduction in operational scale or a significant adjustment to the current business model.

mergers-acquisitions investment europe+1

PCF GroupSept 2024

Financial

Raport z przeglądu skróconego śródrocznego sprawozdania finansowego: PCF Group S.A. H1 2024

The independent auditor’s review of the condensed interim financial statements for PCF Group S.A. covers the first half of the 2024 fiscal year, specifically the period from January 1 to June 30, 2024. The assessment focuses on the company’s financial position, results of operations, and cash flows in accordance with International Accounting Standard 34. While the review concluded that the financial statements were prepared fairly in all material respects, the findings highlight significant risks regarding the company’s future operations and its ability to fund ongoing projects. A primary concern identified is a material uncertainty that raises significant doubt about the company's ability to continue as a going concern in its current scope. This uncertainty is linked to the necessity of securing additional financing to support a strategy focused on self-publishing and the development of internal game titles. Although management expresses confidence in obtaining the required capital, the success of these efforts remains unconfirmed, posing a risk to the long-term stability of the business. Furthermore, the financial statements reflect 239.5 million PLN in intangible assets related to ongoing development work for new games. The valuation and capitalization of these assets depend heavily on the company’s ability to complete development, which is contingent upon securing future funding. Management’s five-year cash flow forecast assumes the successful acquisition of new contracts and financing; however, the realization of these projections is subject to future events that are not guaranteed. The scope of this review was conducted under professional standards for interim reporting, which provide a lower level of assurance than a full statutory audit.

investment market-analysis poland

Grant ThorntonSept 2024

Legal

Financial Results 1H24

PCF Group S.A. reported its financial results for the first half of 2024, highlighting a period of strategic adjustment and portfolio expansion within the global gaming market. The group’s revenue for 1H24 reached PLN 76.3 million, a slight increase from PLN 68.7 million in 1H23. However, profitability was significantly impacted by a contract amendment with Square Enix regarding Project Gemini, which necessitated a margin reduction and a corresponding revenue adjustment in the second quarter. Consequently, the group reported an EBITDA loss of PLN 11.3 million and a net loss of PLN 33.3 million for the period. The financial performance was further affected by a PLN 7.8 million write-off related to Project Red. Despite these challenges, the first quarter of 2024 benefited from the release of Bulletstorm VR, which helped offset some of the downward pressure on half-year results. Geographically, the group maintains a strong international presence with 735 employees distributed across hubs in Poland, North America, and Europe. While the workforce saw a slight decrease from 756 in 2023, the developer core remains robust at 504 staff members. The group’s VR subsidiary, Incuvo, continues to advance its portfolio with three primary projects. Green Hell VR is progressing with DLC and co-op mode development, the latter scheduled for release in late 2024. Bulletstorm VR received a significant update in September 2024, marking the conclusion of its primary development cycle. Additionally, Project Bison is currently in the vertical slice phase. The data indicates a transition toward self-publishing and VR specialization as the group manages the financial volatility associated with major work-for-hire contract renegotiations.

investment europe market-analysis+1

PCF GroupSept 2024

Financial

Raport z Przeglądu Skróconego Śródrocznego Skonsolidowanego Sprawozdania Finansowego: 2024

This independent auditor’s report, prepared by Grant Thornton Polska, presents the findings of a semi-annual review of the consolidated financial statements for PCF Group S.A., a prominent Polish video game developer. The review covers the first half of the 2024 fiscal year, specifically the period from January 1 to June 30, 2024. The scope includes the consolidated statement of financial position, profit and loss, comprehensive income, changes in equity, and cash flows, all evaluated under International Accounting Standard 34 regarding interim financial reporting. The analysis concludes that the financial statements are prepared fairly in all material respects. However, the report highlights a critical material uncertainty regarding the Group’s ability to continue as a going concern. This uncertainty stems from the Group's strategic shift toward self-publishing and the production of original intellectual property, which requires significant additional capital. While management is actively pursuing new financing to sustain this strategy, the success of these efforts is not guaranteed. A significant portion of the Group’s assets is tied to intangible assets, specifically development work in progress valued at 165.28 million PLN as of June 30, 2024. These assets primarily represent ongoing internal game development projects. While management asserts that these projects meet the criteria for capitalization under International Accounting Standard 38, the auditor emphasizes that the five-year cash flow forecasts supporting these valuations are heavily dependent on uncertain future events, including the successful acquisition of external funding and the future performance of games currently in production.

