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Funding

Current Report No. 24/2025: Determination of the Number and Issue Price of Series H Shares

PCF Group S.A., based in Warsaw, has formally determined the parameters for its Series H share issuance following the conclusion of a book-building process on August 11, 2025. The company will offer a total of 6,670,000 new ordinary bearer shares to investors. The issue price for these shares has been set at 3.00 PLN per share, a rate that will apply uniformly to all participating investors. This issuance is being conducted as a private subscription under the Polish Commercial Companies Code, utilizing the company’s authorized capital. The offering is structured as a public offering that is exempt from the requirement to publish a prospectus or other formal information documents, in accordance with the European Union’s Prospectus Regulation. The decision to proceed with this capital increase, with the exclusion of existing shareholders' pre-emptive rights, was made with the approval of the company's Supervisory Board and follows authorization granted by the Ordinary General Meeting of Shareholders on June 23, 2025. The offering is strictly limited to qualified investors and specific eligible parties in jurisdictions where such an offer is legally permissible. The company has explicitly restricted the distribution of information regarding this issuance in the United States, Australia, Canada, Japan, South Africa, and other regions where such actions would violate local securities laws. The shares have not been registered under the U.S. Securities Act of 1933 and are not intended for public offering outside of Poland. The company maintains that this disclosure is for informational purposes only and does not constitute a recommendation or solicitation to purchase securities.

investment funding europe

PCF Group

Report

Current Report No. 20/2024: Decision to Discontinue Work on Project Red

PCF Group S.A. has officially terminated development of Project Red, a title previously intended for either external publishing or self-publishing. This strategic decision stems from the company’s inability to secure an external publishing partner and a lack of sufficient capital to sustain self-publishing efforts. Furthermore, the company has prioritized the allocation of its development resources toward a newly acquired project, designated as Project Echo, which necessitates the transfer of the team previously assigned to Project Red. The cancellation of Project Red carries significant financial implications for the company’s 2024 fiscal reporting. As of June 30, 2024, the company will record a 100% impairment charge on all capitalized expenditures related to the project. This accounting action will result in an estimated reduction of 8.85 million PLN in the company’s standalone financial results and fixed assets, while the consolidated financial results and fixed assets for the group will decrease by approximately 7.72 million PLN. These adjustments are classified as one-time, non-cash events and will not impact the company’s EBITDA. While these figures represent the current assessment of the financial impact, they remain subject to final auditor review and may be adjusted in the upcoming semi-annual financial statements. This shift in development focus reflects a broader realignment of the company’s portfolio, prioritizing projects with secured external funding over those requiring internal capital investment.

game-development game-publishing investment+2

PCF Group

Report

Raport Bieżący Nr 5/2024: Podsumowanie Kosztów Subskrypcji Akcji Serii F

PCF Group S.A. has finalized the accounting of costs associated with the issuance of 3,343,037 series F ordinary bearer shares. The primary purpose of this disclosure is to provide transparency regarding the financial expenditures incurred during the subscription process, ensuring compliance with regulatory requirements for issuers of securities on the Warsaw Stock Exchange. The total cost of the series F share issuance amounted to 2,323,824.52 PLN. These expenses are categorized into two main areas: the preparation and execution of the offer, which totaled 2,243,744.52 PLN, and promotional activities, which accounted for 80,080.00 PLN. Within the preparation category, transaction advisory services represented the largest expenditure at 1,747,018.88 PLN, followed by legal costs of 467,464.81 PLN and registration and admission fees of 29,260.83 PLN. The company did not utilize sub-underwriters, and the offer was conducted without the requirement of a prospectus. On a per-unit basis, the average cost of the subscription amounted to approximately 0.70 PLN per share. In terms of accounting treatment, the total issuance costs were recognized by reducing the reserve capital created from the surplus of the issue price over the nominal value of the shares. This summary covers the financial activities related to the series F issuance as of February 2024, reflecting the final reconciliation of all associated transaction costs.

