11 Oct 2019 10:42
11 October 2019
Frontier Smart Technologies Group Limited
("Frontier" or the "Company")
Result of EGM and Suspension of Trading on AIM
On 9 September 2019, the boards of Frontier and Science Group plc ("Science Group") announced that they had reached agreement on the terms of a recommended Cayman Islands statutory merger (the "Merger") between the Company and SG Bidco Ltd, a newly incorporated wholly-owned subsidiary of Science Group incorporated in England and Wales. Under the terms of the Merger, shareholders in Frontier will be entitled to receive 25 pence in cash, for each share of the Company owned immediately prior to the effective time of the Merger without interest and less any applicable withholding taxes.
The Company announces that at the Extraordinary General Meeting (the "EGM") of the Company held today to approve the Merger and the cancellation of admission to trading on AIM of the Company's shares (the "Cancellation"), both resolutions detailed in the Circular dated 9 September 2019 and released to Shareholders and available on the Company website on that day were approved.
The Company has provided notice to the London Stock Exchange of the proposed Cancellation. Dealings in Frontier shares will be suspended from trading on AIM with effect from 7:30 a.m. on 14 October 2019. It is expected that the admission of Frontier Shares to trading on AIM will be cancelled on 21 October 2019.
Following approval at the EGM, the Company expects to adhere to the following timetable for completion of the Merger and cancellation of admission:
Expected last day of dealings on AIM in the Shares and disablement of CREST Depository Interests | 11 October 2019 |
Expected date of completion and effectiveness of the Merger (subject to the conditions being satisfied or waived) | 11 October 2019 |
Expected date that the Registrar of Companies in the Cayman Islands will issue a certificate of strike off by way of merger | 11 October 2019 |
Trading in the Shares on AIM is suspended | 7:30am on 14 October 2019 |
Cancellation of the admission to trading on AIM of the Shares expected to be effective | 21 October 2019
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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.
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For Further Enquiries:
Frontier Smart Technologies Group Limited | +44 (0) 20 7391 0630 |
Jonathan Apps, Chief Financial Officer | |
Sarah Cole, Director | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Sandy Fraser / Lauren Kettle / Ben Farrow |