Wojciechowski added: “ I would also like to emphasize that the Agreement between PCF Group and KRAFTON has a very clearly defined legal framework, and warrants our full independence and confidentiality in executing projects with other partners.”. It is also a signal that as a Group we are heading in the right direction, and global industry players recognize it.”.
“ Conclusion of the investment agreement with KRAFTON, with whom we share our business ambitions and our shooter DNA, is excellent news for our studio and confirmation of the quality of the projects we are carrying out in the self-publishing model. “ We announced our new strategy not only with a view to dynamizing the growth of People Can Fly, but also to attract partners to implement it” said Sebastian Wojciechowski, CEO of People Can Fly and largest shareholder of PCF Group. in a model different than self-publishing - KRAFTON will have a right of first negotiation of a publishing agreement and a right of first refusal of a publishing agreement, with respect to any such agreements concerning these two projects. Moreover, the Agreement provides that if PCF Group ever considers publishing either Project Victoria or Project Bifrost in a model other than that defined in PCF Group’s new strategy - i.e. The Agreement sets out: (i) the terms and conditions of KRAFTON’s equity investment including standard representations and warranties by KRAFTON, PCF Group and Sebastian Wojciechowski (ii) KRAFTON’s rights related to certain publishing opportunities connected to Project Victoria or Project Bifrost (iii) lock-up declarations by KRAFTON and Sebastian Wojciechowski, which will remain in force until 28 March 2024 (iv) certain anti-dilution protections in favor of KRAFTON (v) parties’ pre-emption rights, and KRAFTON’s tag-along right which corresponds to the drag-along right held by Sebastian Wojciechowski and (vi) the Company’s disclosure obligations to KRAFTON.
The issue price of the shares to be subscribed by KRAFTON has been set above the average market price of the shares from the last month at PLN 40.20 per share – irrespective of the number of shares subscribed for by investors participating in the SPO and the issue price for the other investors participating in the SPO.Īccording to the Agreement, KRAFTON will take part in the offering of series F shares approved by the Extraordinary General Meeting of PCF Group at the end of February 2023 (SPO) and become a 10% shareholder post-SPO. (NASDAQ: 259960.KS-“KRAFTON”), PCF Group and Sebastian Wojciechowski have concluded an investment agreement (the “Agreement”) under which KRAFTON has undertaken to subscribe for newly issued series F shares under the planned SPO to constitute 10% of the share capital of PCF Group post-SPO, and thus over 60% of the planned issue of shares. PCF GROUP (PEOPLE CAN FLY) WILL HAVE A NEW 10% SHAREHOLDER - KRAFTON INC., ONE OF SOUTH KOREA’S LARGEST GAME PUBLISHERS AND DEVELOPERS
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