(Alliance News) - Frontier Smart Technologies Group Ltd on Tuesday said it intends to appoint Science Group PLC Chair Martyn Ratcliffe and Company Secretary & Legal Counsel Sarah Cole to its board.
The smart home technologies provider said it expects the appointments to be completed by Monday next week, with Ratcliffe taking a role of Frontier Smart Tech chair.
Meanwhile, Martin Harriman, one of the three current independent Frontier non-executive directors, has stepped down with immediate effect. Hossein Yassaie will also retire from the board, Frontier Smart Tech said, to coincide with the new Science Group appointments.
Paul Taylor will remain on the Frontier board as the independent non-executive director the end of August 2019 to facilitate the transition and commence the process of appointing a suitable independent candidate.
The moves comes amid advisory firm Science Group steadily building its stake in Frontier Smart Tech.
In mid-May, Science Group and Frontier Smart Tech ended merger talks after failing to reach an agreement.
Following the failure of these earlier talks, Frontier Smart Tech argued it had received a strategic investment proposal from a "credible industry player" which it preferred over the Science Group offer. This second bidder had initially been viewed as a potential takeover rival.
At the beginning of July, Science Group emphasised its 35 pence per share takeover offer was the "only offer" available to Frontier Smart Tech and continued to encourage shareholders to take up the offer. Science Group also refused to increase its offer, despite Frontier Smart Tech claiming it had verbally agreed to do so.
As at Monday last week, Science Group held 48% stake in Frontier Smart Tech.
Frontier Smart Tech shares were trading 4.5% lower on Tuesday at 29.61 pence each in London, while Science Group shares were up 0.5% at 199.90p each.
