Business
First Day of Dealings
First Day of Dealings.
About this update from Frontier Developments Plc
[{"type":"text","content":"\n \nRNS Number : 2609J Frontier Developments PLC 15 July 2013 \n \n\n\n15 July 2013\n \nNOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR AUSTRALIA, OR THEIR RESPECTIVE TERRITORIES OR POSSESSIONS\n \nFrontier Developments plc \n \nAdmission to AIM - First Day of Dealings \n \nFrontier Developments plc (\"Frontier\" or the \"Company\"), a leading developer of video games with studios in Cambridge, UK and Halifax, Canada, announces the commencement of dealings in its Ordinary Shares on AIM today. Frontier's AIM symbol is FDEV and the ISIN number GB00BBT32N39.\n \nThe Company has raised £4.0 million (before expenses) through a placing of 3,169,292 new Ordinary Shares (the \"Placing\"). Frontier's Market capitalisation at the Placing Price is £39.4 million.\n \nFounded in 1994 by David Braben, co-author of the seminal Elite game, Frontier has an experienced management and development team that has consistently delivered high quality, innovative and commercially successful games in a continually evolving industry. \n \nFrontier's proprietary \"Cobra\" technology powers its efficient, cross-platform software development spanning personal computers, tablets, smartphone and videogame consoles across a wide variety of game genres. Frontier has a strong track record of successfully leveraging its software technology in games for several decades, with titles including RollerCoaster Tycoon 3, LostWinds, Kinectimals, Kinect Disneyland Adventures and Coaster Crazy games.\n \nThe expansion of games into the mainstream entertainment industry and advent of digital distribution on all platforms brings significant opportunity and the funds raised will allow Frontier to expand its current business and add further technology extensions and developments to proprietary software development platform Cobra. \n \nCobra development will be undertaken in conjunction with development of Elite: Dangerous, in a move that will enable Frontier to ultimately license key elements of its technology and related services to third parties.\n \nAdmission to AIM (\"Admission\") follows a pre-IPO fundraising that raised £2.8 million. Frontier is debt free, has £7.2 million of cash (as at 31 May 2013), and has entered into a re...