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Science Group Holds 29% Frontier Smart Stake As Offer Continues

Mon, 08th Jul 2019 17:17

(Alliance News) - Frontier Smart Technologies Group Ltd on Monday said Science Group PLC purchased 190,701 shares in the company at 35 pence per share as part of its offer.

Following the GBP66,745 deal, which took place on Friday last week, Science Group held 11.9 million Frontier Smart shares or a 29% stake.

Earlier on Monday, Science Group - which owned a 28% stake in Frontier Smart before it made the offer - said its takeover offer is now the only one on the table for Frontier Smart.

Frontier Smart had been approached by an undisclosed "credible industry player" but this is no longer expected to result in an offer and instead looks as though it will consist of a strategic investment via a joint venture if it goes ahead.

Nonetheless, Frontier Smart favours the possible joint venture over the Science Group offer.

Shares in Frontier Smart closed down 2.8% at 34.50 pence on Monday.