such business very finance so interesting wow
By Alice Lynton on April 20, 2014 at 11:38 am
The rights to the Elite franchise are back with creator David Braben following Frontier Developments' £5 million buyout of IT firm Professional Practice Automation this month.
Develop reports the Cambridge company, which develops and distributes software, acquired the rights to the franchise when Braben gave them up in return for royalties.
Having shelled out a fairly substantial wad of cash for PPA, Braben has announced he will put up to 1.6 million shares in Frontier Developments on sale – that's about 5% of the company's total holdings – at 250 pence each. That should bring in about £400,000, so goodness knows where the rest of the payment will come from.
Frontier Developments is currently working on Elite: Dangerous, which is expected this year. It was partially crowdfunded.
Source: Develop
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