investment europe game-development+1

Grant ThorntonSept 2024

Legal

Notification of Managerial Transactions

Piotr Wierzbicki, a member of the Supervisory Board at 11 bit studios S.A., executed a series of share acquisitions on September 23, 2024. This regulatory filing, submitted in accordance with Article 19 of the Market Abuse Regulation (MAR), serves as a primary notification of managerial transactions involving the company’s financial instruments. The transactions were conducted on the Warsaw Stock Exchange (GPW) under the ticker 11B. The acquisition involved a total volume of 550 shares purchased in four distinct price tranches. These individual transactions ranged from a low of 363.5 PLN to a high of 365 PLN per share. Specifically, the manager acquired 4 shares at 363.5 PLN, 29 shares at 364 PLN, 139 shares at 364.5 PLN, and 378 shares at 365 PLN. The resulting aggregate volume of 550 shares was executed at a volume-weighted average price of 364.1667 PLN per share. This disclosure provides transparency regarding the personal investment activities of high-level leadership within the Polish game development sector. By reporting these trades, the issuer adheres to European Union transparency standards designed to prevent market abuse and provide investors with insight into the confidence levels of internal management. The scope of the notification is limited to a single trading day and focuses exclusively on the equity market activities of a specific member of the supervisory board.

investment mergers-acquisitions europe+1

11 bit studiosSept 2024

Financial

Half-Year Report of 11 Bit Studios S.A. for the Six Months Ended 30 June 2024

During the first half of 2024, 11 bit studios S.A. experienced a transitional period characterized by rising revenues and strategic investments in preparation for major upcoming releases. Revenue grew 24.16% year-on-year to PLN 30.76 million, primarily driven by third-party publishing titles such as The Thaumaturge, INDIKA, and The Invincible. These external projects now account for 52% of total sales, with the United States remaining the largest geographic market and Steam serving as the primary distribution platform. Despite the growth in top-line revenue, the company reported a net loss of PLN 0.48 million, a sharp decline from the PLN 4.01 million profit recorded in the same period of 2023. This downturn was largely due to a 49% surge in operating expenses, driven by a doubling of salary costs and increased marketing expenditures. These costs reflect a significant expansion in headcount and intensified preparations for the high-profile launches of Frostpunk 2 and The Alters. The company has capitalized over PLN 155 million in ongoing development work, signaling a shift toward larger, higher-budget productions. The financial position remains robust, with total assets growing to PLN 277.4 million and cash reserves increasing to PLN 42.87 million. Liquidity is further bolstered by PLN 24.35 million in contract liabilities, largely consisting of advance payments from Microsoft for Game Pass inclusions and Frostpunk 2 pre-orders. Management maintains a positive outlook for the 2024–2026 period, supported by a multi-IP strategy intended to stabilize revenue through a consistent release cycle of both internal and third-party titles. While the company faces risks related to production delays and a competitive labor market, its current resources are deemed sufficient to fund its development pipeline without external financing.

investment game-publishing market-analysis+2

11 bit studiosAug 2024

Legal

Zmiana Terminu Publikacji Raportu Okresowego

The management board of 11 bit studios S.A., a prominent game development company based in Warsaw, has officially announced a revision to its financial reporting schedule for the 2024 fiscal year. This regulatory update specifically concerns the release date of the semi-annual report covering the first half of 2024. While the company had previously established August 22, 2024, as the intended publication date in an earlier communication from January, the disclosure has now been rescheduled to August 27, 2024. This adjustment is limited strictly to the mid-year financial results. All other previously announced deadlines for periodic reports throughout the remainder of the year remain unchanged and in effect. The notification serves as a formal compliance measure in accordance with Article 56 of the Act on Public Offering, which mandates the timely disclosure of current and periodic information by listed entities. The scope of this announcement is administrative and focused on the Polish capital market, specifically addressing shareholders and market observers monitoring the company’s performance during the first six months of 2024. The document was authorized by the President of the Management Board, Przemysław Marszał, and Board Member Grzegorz Miechowski, ensuring the procedural integrity of the scheduling shift within the framework of the company's investor relations obligations.

