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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