Business
Proposed Secondary Placing
Proposed Secondary Placing.
About this update from Frontier Developments Plc
[{"type":"text","content":"\n \nRNS Number : 3414R Frontier Developments PLC 20 September 2017 \n\nNot 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.\n \n20 September 2017\n \n \n \nFrontier Developments plc \n(\"Frontier\" or the \"Company\")\n \nProposed secondary placing of 3,850,748 Ordinary Shares in Frontier\nFrontier Developments plc (AIM: FDEV), today announces that it has been notified by certain Directors of the Company (the \"Selling Shareholders\"), of their intention to sell 3,850,748 ordinary shares of 0.5 pence each in the Company (\"Placing Shares\") at a price of 920 pence per Placing Share (the \"Placing\"). \nThe Company has been notified today that, prior to the Placing, David Walsh, Chief Operating Officer, and Jonathan Watts, Chief Creative Officer, intend to exercise 300,000 and 100,000 options over ordinary shares in the Company (\"Options\") respectively (together, the \"Exercises\"). In respect of David Walsh's 300,000 Options, he intends to exercise 20,000 Options at an exercise price of 89.0 pence per Option, 180,000 Options at 95.0 pence per Option and 100,000 Options at an exercise price of 257.5 pence per Option. Jonathan Watts' 100,000 Options have an exercise price of 257.5 pence per Option. \nAll the new ordinary shares issued pursuant to the Exercises are included within the aggregate amount of Placing Shares. Following the Exercises, the Company's issued share capital will consist of 38,165,131 ordinary shares of 0.5 pence each (\"Ordinary Shares\"). The Placing Shares in aggregate represent approximately 10.1% of the Company's issued share capital following the Exercises. The Company holds no Ordinary Shares in treasury.\nThe sale of the Placing Shares will be effected by way of an accelerated bookbuild to institutional investors, which will be launched immediately following this announcement. Liberum Capital Limited (\"Liberum\") and finnCap Ltd (\"finnCap\") are acting as Joint Bookrunners in relation to the Placing.\nThe timing for the close of the bookbuild process and the distribution of allocations will be at the absolute discretion of Liberum and finnCap but the...