Proposed PCA Dealing
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Not for publication, distribution or release, directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or Republic of South Africa or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.
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.
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.
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