investment market-analysis europe+1

11 bit studiosAug 2024

Legal

Raport Bieżący ESPI Nr 14/2024

PlayWay S.A. has finalized the complete divestment of its stake in Big Cheese Studio S.A., a developer listed on the Warsaw Stock Exchange. This transaction involved the sale of 2,202,736 shares, representing 53.27% of the total voting rights at the company’s General Meeting. The sale was executed at a price of 14.15 PLN per share, marking a significant shift in the ownership structure of the Lodz-based studio known for titles such as Cooking Simulator. The settlement of this transaction results in PlayWay S.A. holding zero shares in Big Cheese Studio S.A., effectively ending its status as a parent entity or major shareholder. The total valuation of the divested shares amounts to approximately 31.17 million PLN. This move follows previous regulatory filings from late July 2024 and adheres to the disclosure requirements set forth by the Market Abuse Regulation and the Polish Act on Public Offering. This divestment reflects a strategic portfolio adjustment by PlayWay S.A., one of Poland’s largest game publishers and incubators. By offloading its entire majority stake, the company has realized a significant liquidity event while relinquishing operational and strategic control over Big Cheese Studio. The transaction was formally settled on July 30, 2024, and the necessary notifications regarding the change in shareholding have been submitted to the relevant financial authorities and the subsidiary itself.

mergers-acquisitions investment market-analysis+1

PlayWayJul 2024

Legal

Raport bieżący ESPI nr 11/2024

PlayWay S.A. announced the initiation of an accelerated book-building process on July 25, 2024, to divest its majority stake in Big Cheese Studio S.A. The transaction involves the sale of up to 2,202,736 shares, representing 53.27% of the company’s share capital and total voting rights. Trigon Dom Maklerski S.A. is acting as the investment firm facilitating the sale, which is primarily targeted at institutional investors outside the United States under Regulation S of the U.S. Securities Act. The book-building process was scheduled for completion on July 26, 2024, with the final share price and total volume to be determined upon closing. The offering is structured to utilize exemptions from the European Union Prospectus Regulation, meaning no formal prospectus or information memorandum will be published. Depending on the final volume sold, PlayWay may enter into a lock-up agreement regarding any remaining shares it holds in the studio. Strategic objectives for the divestment include reallocating capital toward future dividend payments, funding new game development, and significantly expanding a support program for developers in Turkey. Despite the sale of its controlling interest, PlayWay intends to maintain a commercial relationship with Big Cheese Studio through cross-promotional activities on the Steam platform and the continued settlement of game royalties. The transaction remains subject to change or cancellation without cause at the discretion of the management board.

investment mergers-acquisitions poland

PlayWayJul 2024

Legal

Raport Bieżący ESPI Nr 12/2024

PlayWay S.A. has successfully concluded the accelerated bookbuilding process for its entire remaining stake in Big Cheese Studio S.A., a developer listed on the Warsaw Stock Exchange. This transaction, finalized on July 26, 2024, marks a significant divestment for PlayWay, as it exits its position in the subsidiary entirely. The sale involved 2,202,736 dematerialized shares, representing 53.27% of the total share capital and voting rights in the Łódź-based studio. The sale price was established at 14.15 PLN per share. Following the settlement of this transaction, PlayWay S.A. will no longer hold any shares in Big Cheese Studio S.A. The transaction was executed on the same day the bookbuilding process was completed. This move follows a previous regulatory announcement issued earlier that day regarding the commencement of the sale process. The scope of this financial action is focused on the Polish capital market, specifically the regulated market of the Warsaw Stock Exchange. The disclosure emphasizes that the transaction was conducted in compliance with European Union Market Abuse Regulations (MAR) regarding inside information. Furthermore, the offering was restricted geographically, excluding jurisdictions such as the United States, Australia, Canada, South Africa, and Japan, where such a distribution would require additional registration or legal compliance. The transaction serves as a strategic realignment for PlayWay S.A., liquidating its majority interest in the creator of the Cooking Simulator franchise.

