3 Sep 2019 08:54
Frontier Smart Technologies Group Ltd
('Frontier' or the 'Company')
Amendment to Standby Facility
Further to the announcement on 21 August 2019 by the boards of Frontier and Science Group plc ("Science Group"), the Company confirms that on 2 September 2019 it entered into an amendment letter with Science Group, varying certain of the terms of the replacement credit facility (the "Standby Facility") to be provided by Science Group (the "Amendment Letter").
The terms of the Standby Facility agreement allowed for interest to be charged on drawn amounts at a rate of 12% above 3-month LIBOR. Under the terms of the Amendment Letter, the interest rate to be charged on drawn amounts has been reduced to 5% above 3-month LIBOR. All other terms of the Standby Facility, the material provisions of which are described in more detail in the announcement of 21 August 2019, remain unchanged.
The variation of the terms of the Standby Facility constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company, having consulted with N+1 Singer, the Company's nominated adviser, consider that the terms of the variation are fair and reasonable insofar as the independent shareholders of the Company (being those Frontier shareholders other than Science Group) are concerned.
For Further Enquiries:
Frontier Smart Technologies Group Limited | +44 (0) 20 7391 0630 |
Anthony Sethill, Chief Executive Officer | |
Jonathan Apps, Chief Financial Officer | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Sandy Fraser / Lauren Kettle / Ben Farrow |
Market Abuse Regulation
The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.