1 Jul 2019 09:01
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
1 July 2019
Frontier Smart Technologies Group Ltd ("Frontier" or the "Company")
Response to Science Group Statement
The Board of Frontier Smart Technologies Group Limited notes today's unilateral announcement by Science Group plc ("Science Group") of its intention to make an offer at a price of 35p per share for the entire issued and to be issued share capital of Frontier. Today's announcement is the first time Science Group has declared to Frontier, publicly or otherwise, the intention to increase its offer price from 30p per share.
As noted in the announcement by the Board of Frontier on 14 May 2019 the Company has, subsequent to the initial approach from Science Group, received a further approach from a credible industry player with a view to executing a corporate transaction which may or may not involve an offer for the Company. Discussions continue with this second party with a view to clarifying the proposed structure and pricing, conditionality and deliverability of the potential transaction, in line with the Frontier Board's fiduciary duty to maximise value for shareholders. There can be no certainty that the second approach will result in a formal offer for the Company, nor as to the terms of any such offer if made.
Further announcements will be made if and when appropriate. In the meantime, Frontier shareholders are strongly urged to continue to take no action in relation to their Frontier shares.
For Further Enquiries:
Frontier Smart Technologies Group Limited | +44 (0) 20 7391 0630 |
Anthony Sethill, Chief Executive Officer | |
Jonathan Apps, Chief Financial Officer | |
Patrick Hannon, Vice President, Corporate Development | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Lauren Kettle / Ben Farrow |
About Frontier Smart Technologies Group Limited
Frontier Smart Technologies is a pioneer in technologies for Digital Radio and Smart IoT devices. The Group's customers include many leading consumer audio brands: Bose, Denon, harman/kardon, JBL, Onkyo, Panasonic, Sony, Yamaha, Altec Lansing, Blaupunkt, Grundig, Hama, Klipsch, Marshall, Pioneer, Pure, Roberts, TechniSat, Teufel and many more. Established in 2001, the Group is headquartered in London, with engineering, sales and operations teams in Cambridge, Timisoara (Romania), Hong Kong and Shenzhen. For more information, see frontiersmart.com.