4 Jun 2015 13:26
For immediate release
4 June 2015
Frontier Resources International Plc
("Frontier" or the "Company")
Notice of AGM and proposed capital reorganisation
The Board of Frontier announces that the Notice of Annual General Meeting (the "Notice") is being sent to shareholders today, containing details of a proposed capital reorganisation. The Annual General Meeting ("AGM") will be held at 11 Staple Inn, London WC1V 7QH on 30 June 2015 at 10.00 a.m. Copies of the Notice will be available on the Company's website www.friplc.com.
In addition to the normal business of the AGM, the Notice also include a resolution pertaining to proposals for the subdivision and redesignation of the existing ordinary shares ("Existing Ordinary Shares") and the adoption of new articles of association (the "Reorganisation").
In order to assist the Company with its ongoing discussions regarding potential alternative funding, the Board wishes to have the ability to raise further equity finance as and when required. Accordingly, it is necessary to reorganise the Company's share capital to reduce the nominal value of each share from the present level of 1p per share.
The Reorganisation comprises a subdivision of each Existing Ordinary Share into one new ordinary share ("New Ordinary Share") and one deferred share ("Deferred Share") and the adoption of the new articles of association ("New Articles").
The New Ordinary Shares will have the same rights as those currently accruing to the Existing Ordinary Shares under the existing articles of association, including those relating to voting and entitlement to dividends. No new share certificates will be issued to existing shareholders, and their existing share certificates for the same quantity of shares will remain as valid cover.
The Reorganisation is subject to the approval of shareholders at the AGM. If the resolution is passed, the Reorganisation will become effective immediately following close of business on that date. Application will be made for the New Ordinary Shares to be admitted to trading on AIM and, it is expected that admission will become effective at 8.00 a.m. on 1 July 2015. In the event that the resolution in respect of the Reorganisation is passed at the AGM, there will be 165,430,505 New Ordinary Shares in issue following completion of the Reorganisation.
Further details of the Reorganisation are set out in the Notice.
The expected timetable of principal events is set out below. The dates and times are indicative only and subject to change. Any changes to the indicative timetable will be notified by a regulatory announcement.
Latest time and date for receipt of forms of proxy for the AGM
| 10.00 a.m. 26 June 2015 |
Annual General Meeting
| 30 June 2015 |
Record time and date for share capital Reorganisation
| Close of business on 30 June 2015 |
Dealings commence in New Ordinary Shares | 8.00 a.m. on 1 July 2015 |
Further details of the Reorganisation are set out in the Notice.
Enquiries:
Frontier Resources International Plc Jack Keyes, Chief Executive Officer Neil Herbert, Chairman |
Tel: +1 (281) 920 0061 Tel: +44 (0) 020 3475 8108 |
Beaumont Cornish (Nomad) Michael Cornish Roland Cornish |
Tel: +44 (0)20 7628 3396 |
Beaufort Securities Limited (Broker) Saif Janjua
|
Tel: +44 (0)20 7382 8300 |
A copy of this announcement is available from the Company's website www.friplc.com
ENDS