Frontier Development PLC — Director's Dealing 2019

Nov 26, 2019

National Storage Mechanism | Additional information

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RNS Number : 7584U

Frontier Developments PLC

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Not for publication, distribution or release, directly or indirectly, in whole or in part, in or into the United States, Australia, Canada, Japan or Republic of South Africa or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

26 November 2019

Frontier Developments plc 

("Frontier" or the "Company")

PCA Dealing

Frontier Developments plc (AIM: FDEV), announces that it has been notified by Wendy Irvin-Braben (the "Selling Shareholder") that, further to the announcement earlier today, she has successfully sold a total of 1,250,000 ordinary shares in the Company ("Sale Shares") at a price of 1,200 pence per Sale Share (the "Sale"). The Sale Shares in aggregate represent approximately 3.2% of the Company's issued share capital. The Selling Shareholder is the wife of, and therefore a person closely associated with, the chief executive officer of the Company, David Braben.

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).

Following completion of the Sale, Wendy Irvin-Braben continues to hold 740,573 Ordinary Shares or 1.9% of the issued share capital of the Company. Therefore, including Wendy Irvin-Braben's residual shareholding, following completion of the Sale David Braben will have a total interest of 12,899,953 Ordinary Shares or 33.2% of the issued share capital of the Company.

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 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

1.     Wendy Irvin-Braben

2

Reason for the notification

a)

Position/status

1.     Spouse of David Braben, Chief Executive Officer and a Director

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Frontier Developments plc

b)

LEI

213800B9LGPWUAZ9GX18

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Identification code

Ordinary Shares of 0.5p each

GB00BBT32N39

b)

Nature of the transaction

Disposal of shares                                                                                                    

c)

Price(s) and volume(s)

Wendy Irvin-Braben:

Price(s)	Volume(s)
1,200p	1,250,000

d)

Aggregated information

-      Aggregated volume

-      Price

-      Aggregated Total

1,250,000

1,200p

£15,000,000

e)

Date of the transaction

26/11/2019

f)

Place of the transaction

London Stock Exchange

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