Relationships with debuts
New listing of UNITED LABEL S.A. on NewConnect
The company UNITED LABEL S.A. was newly listed on NewConnect on 12 January 2021.
UNITED LABEL S.A. is the 373rd company listed on NewConnect and the first new listing on NewConnect in 2021.
Key information
|
company name |
UNITED LABEL S.A. |
|
seat |
Warsaw |
|
core business |
United Label S.A. operates an international computer game publication platform. The Issuer focuses on indie premium games (high-quality independent games). |
|
new listings on NC in 2021 |
1 |
|
companies on NC |
373 |
|
business sector |
Gaming |
|
companies in the sector |
39 |
|
offering/sale (Y/N, private/public) |
Public offering: 275,000 series B shares |
|
offering/sale value |
Series B shares offering value: PLN 4,400,000 |
|
issue/sale price |
Series B shares issue price: PLN 16 |
|
reference price |
PLN 16 |
|
company valuation |
PLN 20,400,000 |
|
value of introduced instruments |
PLN 20,400,000 |
|
% free float (under 5% of shares subject to the application) |
20.12% |
|
free float value |
PLN 4,105,408 |
|
% free float (under 5% of all shares) |
20.12% |
|
free float value |
PLN 4,105,408 |
|
Authorised Advisor |
INC S.A. |
The Issuer’s history and business
United Label S.A. was established as Galan S.A. under a notary deed of 6 March 2018. The name of the Company was changed to United Label S.A. on 4 July 2018. At the same time, the shareholder of the Company changed. CI Games S.A. became the shareholder of the Company. The previous shareholders were: RMC INVEST sp. z o.o. and WELL Group sp. z o.o. sp. k.
The Issuer does not hold a capital group. The Issuer is a member of the CI Games Capital Group whose parent entity is CI Games S.A. CI Games S.A. holds shares representing 78.43% of the share capital of the Issuer equivalent to 78.43% of the total vote in the Company. CI Games S.A. is listed on the GPW Main Market.
United Label S.A. operates an international computer game publication platform. The Issuer focuses on indie premium games (high-quality independent games). The Issuer has been active in the publication industry since 2018. The Issuer has published one game, “Röki”, released on the PC platform on 23 July 2020 and on Nintendo Switch on 15 October 2020. The Issuer is in the final stage of the publication of the game “Eldest Souls” scheduled for release in Q1 2021. The Issuer is working on the games “Tails of Iron” (scheduled for release in 2021) and “Horae” (scheduled for release in 2021).
The Issuer gets significant economic benefits from its co-operation with CI Games S.A. (including access to CI Games S.A.’s unique know-how, testers, marketing and industry relations), which reduces its operating expenses. As CI Games S.A. will be a co-publisher of the Issuer’s productions (with a small share in sales revenue), both companies have mutual economic interest in generating best possible sales results of each title.
The Issuer’s development strategy
The Issuer’s short-term goal is to commercialise interest in the game “Rӧki” and to release the game “Eldest Souls” on the first platforms, including PC, in Q1 2021. Subsequent games are scheduled for release in 2021, including “Tails of Iron” and “Horae”.
|
Purpose of the issue |
Expected capex |
Expected deadline |
Capex spent (%) |
Capex spent (PLN) |
|
Financing of existing games (“Rӧki” and “Eldest Souls”) |
up to PLN 507,500 |
end of Q2 2021 |
75% |
381,000 |
|
Financing of existing games (“Tails of Iron” and “Horae”) |
up to PLN 1,015,000 |
end of Q2 2021 |
35% |
355,000 |
|
Acquisition, development and production of new games |
up to PLN 2,877,500 |
end of Q4 2022 |
2% |
58,000 |
|
TOTAL |
PLN 4,400,000 |
|
|
736,000 |
Source: Issuer
The Issuer’s selected financials (PLN):
|
|
Q1-3 2020 |
2019 |
06.03.2018-31.12.2018 |
|
Equity |
2 340 760.83 |
-1 294 803.07 |
-144 234.91 |
|
Non-current liabilities |
5 192 638.44 |
2 599 142.72 |
120 602.33 |
|
Current liabilities |
307 392.45 |
891 408.50 |
282 658.43 |
|
Total assets |
7 934 025.15 |
2 286 223.15 |
265 225.85 |
|
Sales revenue |
205 324.34 |
0.00 |
0.00 |
|
Net profit |
-553 428.16 |
-1 150 568.16 |
-244 234.91 |
|
Total net cash flows |
3 559 472.91 |
-7 845.47 |
92 166.47 |
|
Cash – closing balance |
3 643 792.16 |
84 321.00 |
92 166.47 |
Information about the offering:
Series B shares were issued in a public offering worth up to EUR 1,000,000 on terms presented on the platform www.crowdconnect.pl operated by Dom Maklerski INC S.A.
Public offering of series B shares
- Subscription start date: 22.06.2020
- Subscription end date: 09.07.2020
- Allotment date of the series of shares: 09.07.2020
- Number of shares in the subscription: 275,000
- Number of series shares allotted in the subscription: 275,000
- Price of the shares: PLN 16.00
- All shares of the series were paid in cash
- Number of entities allotted the shares: 164, including 4 legal persons
- Offering value: PLN 4,400,000
Shareholders – shares subject to the application:
|
Shareholder |
Number of shares |
Number of votes |
Stake in the share capital (%) |
Stake in votes (%) |
|
CI Games S.A. |
1 000 000 |
1 000 000 |
78.43% |
78.43% |
|
Other |
275 000 |
275 000 |
21.57% |
21.57% |
|
|
|
|
|
|
|
TOTAL |
1 275 000 |
1 275 000 |
100.00% |
100.00% |
The Issuer’s share capital according to the entry in the business register is PLN 127,500.00 divided into 1,275,000 ordinary bearer shares with a nominal value of PLN 0.10 per share including:
- 1,000,000 series A ordinary bearer shares,
- 275,000 series B ordinary bearer shares.
The application for introduction covers all shares in issue.