mergers-acquisitions investment market-analysis+1

PlayWayJul 2024

Legal

Raport Bieżący ESPI nr 13 /2024

The District Court for the Capital City of Warsaw officially registered amendments to the Articles of Association of PlayWay S.A. on July 26, 2024. This regulatory action follows Resolution No. 19, which was adopted during the Ordinary General Meeting of Shareholders held on June 20, 2024. The primary objective of these changes is to grant the Management Board the authority to increase the company’s share capital within the framework of authorized capital. A critical component of this structural adjustment is the provision allowing the Management Board to waive the pre-emptive rights of existing shareholders, either in whole or in part, during future capital increases. This mechanism provides the executive leadership with enhanced flexibility to secure financing or execute strategic maneuvers without the administrative delays typically associated with standard subscription rights. The registration marks the formal legal enactment of these powers under Polish commercial law and capital market regulations. The scope of this update is specific to the corporate governance framework of PlayWay S.A., a major entity in the Polish video game development and publishing sector. The filing adheres to the transparency requirements set forth in the Act on Public Offering and the Regulation of the Minister of Finance regarding current and periodic information provided by issuers of securities. By finalizing these statutory changes, the company has established a streamlined path for potential equity expansion, ensuring the legal infrastructure is in place to support future growth initiatives or capital restructuring as determined by the board.

mergers-acquisitions game-publishing poland

PlayWayJul 2024

Legal

Raport Bieżący ESPI Nr 10/ 2024

The management of PlayWay S.A. has issued a formal update regarding the implementation of its Incentive Program for the 2023 fiscal year, specifically concerning the issuance of new ordinary bearer shares. Following a resolution by the Supervisory Board on July 18, 2024, which confirmed that the necessary conditions for executive share acquisition had been met, the President of the Management Board, Krzysztof Kostowski, formally waived his right to be offered and to subscribe to 66,000 new shares. These shares carried a nominal value of 0.10 PLN each and were intended as performance-based compensation for the preceding financial period. This waiver effectively concludes the share issuance process for the 2023 financial year under the current program framework. Because the President was the sole individual eligible for the allocation during this period, and no other members of the Management Board remain entitled to participate for the 2023 cycle, the company will not offer these new shares to any other parties. The decision aligns with the regulatory guidelines established by the Ordinary General Meeting in June 2023 and subsequently amended in June 2024. The scope of this disclosure is limited to the internal corporate governance and executive compensation structure of the Warsaw-based game developer and publisher. By documenting the voluntary forfeiture of these equity rights, the company clarifies its capital structure and confirms that the planned increase in share volume associated with the 2023 incentive targets will not proceed. This administrative action ensures compliance with market transparency requirements regarding material changes to incentive program execution and potential share dilution.

investment mergers-acquisitions salary+1

PlayWayJul 2024

Legal

Raport Bieżący ESPI Nr 9/2024

This regulatory report, issued by Warsaw-based game publisher PlayWay S.A. in July 2024, details the implementation of the company’s Incentive Program for Management Board members following the 2023 fiscal year. The primary purpose of the document is to confirm that the President of the Management Board, Krzysztof Kostowski, met the specific financial and operational performance criteria required to trigger the issuance of new incentive shares. The findings highlight a significant year-over-year financial improvement for the company. PlayWay reported a net profit of 144,005,978.33 PLN for 2023, a substantial increase from the 114,800,486.21 PLN earned in 2022. Beyond financial metrics, the program required the fulfillment of operational milestones, specifically the acquisition of at least five new, original game projects. The report confirms these targets were met through the addition of Medieval Farmer Simulator, Holstin, Noble's Life: Kingdom Reborn, Heavy Duty Construction, and Flight Catastrophe to the company's portfolio. As a result of meeting these conditions, the Supervisory Board approved the issuance of 66,000 new ordinary bearer shares to Krzysztof Kostowski at an issue price of 0.10 PLN per share. To ensure long-term alignment with shareholder interests, the participant is bound by a 24-month lock-up period, during which the newly acquired shares cannot be sold. The Management Board is scheduled to adopt a formal resolution to increase the share capital within 30 days of this announcement to finalize the share allotment.

salary employment game-publishing+1

PlayWayJul 2024

Legal

Oświadczenie o Zrzeczeniu się Prawa do Objęcia Akcji Nowych w Ramach Programu Motywacyjnego

Krzysztof Kostowski, the CEO of PlayWay S.A., has formally waived his right to participate in the company’s incentive program for the 2023 fiscal year. This legal declaration, executed in July 2024, follows the confirmation by the Supervisory Board that the performance conditions required for the issuance of new shares had been met. Despite being the sole member of the Management Board eligible for the award, the executive opted to relinquish his entitlement to the specified equity compensation. The waiver specifically covers the right to receive an offer for and subsequently subscribe to 66,000 new ordinary bearer shares. These shares carry a nominal value of 0.10 PLN each. The decision was made in accordance with the regulations established by the Ordinary General Meeting in June 2023 and subsequently amended in June 2024, which allow Management Board members to decline participation in the incentive scheme through written or electronic notification. This action impacts the capital structure and executive compensation dynamics of PlayWay S.A., a major player in the Polish game development and publishing sector. By waiving these rights, the executive prevents the dilution of existing shareholders that would have resulted from the issuance of these 66,000 new shares. The declaration is final and took effect immediately upon its submission to the Supervisory Board, effectively nullifying the specific share allocation earmarked for the CEO under the 2023 incentive cycle.

