Last checked at 12 Jul 2019 15:00
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12 July 2019
Frontier Smart Technologies Group Ltd ("Frontier" or the "Company")
Further Response to Science Group Offer
Further to its announcement of 5 July 2019 the Board of Frontier provides the following update to shareholders in relation to the offer by Science Group plc ("Science Group") for the issued and to be issued share capital of Frontier at a price of 35p per share (the "Science Group Offer").
Following an exchange of email correspondence and a series of conversations, at a meeting of principals and advisers on the afternoon of 10 July 2019, the parties agreed verbally that Science Group would increase its offer price to 37p (the "Improved Offer") conditional upon the Board of Frontier agreeing to recommend the Improved Offer.
Detailed discussions have continued since the meeting of 10 July and while there are certain mechanical and procedural items to be agreed, the Board of Frontier considers that all key commercial terms in relation to the Improved Offer are agreed. Accordingly the Board of Frontier stands ready to recommend the Improved Offer and invites the Board of Science Group to confirm that it intends to honour the verbal agreement reached on 10 July.
In the meantime, the Frontier Board strongly recommends that Shareholders neither accept the Science Group Offer on its current terms, per the offer document distributed to shareholders on 2 July, nor sell any Frontier shares via the Panmure Gordon dealing facility, until such time as Science Group confirms its position.
A further announcement will be made as and when appropriate.
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 |
Sandy Fraser / 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.