Frontier Resources International Conditional Subscription (1139O)
May 22 2015 - 11:29AM
UK Regulatory
TIDMFRI
RNS Number : 1139O
Frontier Resources International
22 May 2015
For immediate release
22 May 2015
Frontier Resources International Plc
("Frontier" or the "Company")
Conditional Subscription
As announced on 18 May 2015, the resolution to approve a waiver
of an obligation under Rule 9 of the City Code on Takeovers and
Mergers in respect of the conditional subscription ("Subscription")
by AGR Energy Limited No. II ("AGR Energy") and parties acting in
concert with it was duly approved by independent shareholders on a
poll.
Completion of the Subscription is still subject, inter alia, to
the delivery to AGR Energy of overseas opinions in agreed form on
the Company's projects and these and matters related to them are
currently in the process of being reviewed by and discussed with
AGR Energy. Subject to the remaining conditions to completion being
satisfied or waived, the Board currently expects that completion
should occur at the end of next week.
On completion, the Company will issue 170,000,000 new ordinary
shares to AGR Energy at the subscription price of 1p per new
ordinary share ("Subscription Shares") and as previously announced,
4,944,463 new ordinary shares to Mr Keyes and 500,000 new ordinary
shares to Mrs Spurrier (the "Settlement Shares").
The new ordinary shares will rank pari passu with the existing
ordinary shares. Application has been made for the 175,444,463 new
ordinary shares (comprising the Subscription Shares and the
Settlement Shares) to be admitted to trading on AIM and, subject to
the remaining conditions to completion being satisfied or waived,
the Board currently expects that Admission will become effective
and dealings will commence on or around 29 May 2015.
A further update will be made in due course.
Enquiries:
Frontier Resources
International Plc Tel: +1 (281) 920
Jack Keyes, Chief Executive 0061
Officer Tel: +44 (0) 020
Neil Herbert, Chairman 3475 8108
Beaumont Cornish (Nomad) Tel: +44 (0)20 7628
Michael Cornish 3396
Roland Cornish
Beaufort Securities Tel: +44 (0)20 7382
Limited (Broker) 8300
Saif Janjua
Yellow Jersey PR (Financial Tel: +44 (0)7747
PR) 788 221
Anna Legge
Dominic Barretto
A copy of this announcement is available from the Company's
website www.friplc.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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