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Termination of Discussions and Holding in Company

20 May 2019 07:00

RNS Number : 4830Z
Frontier Smart Technologies Grp Ltd
20 May 2019
 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

For immediate release

20 May 2019

 

Frontier Smart Technologies Group Limited

('Frontier' or the 'Company')

 

Statement regarding Termination of Discussions and

 

Holding in Company

 

The Board of Frontier announces that it received a letter of proposal from Science Group plc ("Science Group") on 8 May 2019 relating to a possible offer for all of the issued and to be issued share capital of the Company at 30 pence per Ordinary Share (the "Possible Offer"), subject to certain conditions.

Discussions with Science Group continued from that date but agreement to the proposal was unable to be reached as the Board considered a number of the conditions to be potentially prejudicial to shareholders' interests and/or of a type that would not be permissible under the UK Takeover Code (the "Code"), if it applied to the Company. The Board considers the protection of shareholders to be of utmost importance and so undertook, while bearing in mind shareholders' best interests, to adhere to the general principles of the Code in respect of the Possible Offer insofar as it was able, or was reasonably practicable, so to do.

The Board of Frontier was also notified on the evening of the 19th May 2019 that Science Group plc acquired 3,685,054 ordinary shares in the capital of the Company between the 9th and 17th of May, representing 9.0 per cent. of the carrying voting rights.

The Company remains focussed on its strategy outlined in the trading update issued on 9 May 2019 and reconfirms its expectations to report sales of approximately US$36.6 million.

This announcement is being made independently of Science Group.

Ends

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

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.

Forward-looking statements

The information in this release is based on management information. This announcement includes statements that are forward looking in nature.

Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the AIM Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date of this announcement.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEAESNFFLNEAF
Date   Source Headline
14th Oct 20197:30 amRNSSuspension - Frontier Smart Technologies Group
11th Oct 201910:42 amRNSResult of EGM and Suspension of Trading on AIM
8th Oct 20195:30 pmRNSFrontier Smart Technologies Group
3rd Oct 201910:00 amRNSClosure of Romania Operations
11th Sep 20199:30 amRNSBoard Appointments
9th Sep 20196:21 pmRNSRecommended Statutory Merger & AIM Cancellation
6th Sep 20193:20 pmRNSBlock Listing Update
5th Sep 201912:47 pmRNSHolding(s) in Company
3rd Sep 20194:39 pmRNSExercise of Options and Total Voting Rights
3rd Sep 20198:54 amRNSAmendment to Standby Facility
2nd Sep 20195:23 pmRNSHolding(s) in Company
30th Aug 20192:21 pmRNSDirector/PDMR Dealing
30th Aug 20197:00 amRNSHalf-Year Results
29th Aug 20197:00 amRNSResponse to Science Group Statement
28th Aug 20194:23 pmRNSHolding(s) in Company
28th Aug 20198:47 amRNSFrontier Investment Update and Buy-Back
23rd Aug 201912:31 pmRNSInvestment in Frontier Smart Technologies Grp Ltd
23rd Aug 201912:30 pmRNSConfirmation of Refinancing
21st Aug 20197:00 amRNSBoard Transition, Refinancing and Strategy
13th Aug 20197:00 amRNSBoard Change
7th Aug 201911:20 amRNSResponse to announcement by Frontier
7th Aug 20197:00 amRNSTrading & Discussion Update and EGM Requisition
31st Jul 20193:30 pmRNSExercise of Options and Total Voting Rights
30th Jul 20197:00 amRNSBoard Changes
22nd Jul 201910:09 amRNSHolding(s) in Company
22nd Jul 20197:00 amRNSCash offer for Frontier Smart Technologies Grp Ltd
19th Jul 20196:09 pmRNSExercise of Options and Total Voting Rights
19th Jul 20197:00 amRNSHolding(s) in Company
19th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
18th Jul 20197:00 amRNSHolding(s) in Company
18th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
17th Jul 20197:00 amRNSCash offer for Frontier Smart Technologies Grp Ltd
16th Jul 20197:00 amRNSHolding(s) in Company
16th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
15th Jul 20198:02 amRNSHolding(s) in Company
15th Jul 20197:00 amRNSFurther Response to Science Group Offer
15th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
12th Jul 20194:07 pmRNSInvestment in Frontier Smart Technologies Group
12th Jul 20193:00 pmRNSFurther Response to Science Group Offer
12th Jul 20197:00 amRNSHolding(s) in Company
12th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
8th Jul 20197:00 amRNSInvestment in Frontier Smart Technologies Grp Ltd
8th Jul 20197:00 amRNSHolding(s) in Company
5th Jul 20197:00 amRNSFurther Response to Offer & update on discussions
2nd Jul 201912:20 pmRNSPublication of Offer Document
1st Jul 20199:01 amRNSResponse to Science Group Statement
1st Jul 20197:00 amRNSCash offer for Frontier Smart Technologies Grp Ltd
27th Jun 20194:10 pmRNSExercise of Options and Total Voting Rights
14th Jun 201911:40 amRNSInvestment in Frontier Smart Technologies Grp Ltd
14th Jun 20198:31 amRNSResponse to Science Group's announcement

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