employment salary game-publishing+1

PlayWayJul 2024

Legal

Powiadomienie o transakcjach

Marcin Kuciapski, a member of the supervisory board at 11 bit studios S.A., executed a series of share acquisitions in the company during July 2024. These transactions were formally disclosed in compliance with Article 19 of the Market Abuse Regulation (MAR), which mandates the reporting of trades by persons discharging managerial responsibilities. The acquisitions involved ordinary shares identified by the ISIN code PL11BTS00015 and were conducted on the Warsaw Stock Exchange (GPW) main market. The purchasing activity occurred over two consecutive trading days. On July 11, 2024, a total of 80 shares were acquired through seven individual trades, all executed at a uniform price of 632 PLN per share. The following day, July 12, 2024, an additional 40 shares were purchased across five separate transactions at a price of 640 PLN per share. In total, the supervisory board member increased his holding by 120 shares over the 48-hour period, representing a total investment value of 76,160 PLN. This disclosure provides transparency regarding the investment activities of high-level insiders within the Polish game development sector. By reporting these acquisitions, the issuer ensures regulatory compliance and provides the market with data concerning insider sentiment and direct financial interest in the company’s equity. The scope of the notification is limited to these specific acquisition events and does not detail the total aggregate holdings of the individual following these transactions.

investment market-analysis europe+1

11 bit studiosJul 2024

Legal

Adoption of the Uniform Text of the Company's Articles of Association by the Supervisory Board

The Supervisory Board of 11 bit studios S.A., a prominent Polish game development studio based in Warsaw, has officially adopted the uniform text of the company’s Articles of Association. This administrative action, finalized on June 20, 2024, follows the resolutions passed during the Ordinary General Meeting held earlier that month on June 6. The primary objective of this measure is to consolidate and formalize the various amendments made to the corporate statutes, ensuring that the governing documents accurately reflect the current legal and structural framework of the organization. The adoption was executed under the authority granted to the Supervisory Board by specific resolutions from the general assembly, adhering to the regulatory requirements set forth in the Act on Public Offering. This update serves as a critical governance milestone for the company, providing a clear and unified legal foundation for its ongoing operations and strategic decision-making processes. By integrating these changes into a single, cohesive document, the company maintains transparency and compliance with Polish capital market regulations. The scope of this action is centered on the internal corporate governance of 11 bit studios S.A. within the Polish market. The formalization of the uniform text was overseen by the company’s executive leadership, including the President of the Management Board and other board members. This procedural update ensures that all stakeholders have access to the most current version of the company’s foundational regulations, reflecting the latest shifts in shareholder mandates and corporate policy as of mid-2024.

mergers-acquisitions investment employment+2

11 bit studiosJun 2024

Legal

ESPI 6/2024: Dividend Payment

PlayWay S.A. has officially authorized a significant capital distribution to its shareholders following a resolution passed during the Ordinary General Meeting on June 20, 2024. The Warsaw-based game developer and publisher will allocate a total of 144,012,000.00 PLN from its earnings to be paid out as dividends. This distribution encompasses all 6,600,000 ordinary bearer shares issued by the company, reflecting a robust fiscal performance and a commitment to returning value to its investor base. The dividend is set at 21.82 PLN per share. To facilitate this process, the company established July 3, 2024, as the dividend record date, which determines the eligibility of shareholders to receive the payment. The actual disbursement of funds is scheduled to take place shortly thereafter on July 10, 2024. This timeline ensures a rapid turnaround between the formal resolution and the transfer of capital to stakeholders. This financial action complies with Polish regulatory requirements regarding current and periodic information provided by issuers of securities. The decision highlights PlayWay’s position as a major player in the Polish gaming sector, demonstrating the capacity to generate substantial cash flow from its diverse portfolio of development teams and titles. By distributing over 144 million PLN, the company reinforces its financial stability and operational success within the global gaming market during the 2024 fiscal period.

investment game-publishing poland

PlayWayJun 2024