investment funding europe

PCF Group

Report

Podsumowanie kosztów subskrypcji akcji serii D: Raport bieżący nr 3/2024

PCF Group S.A. provides a final accounting of the costs associated with the private subscription of 387,714 series D ordinary bearer shares. This disclosure serves to finalize the financial reporting requirements following the issuance process initiated in June 2021, ensuring transparency regarding the capital expenditure incurred during the offering. The total costs attributed to the issuance of the series D shares amounted to 393,476.46 PLN. These expenses were exclusively related to the preparation and execution of the offering, with no costs incurred for sub-underwriting, prospectus preparation, or promotional activities, as the transaction was conducted as a private placement. The breakdown of these costs includes 308,553.00 PLN for legal services, 73,423.46 PLN for transactional advisory services, and 11,500.00 PLN for registration and admission to trading on the Warsaw Stock Exchange. Based on the total issuance volume, the average cost per unit of the series D shares is approximately 1.01 PLN. In accordance with standard accounting practices, the company recognized these issuance costs by reducing the reserve capital created from the share premium, which represents the surplus of the issue price over the nominal value of the shares. This summary confirms the final financial impact of the series D subscription on the company’s capital structure.

investment funding europe

PCF Group

Report

Press Release: Assessment of Bigben Interactive Financial Challenges

The release informs investors that Nacon’s majority shareholder, Bigben Interactive (BBI), has announced a financial setback stemming from an unexpected refusal by its banking pool to honor a drawdown notice related to a €43 million bond repayment scheduled for 19 February 2026. BBI’s inability to proceed with the partial repayment has prompted consideration of debt‑restructuring procedures under commercial court supervision. Nacon, which holds 56.72 % of BBI’s share capital and 65.79 % of voting rights, is evaluating the potential impact on its own operations and financing arrangements, pledging to update the market if significant developments arise. Nacon’s profile highlights its role as a subsidiary of BBI, established in 2019 to consolidate expertise across the video‑game sector. The company operates 16 development studios and publishes AA titles while also designing premium gaming peripherals, leveraging three decades of industry experience. Financially, Nacon reported an IFRS revenue of €167.9 million and operating profit of €1.1 million for the 2024/2025 period, supported by a workforce of over 1,000 employees. The firm maintains a global presence with 25 subsidiaries and distribution coverage in 100 countries, listed on Euronext Paris under ISIN FR 0013482791. The announcement underscores the interconnected nature of Nacon’s financial health with BBI’s debt situation and signals ongoing monitoring by senior management.

investment funding france

Nacon

Report

Partial Correction to FY2023 Consolidated Financial Results (Japanese GAAP)

CyberAgent’s FY2023 Japanese‑GAAP financials reveal a modest 1.3 % increase in net sales to ¥719,451 million, yet operating income plunged 66.9 % and net income attributable to owners fell 84.5 % to ¥3,540 million. Total assets rose by ¥93.3 billion to ¥475,222 million, largely due to convertible bond issuance and long‑term loans, while equity increased modestly to ¥228.45 billion. Cash balances grew from ¥168,035 million to ¥201,780 million, supported by significant financing activity that offset higher operating cash outflows. Segment analysis shows a turnaround in profitability. The internet advertisement business moved from a ¥12.9 billion loss to a ¥17.5 billion profit, and the game business shifted from a ¥13.2 billion loss to a ¥22.7 billion profit, contributing to total segment income of ¥29.5 billion versus a ¥73 million loss in FY2022. Corporate expenses increased to ¥7.1 billion, and goodwill amortization rose slightly to ¥348 million. Despite the operating downturn, CyberAgent reiterated a FY2024 sales forecast of 4.2 % growth to ¥750 billion, with expected operating income of ¥30 billion and net income of ¥8 billion. The corrections emphasize the company’s reliance on financing to support asset growth while highlighting a strategic shift toward more profitable media and internet advertising segments.

investment japan funding

CyberAgent

Report

Current Report No. 6/2024: Summary of Series G Share Subscription Costs

PCF Group S.A. has finalized the accounting for the issuance of 2,510,904 Series G ordinary bearer shares, providing a comprehensive breakdown of the associated subscription costs. This disclosure serves to inform stakeholders of the total financial expenditure incurred during the capital-raising process, which was conducted as a public offering that did not require the preparation of a formal prospectus. The total cost of the Series G share issuance amounted to 2,731,908.25 PLN. The primary expenditure category involved the preparation and execution of the offer, totaling 2,701,068.25 PLN. Within this segment, transaction advisory services represented the largest portion at 2,523,458.00 PLN, followed by legal expenses of 150,981.51 PLN and administrative costs related to registration and market admission of 26,628.74 PLN. Additionally, promotional activities for the offering accounted for 30,840.00 PLN. No costs were incurred for sub-underwriters, as no such agreements were established for this issuance. On a per-unit basis, the average cost for the subscription of each Series G share was approximately 1.09 PLN. In accordance with standard accounting practices, the total issuance costs were settled by reducing the company’s reserve capital, specifically by offsetting the surplus of the issue price over the nominal value of the newly issued shares. This financial summary reflects the final reconciliation of all expenses directly attributable to the Series G capital increase conducted by the Warsaw-based entity.

