Frontier Resources International Notice of AGM and Proposed Capital Reorganisation (2571P)

TIDMFRI

RNS Number : 2571P

Frontier Resources International

04 June 2015

For immediate release

4 June 2015

Frontier Resources International Plc

("Frontier" or the "Company")

Notice of AGM and proposed capital reorganisation

The Board of Frontier announces that the Notice of Annual General Meeting (the "Notice") is being sent to shareholders today, containing details of a proposed capital reorganisation. The Annual General Meeting ("AGM") will be held at 11 Staple Inn, London WC1V 7QH on 30 June 2015 at 10.00 a.m. Copies of the Notice will be available on the Company's website www.friplc.com.

In addition to the normal business of the AGM, the Notice also include a resolution pertaining to proposals for the subdivision and redesignation of the existing ordinary shares ("Existing Ordinary Shares") and the adoption of new articles of association (the "Reorganisation").

In order to assist the Company with its ongoing discussions regarding potential alternative funding, the Board wishes to have the ability to raise further equity finance as and when required. Accordingly, it is necessary to reorganise the Company's share capital to reduce the nominal value of each share from the present level of 1p per share.

The Reorganisation comprises a subdivision of each Existing Ordinary Share into one new ordinary share ("New Ordinary Share") and one deferred share ("Deferred Share") and the adoption of the new articles of association ("New Articles").

The New Ordinary Shares will have the same rights as those currently accruing to the Existing Ordinary Shares under the existing articles of association, including those relating to voting and entitlement to dividends. No new share certificates will be issued to existing shareholders, and their existing share certificates for the same quantity of shares will remain as valid cover.

The Reorganisation is subject to the approval of shareholders at the AGM. If the resolution is passed, the Reorganisation will become effective immediately following close of business on that date. Application will be made for the New Ordinary Shares to be admitted to trading on AIM and, it is expected that admission will become effective at 8.00 a.m. on 1 July 2015. In the event that the resolution in respect of the Reorganisation is passed at the AGM, there will be 165,430,505 New Ordinary Shares in issue following completion of the Reorganisation.

Further details of the Reorganisation are set out in the Notice.

The expected timetable of principal events is set out below. The dates and times are indicative only and subject to change. Any changes to the indicative timetable will be notified by a regulatory announcement.

 
Latest time and date for receipt of forms of           10.00 a.m. 26 June 
 proxy for the AGM                                      2015 
Annual General Meeting                                 30 June 2015 
Record time and date for share capital Reorganisation  Close of business 
                                                        on 30 June 2015 
Dealings commence in New Ordinary Shares               8.00 a.m. on 1 July 
                                                        2015

Further details of the Reorganisation are set out in the Notice.

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

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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