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New listing of BLACK ROSE PROJECTS S.A. on NewConnect

The company BLACK ROSE PROJECTS S.A. was newly listed on NewConnect on 1 June 2022.

BLACK ROSE PROJECTS S.A. is the 382^nd company listed on NewConnect and the eighth new listing on NewConnect in 2022.  

Key information

*within the last 12 months before the submission of the application for introduction

**as at the reference price equal to PLN 19.00

Issuer’s history and business

Black Rose Projects S.A. operates in the video games market, specialising in porting games (transferring a version of a game from one platform to another) for Nintendo Switch and Xbox consoles. The Issuer was founded on 12 October 2018 by, among others, Mr Łukasz Bajno, who is the current CEO of the Company. In September 2019, Gaming Factory S.A. invested in the Company. Gaming Factory S.A. is listed on the regulated market of the Warsaw Stock Exchange and specialises in the distribution of games with diverse themes, mainly for PC platforms and Nintendo Switch, PlayStation, and Xbox consoles.

In the beginning, the Issuer started its activity by preparing smaller ports, thus gaining the necessary experience and reputation to create bigger projects. In total, the Issuer has completed over 90 different commissions for artwork, models, controls, and game ports for Nintendo Switch, Xbox One, and Xbox Series consoles.

The Issuer’s activities cover the following areas:

1. Game porting

In co-operation with regular business partners, including Gaming Factory S.A. and Ultimate Games S.A., Black Rose Projects S.A. ports games (transfers a version of a game from one platform to another) for Nintendo Switch, Xbox One, and Xbox Series consoles. The Issuer receives flat-rate remuneration from orders for game ports and generates revenue from sales in the success fee model which consists of remuneration for achieving a given objective within a specified period of time as well as a commission dependent on the success of the project.

2. Proprietary productions

The Issuer is in the process of producing two proprietary titles: Dark Moonlight (for PC, Xbox, PlayStation 5 platforms) and Spooky Lord (for PC, Nintendo Switch, Xbox, and PlayStation 5 platforms). These will be the Company’s first in-house productions where it will be responsible for both the production and release as well as the port to the aforementioned platforms.

3. Auxiliary activities

The company also accepts additional orders for game porting, i.e., technical maintenance (update and improvement of current game versions), sale of software assisting in product optimisation, and development and sale of graphic assets.

The Company’s share capital is PLN 143,500 divided into 1,435,000 series A and B shares with a nominal value of PLN 0.10 each, including:

- 1,325,000 series A shares,

- 110,000 series B shares.

Public offering of series B shares

The issue of series B shares took place in a public offering addressed to fewer than 150 persons. The issued shares were taken up for cash.

Series B

Subscription dates:

Start date: 16 June 2021

End date: 12 August 2021

Number of shares in the subscription: 110,000 shares

Issue price: PLN 19.00

Number of persons who subscribed and acquired the shares: 28 natural persons

The Issuer raised PLN 2,090,000 as a result of the issue of series B shares.

Issuer’s selected separate financials:

* on 16 May 2021, the Company published a report for Q1 2021 announcing that the Issuer generated PLN 1,102,814.25 net revenues from sales and equivalent to them in Q1 2022vs. PLN 540,783.07 in Q1 2021, which represents an increase by 103.93% y/y. The Company recorded a net profit of PLN 226,819.73 for Q1 2022, representing an increase of 18.19% y/y compared to PLN 191,914.84 recorded for Q1 2021.

Company’s shareholders

Financial instruments newly listed on NewConnect:

- 1,325,000 series A ordinary bearer shares,

- 110,000 series B ordinary bearer shares.

The application covers all shares issued by the Company.