investment funding europe

PCF Group

Report

Current Report No. 29/2024: Conclusion of Strategic Options Review

People Can Fly Group has officially concluded its strategic options review process, initiated in August 2024, without securing the necessary capital to sustain its current operational trajectory. The company failed to obtain approximately 350 million PLN in external financing, a sum deemed essential for maintaining the existing scale of its self-publishing game development projects. Consequently, the organization is unable to execute its previously established corporate strategy in its current form. To address the resulting financial constraints and ensure liquidity, the management board is shifting its focus toward stabilizing cash flows. The primary objective is to align capital expenditures within the self-publishing segment with the revenue generated from the company’s work-for-hire production services. By balancing these two business segments, the firm aims to achieve a sustainable financial equilibrium. This strategic pivot marks a significant contraction in the company's growth ambitions, moving away from aggressive self-funded expansion toward a more conservative, revenue-dependent model. The company has committed to providing further updates as it implements specific measures to restructure its operations and restore financial stability. Future disclosures will detail the concrete steps taken to align the group’s cost structure with its incoming cash flows from external development contracts.

mergers-acquisitions investment funding+1

PCF Group

Report

Raport Bieżący Nr 25/2025: Podjęcie Uchwały w Sprawie Emisji Akcji w Ramach Docelowego Podwyższenia Kapitału Zakładowego

PCF Group S.A. has formally announced the adoption of a resolution regarding the issuance of 6,670,000 ordinary bearer shares of Series H. This action is being executed as part of a targeted increase in the company’s share capital. The decision was finalized by the company’s management board on August 12, 2025, in accordance with regulatory requirements concerning market abuse and public offering procedures. The scope of this announcement is strictly limited to providing information regarding the share issuance and does not constitute a public offer, advertisement, or promotional material for the new shares. The issuance is intended exclusively for qualified investors within the European Economic Area and specific professional categories in the United Kingdom. The company has explicitly stated that no prospectus is required for this transaction under current European regulations, as the offering is structured to qualify for exemptions from standard prospectus requirements. Geographically, the distribution of this information is subject to significant legal restrictions. The announcement is not intended for publication, distribution, or transmission in the United States, Australia, Canada, Japan, South Africa, or any other jurisdiction where such actions would be unlawful. The new shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States absent registration or an applicable exemption. The company and its designated manager disclaim all liability regarding the accuracy or completeness of the information provided, emphasizing that potential investors must conduct their own independent analysis before making any investment decisions.

investment funding europe

PCF Group

Report

Raport bieżący nr 27/2025: Zawarcie umów objęcia nowych akcji serii H

PCF Group S.A. has formally announced the successful execution of agreements with investors regarding the subscription of 6,670,000 new series H ordinary bearer shares. This issuance follows a series of previous corporate communications issued in August 2025. The company confirms that the required monetary contributions for the full coverage of these newly issued shares have been received in their entirety. The primary purpose of this disclosure is to fulfill regulatory obligations under the Market Abuse Regulation and Polish public offering laws. The issuance is restricted to qualified investors within the European Economic Area and specific categories of professional investors in the United Kingdom. The company explicitly states that this information does not constitute a public offering, advertisement, or promotional material for the new shares in any jurisdiction. The scope of this transaction is limited to non-U.S. jurisdictions, adhering to Regulation S under the U.S. Securities Act of 1933. The shares have not been registered with the U.S. Securities and Exchange Commission or any other international regulatory body, and the company does not intend to register them. Consequently, the distribution of this information is strictly prohibited in the United States, Australia, Canada, Japan, South Africa, and any other region where such distribution would be unlawful. The company emphasizes that no prospectus is required for this issuance, and investors are expected to conduct their own independent analysis before making any investment decisions.

