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466.50 -9.50 (-2.00%)

Bid:

465.00

Ask:

467.50

Spread: 2.50 (0.538%)

Market Cap: £162.03m

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Frontier Development To Acquire Software And IT Consultancy

Wed, 16th Apr 2014 09:25

LONDON (Alliance News) - Frontier Development PLC Wednesday sad it has plans to acquire software and IT consultancy Professional Practice Automation in deal worth GBP5.1 million, satisfied through the issue of 2.0 million shares at a price of 254.3 pence per share.

The video games developer said the assets to be acquired include the royalty rights in respect of the Elite video game franchise - the benefits of which PPA currently holds.

Frontier's Chief Executive David Braben assigned these rights to the company in June 2008 in return for a royalty based on Frontier's profits from the Elite video game franchise.

Braben plans to sell up to 1.6 million shares at a price of 250 pence per share via a placing, which represents 5.1% of the issue share capital of the company. Canaccord Genuity Ltd will act as bookrunners.

The stock was trading at 250.00 pence Wednesday morning, down 9.00 pence or 3.47%.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews