Share Options and Director/PDMR Dealings
LTIP share options for four executive directors lapsed on 15 October 2024 due to unmet performance conditions.
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Frontier Developments plc (AIM: FDEV, 'Frontier' or the 'Company'), a leading developer and publisher of video games 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 15 October 2021 (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. As a result of the decline in the Company's share price during the vesting period, the performance conditions for the Share Options were not met, resulting in lapses.
The number of Share Options lapsing on 15 October 2024 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 Share Options lapsing on 15 October 2024 | Total number of share options held under all schemes following the lapses on 15 October 2024 |
|---|---|---|---|
| Jonathan Watts | Chief Executive Officer | 10,510 | 176,502 |
| David Braben | President & Founder | 10,910 | 83,374 |
| Alex Bevis | Chief Financial Officer | 10,510 | 162,320 |
| James Dixon | Chief Operating Officer | 1,682 | 42,627 |
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 |
| a) | Name: Frontier Developments plc |
| b) | LEI: 213800B9LGPWUAZ9GX18 |
| 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): Price(s) Volume(s) 0.5p 10,910 |
| d) | Aggregated information: N/A - Single transaction |
| e) | Date of the transaction: 15 October 2024 |
| 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 |
| a) | Name: Frontier Developments plc |
| b) | LEI: 213800B9LGPWUAZ9GX18 |
| 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): Price(s) Volume(s) 0.5p 10,510 |
| d) | Aggregated information: N/A - Single transaction |
| e) | Date of the transaction: 15 October 2024 |
| 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 |
| a) | Name: Frontier Developments plc |
| b) | LEI: 213800B9LGPWUAZ9GX18 |
| 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): Price(s) Volume(s) 0.5p 10,510 |
| d) | Aggregated information: N/A - Single transaction |
| e) | Date of the transaction: 15 October 2024 |
| 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 |
| a) | Name: Frontier Developments plc |
| b) | LEI: 213800B9LGPWUAZ9GX18 |
| 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): Price(s) Volume(s) 0.5p 1,682 |
| d) | Aggregated information: N/A - Single transaction |
| e) | Date of the transaction: 15 October 2024 |
| f) | Place of the transaction: Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.