8 Mar 2018 07:00
For immediate release | 8 March 2018 |
Frontier Smart Technologies Group Ltd
('Frontier', the 'Company' or the 'Group')
Board Changes
Frontier (AIM: FST), a pioneer in technologies for Digital Radio and Smart Audio devices, announces that Dr Martin Knight and Chris Batterham will not be standing for re-election at the Annual General Meeting ('AGM') in April 2018 and will cease to be Directors at the conclusion of that meeting. Additionally, Sir Hossein Yassaie has been appointed a Non-Executive Director with immediate effect. As part of these planned changes, the Group has already initiated a search to identify further candidates to join the Board, including for the role of Chairman.
Dr Martin Knight, Chairman since July 2015, has decided that, after nine years as a Non-Executive Director, he will be standing down from the Board in April at the conclusion of the AGM. Chris Batterham, a Non-Executive Director since 2012, has also informed the Board of his decision not to stand for re-election.
Under their stewardship, the Group has undergone a significant transformation and, as a result, is now EBITDA positive and cash generative. In 2016, Frontier successfully exited its healthcare business, removing a significant cash drain on the Group's finances and allowing Management to focus on Frontier's consumer audio business. The Group's financial results for 2017, published today, show significant growth in revenues and a more than doubling in EBITDA.
Sir Hossein Yassaie is a recognised figure on the world technology stage with directorship and strategic advisory roles in several disruptive global technology companies. Formerly he was also the CEO of Imagination Technologies Group plc. He brings proven technology expertise and vision, extensive market knowledge and industry relationships, which will be of significant benefit to the Group. Sir Hossein was a cofounder and also a director of Frontier when Imagination Technologies was a shareholder in the business, when it was both a private company and listed plc.
Additional information pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies is disclosed, at the end of this announcement below, in relation to Sir Hossein Yassaie's appointment to the Frontier Board.
Martin Harriman, who joined the Board in December 2016, will continue in his current position of Non-Executive Director
Anthony Sethill, CEO of Frontier Smart Technologies, said: "On behalf of the Board, I would like to take this opportunity to thank Martin and Chris for their service. During their tenure, the Group has successfully disposed of its healthcare business and become EBITDA positive and cash generative, providing a good foundation for an exciting future.
"A number of shareholders had indicated that they would welcome Hossein's return to Frontier given his in-depth knowledge of the sector and the business as a whole. We are therefore delighted that he has accepted our offer to join the Board. His understanding of the business, its markets and the opportunities that lie ahead are important assets, which will be a significant benefit as we embark on our next phase of development and growth."
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For further enquiries:
Frontier Smart Technologies Group Ltd | +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 |
Shaun Dobson / James Hopton | |
Buchanan (Financial Communications) | +44 (0) 20 7466 5000 |
Henry Harrison-Topham / Steph Watson / Gemma Mostyn-Owen | FST@buchanan.uk.com |
Additional Information
Sir Hossein Yassaie (aged 61), holds or held the following Directorships or Partnerships in the past five years:
Current directorships/partnerships | Past directorships/partnerships |
· Pure International Limited · Crockers Tring Ltd · Unique Dining Limited · Unique Things Limited · Mindtech Global Limited · Mindtrace Limited · Atomos Global UK Limited · Pure Bricks Limited · Spokenaloud Limited · Aahoo Limited · Uniphy Limited · HY10 Ventures Limited · Ultrahaptics Holdings Ltd · Techworkshub Ltd. · Invecas Limited · Scalex Global Limited | · Imagination Technologies Group Limited · Satixfy UK Limited · Frontier Smart Technologies Group Limited · 7digital Group Plc · Imagination Technologies Limited · Pure Digital Limited · Mips Tech Limited · Metagence Technologies Limited · Cross Products Limited · Ensigma Technologies Limited · Powervr Technologies Limited · Bristol Interactive Technology Limited · Videologic Systems Limited · Frontier Silicon (Holdings) Limited |
Sir Hossein Yassaie currently holds 28,190 ordinary shares of 10 pence each in the capital of the Frontier Smart Technologies Group Limited.
About Frontier Smart Technologies
The Frontier Smart Technologies Group is a pioneer in technologies for digital audio devices. The original company, Frontier Silicon, was incorporated in 2001. Customers include many leading consumer audio brands: Bose, Denon, Grundig, harman/kardon, Hama, JBL, Marshall, Onkyo, Panasonic, Philips, Pioneer, Pure, Roberts, Sony, TechniSat, UrbanEars, Yamaha, and many more. The Company is headquartered in London, with engineering, sales and operations teams in Cambridge, Timisoara (Romania), Hong Kong, and Shenzhen.
For more information, see: www.frontiersmart.com