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Frontier Resources Completes Assets Sale, Becomes Cash Shell

Wed, 23rd Mar 2016 12:24

LONDON (Alliance News) - Frontier Resources International PLC on Wednesday said it has completed the sale of its assets and has become a cash shell under AIM rules.

Frontier struck a deal in March to sell its asset-holding subsidiaries for a nominal fee to its former chief executive. The sale includes Frontier's stakes in oil exploration assets in Oman.

Following the sale, Frontier is now classed as a cash shell under AIM rules, meaning it will have to make an acquisition or agree a reverse takeover within six months or its shares will be suspended.

Shares in Frontier were down 6.0% to 0.07 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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