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Frontier Developments plc confirmed the vesting outcomes for Long Term Incentive Plan (LTIP) share options awarded to its Executive Directors on 4 October 2019. An 8% annualised share price growth rate over the three-year vesting period resulted in partial vesting on 4 October 2022. This led to 13,157 options (61%) lapsing for Jonathan Watts, David Braben, and Alex Bevis, and 1,271 options (31%) lapsing for James Dixon.
| Date | 5 Oct 2022 |
| Time | 07:00:05 |
| Category | Director/PDMR dealings |
| ID | 7712B |
5 October 2022
Frontier Developments plc
Share Options and Director/PDMR Dealings
Frontier Developments plc (AIM: FDEV, 'Frontier' or the 'Company'), a leading developer and publisher of videogames based in Cambridge, UK, confirms the vesting outcomes for LTIP (Long Term Incentive Plan) share options over Ordinary Shares of 0.5p each in the Company ("Ordinary Shares") which were awarded to Executive Directors on 4 October 2019 (the "Share Options").
The Share Options were awarded with a three-year vesting period and they included performance conditions with an element based on share price growth over that period. The annualised growth rate in Frontier's share price over the three years was 8%, which resulted in a partial vesting of the Share Options, with an element of the Share Options lapsing on 4 October 2022.
The number of Share Options granted on 4 October 2019 and lapsing on 4 October 2022 for each Executive Director is set out below, along with the total number of share options held under all schemes by each Executive Director after the lapses.
|
Name of Director |
Position |
Number of LTIP options granted on 4 October 2019 |
Number of LTIP options lapsing on 4 October 2022 |
Total number of share options held under all schemes following the lapses on 4 October 2022 |
|
Jonathan Watts |
Chief Executive Officer |
21,449
|
13,157 (61%) |
143,856 |
|
David Braben |
President & Founder |
21,449 |
13,157 (61%) |
373,118 |
|
Alex Bevis |
Chief Financial Officer |
21,449 |
13,157 (61%) |
146,580 |
|
James Dixon |
Chief Operating Officer |
4,147 |
1,271 (31%) |
17,145 |
Enquiries:
Frontier Developments +44 (0)1223 394 300
Jonny Watts, 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 / Mark Burgess / Alex Dart
About Frontier Developments plc
Frontier is a leading independent developer and publisher of videogames 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 genre-leading games, primarily for personal computers and videogame consoles. As well as self-publishing internally developed games, Frontier also publishes games developed by carefully selected partner studios under its Frontier Foundry games label.
Frontier's LEI number: 213800B9LGPWUAZ9GX18.
DEALING NOTIFICATION FORM
FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY ASSOCIATED PERSONS
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
||||
|
a) |
Name: David Braben |
||||
|
2. |
Reason for the notification |
||||
|
a) |
Position/status: President and Founder |
||||
|
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: Ordinary shares of 0.5p each. Identification code: GB00BBT32N39 |
||||
|
b) |
Lapse of Options awarded under the Company's LTIP |
||||
|
c) |
Price(s) and volume(s):
|
||||
|
d) |
Aggregated information: N/A - Single transaction
|
||||
|
e) |
Date of the transaction: 4 October 2022 |
||||
|
f) |
Place of the transaction: Outside a trading venue |
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
||||
|
a) |
Name: Jonathan Watts |
||||
|
2. |
Reason for the notification |
||||
|
a) |
Position/status: Chief Executive Officer |
||||
|
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: Ordinary shares of 0.5p each. Identification code: GB00BBT32N39 |
||||
|
b) |
Lapse of Options awarded under the Company's LTIP |
||||
|
c) |
Price(s) and volume(s):
|
||||
|
d) |
Aggregated information: N/A - Single transaction
|
||||
|
e) |
Date of the transaction: 4 October 2022 |
||||
|
f) |
Place of the transaction: Outside a trading venue |
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
||||
|
a) |
Name: Alexander Bevis |
||||
|
2. |
Reason for the notification |
||||
|
a) |
Position/status: Chief Financial Officer |
||||
|
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: Ordinary shares of 0.5p each. Identification code: GB00BBT32N39 |
||||
|
b) |
Lapse of Options awarded under the Company's LTIP |
||||
|
c) |
Price(s) and volume(s):
|
||||
|
d) |
Aggregated information: N/A - Single transaction
|
||||
|
e) |
Date of the transaction: 4 October 2022 |
||||
|
f) |
Place of the transaction: Outside a trading venue |
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
||||
|
a) |
Name: James Dixon |
||||
|
2. |
Reason for the notification |
||||
|
a) |
Position/status: Chief Operating Officer |
||||
|
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: Ordinary shares of 0.5p each. Identification code: GB00BBT32N39 |
||||
|
b) |
Lapse of Options awarded under the Company's LTIP |
||||
|
c) |
Price(s) and volume(s):
|
||||
|
d) |
Aggregated information: N/A - Single transaction
|
||||
|
e) |
Date of the transaction: 4 October 2022 |
||||
|
f) |
Place of the transaction: Outside a trading venue |