Frontier Developments: Tencent Subscribes to 3.4 Million Shares at 523.2p Each
28 July 2017 - 6:34PM
Dow Jones News
LONDON--Frontier Developments PLC (FDEV.LN) has entered into a
subscription agreement with Tencent Holdings Ltd., an internet and
interactive entertainment company based in China, under which
Tencent has agreed to make a strategic investment in Frontier.
Frontier, which creates video games said Friday that Tencent has
subscribed for 3.4 million newly issued ordinary shares in the
company at a 523.2 pence (673.8 cents) each.
Frontier said it intends that the proceeds of GBP17.7 million
will augment the company's existing cash resources (GBP12.6 million
at end May) and allow it to continue to accelerate its investment
in scaling up its operations and growing its number of franchises
to build on the success of its transition to self-publishing.
Shares at 0800 GMT up 80 pence, or 15%, at 605 pence, valuing
the company at GBP207.1 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter:
@Raztweet
(END) Dow Jones Newswires
July 28, 2017 04:19 ET (08:19 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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