20 May 2019 07:00
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.