TIDMFDEV
RNS Number : 7546U
Frontier Developments PLC
26 November 2019
26 November 2019
Not for publication, distribution or release, directly or
indirectly, in whole or in part, in or into the United States,
Australia, Canada, Japan or Republic of South Africa or any other
jurisdiction in which such release, publication or distribution
would be unlawful.
Please see the Important Notice at the end of this
announcement.
Frontier Developments plc
("Frontier" or the "Company")
Proposed PCA Dealing
Frontier Developments plc (AIM: FDEV) today announces that it
has been notified by Wendy Irvin-Braben (the "Selling Shareholder")
of her intention to sell up to 1,250,000 ordinary shares of 0.5
pence each in the Company ("Sale Shares"), in response to investor
demand, at a price of 1,200 pence per Sale Share (the "Sale"). The
Selling Shareholder is the wife of, and therefore a person closely
associated with, the chief executive officer of the Company, David
Braben.
The Sale Shares represent approximately 3.2% of the Company's
issued share capital. Assuming all the Sale Shares are sold, the
Selling Shareholder will, following completion of the Sale,
continue to hold 1.9% of the issued share capital of the Company.
Therefore, including Wendy Irvin-Braben's residual shareholding,
David Braben will have a total interest of 12,899,953 ordinary
shares or 33.2% of the issued share capital of the Company
following the Sale.
The Selling Shareholder and David Braben have undertaken that,
without the prior written consent of Jefferies International
Limited and Liberum Capital Limited, they will not dispose of any
further Ordinary Shares for a period of 360 days after completion
of the Sale (subject to customary exceptions).
The Company is not a party to the Sale and will not receive any
proceeds from the Sale.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation (EU) 596/2014. The person
responsible for making this announcement on behalf of the Company
is Alex Bevis.
Enquiries:
Frontier Developments +44 (0)1223 394 300
David Braben, CEO
Alex Bevis, CFO
Liberum - Nomad and Joint Broker +44 (0)20 3100 2000
Neil Patel / Cameron Duncan
Jefferies - Joint Broker +44 (0)20 7029 8000
Max Jones / William Brown
Tulchan Communications +44 (0)20 7353 4200
Matt Low / Deborah Roney / James Macey White
About Frontier Developments plc
Frontier is a leading independent creator of self-published
videogame franchises founded in 1994 by David Braben, co-author of
the iconic Elite game. Based in Cambridge, Frontier uses its
proprietary 'COBRA' game development technology to create
innovative games, currently focusing on videogame consoles and
personal computers.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
www.frontier.co.uk
IMPORTANT NOTICE
In connection with the Sale, Jefferies International Limited
("Jefferies") and Liberum Capital Limited ("Liberum" and, together
with Jefferies, the "Managers") or any of their respective
affiliates may take up a portion of the Sale Shares as a principal
position and in that capacity may retain, purchase, sell, offer to
sell for its own accounts such Sale Shares and other securities of
Frontier Developments plc or related investments in connection with
the Sale or otherwise. Accordingly, references to the Sale Shares
being issued, offered, subscribed, acquired, placed or otherwise
dealt in should be read as including any issue or offer to, or
subscription, acquisition, placing or dealing by either of the
Managers and any of their respective affiliates acting as investors
for their own accounts. The Managers do not intend to disclose the
extent of any such investment or transactions otherwise than in
accordance with any legal or regulatory obligations to do so.
Jefferies and Liberum are each authorised and regulated by the
FCA. Each of the Managers is acting for the Seller only in
connection with the Sale and no one else, and will not be
responsible to anyone other than the Seller for providing the
protections offered to clients of the Managers nor for providing
advice in relation to the Sale Shares or the Sale, the contents of
this announcement or any transaction, arrangement or other matter
referred to in this announcement.
This announcement has been issued by the Company on behalf of
the Seller and is the sole responsibility of the Seller apart from
the responsibilities and liabilities, if any, that may be imposed
on Jefferies or Liberum by the Financial Services and Markets Act
2000. Neither Jefferies nor Liberum accepts any responsibility
whatsoever and makes no representation or warranty, express or
implied, for the contents of this announcement, including its
accuracy, completeness or verification or for any other statement
made or purported to be made by the Seller or on the Seller's
behalf or on Jefferies' or Liberum's behalf, in connection with the
Seller or the Sale, and nothing in this announcement is or shall be
relied upon as a promise or representation in this respect, whether
as to the past or the future. Each of Jefferies and Liberum
accordingly disclaims to the fullest extent permitted by law all
and any responsibility and liability, whether arising in tort,
contract or otherwise, which it might otherwise have in respect of
this announcement and any such statement.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCBLBDBRUDBGCL
(END) Dow Jones Newswires
November 26, 2019 11:59 ET (16:59 GMT)
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