investment funding europe

PCF Group

Report

Raport Bieżący Nr 27/2024: Zwiększenie Kwoty Niezabezpieczonej Gwarancji

PCF Group S.A. has formally increased the financial guarantee provided to the Bank of Montreal to support the operations of its Canadian subsidiary, People Can Fly Canada Inc. This adjustment, finalized on November 15, 2024, raises the unsecured guarantee from 9.2 million Canadian dollars to 13.154 million Canadian dollars. The action serves to align the company’s credit support with an expanded revolving credit facility intended to pre-finance future tax credits within the Canadian market. The underlying credit facility, which functions as a demand revolving facility, has been increased from 8 million to 11.954 million Canadian dollars. This expansion necessitates a corresponding adjustment to the collateral structure previously established in May 2023. Consequently, the first-ranking hypothec over the movable property of People Can Fly Canada Inc. has been raised from 11.04 million to 15.7848 million Canadian dollars. These modifications ensure that the security interests held by the bank remain commensurate with the increased credit exposure. The scope of these financial adjustments is limited to the Canadian operations of the PCF Group and the specific credit arrangements with the Bank of Montreal. All other material terms and conditions governing the original financing agreement remain unchanged, maintaining the existing framework for the company’s debt obligations and security protocols. This strategic increase in liquidity support reflects the company's ongoing efforts to manage cash flow effectively through the utilization of regional tax incentive programs.

investment funding europe+1

PCF Group

Report

Aktualizacja ram czasowych realizacji Strategii

People Can Fly Group has updated its long-term strategic framework, maintaining core objectives while adjusting project timelines and financial targets for the 2024–2028 period. The company now plans to release its self-published project, Bison, in 2025, followed by early access launches for projects Bifrost and Victoria in 2026. To support these operations, the company aims to maintain a workforce of approximately 370 full-time equivalents for its work-for-hire segment through 2028. The updated financial strategy targets at least 3.3 billion PLN in total revenue between 2024 and 2028, with a projected growth trajectory that scales from 5% of this total in 2025 to 33% by 2028. Management has suspended dividend recommendations until at least the 2026 fiscal year, contingent upon achieving positive financial results from self-publishing activities. Furthermore, the development of a previously proposed incentive program tied to 1.5 billion PLN in cumulative EBITDA has been paused pending the outcome of an ongoing strategic review. Execution of these goals is strictly dependent on securing approximately 350 million PLN in new financing during 2025 and 2026. Should this funding not materialize, or if specific work-for-hire project conditions remain unmet, the company is evaluating alternative scenarios, including the potential transition of the Bifrost or Victoria projects into the work-for-hire model. These updates reflect a recalibration of the company’s operational roadmap as it navigates capital requirements and project development milestones.

investment funding europe

PCF Group

Report

Raport bieżący nr 17/2023Rozpoczęcie procesu budowania księgi popytu w ramach oferty w trybie subskrypcji prywatnej emitowanych przez PCF Group S.A. nowych akcji zwykłych na okaziciela Serii F oraz zawarcie umowy na potrzeby przeprowadzenia oferty oraz umowy o ograniczeniu zbywania akcji Spółki

The document announces the initiation of a private subscription process for up to 5,853,941 Series F ordinary shares issued by PCF Group S.A. The offer is governed by the company’s 28 February 2023 Extraordinary General Meeting resolution and a subsequent board resolution dated 29 May 2023, which establish the terms of subscription, the engagement of Trigon Dom Maklerski S.A. and Trigon Investment Banking for execution, and the signing of a lock‑up agreement with key shareholder Sebastian Wojciechowski. The subscription will be limited to qualified investors, including those holding at least 0.25 % of voting rights as of the preference day or investors with a minimum €100,000 in eligible securities. The Series F shares are intended for offshore transactions only and will not be offered or sold within the United States, Australia, Canada, Japan, South Africa, or other jurisdictions where such distribution would violate securities law. The company plans to seek listing of the Series F shares on the Warsaw Stock Exchange under a prospectus exemption for up to 20 % of existing shares, contingent on regulatory approval. The report clarifies that no prospectus will be prepared and the offer is not a public offering outside Poland. The document includes extensive legal disclosures, risk warnings, and restrictions on distribution, emphasizing that it serves purely informational purposes for qualified investors.

investment funding ipo+1

PCF Group