TIDMFST
RNS Number : 0489H
Frontier Smart Technologies Grp Ltd
08 March 2018
For immediate release 8 March 2018
Frontier Smart Technologies Group Ltd
('Frontier', the 'Company' or the 'Group')
Board Changes
Frontier (AIM: FST), a pioneer in technologies for Digital Radio
and Smart Audio devices, announces that Dr Martin Knight and Chris
Batterham will not be standing for re-election at the Annual
General Meeting ('AGM') in April 2018 and will cease to be
Directors at the conclusion of that meeting. Additionally, Sir
Hossein Yassaie has been appointed a Non-Executive Director with
immediate effect. As part of these planned changes, the Group has
already initiated a search to identify further candidates to join
the Board, including for the role of Chairman.
Dr Martin Knight, Chairman since July 2015, has decided that,
after nine years as a Non-Executive Director, he will be standing
down from the Board in April at the conclusion of the AGM. Chris
Batterham, a Non-Executive Director since 2012, has also informed
the Board of his decision not to stand for re-election.
Under their stewardship, the Group has undergone a significant
transformation and, as a result, is now EBITDA positive and cash
generative. In 2016, Frontier successfully exited its healthcare
business, removing a significant cash drain on the Group's finances
and allowing Management to focus on Frontier's consumer audio
business. The Group's financial results for 2017, published today,
show significant growth in revenues and a more than doubling in
EBITDA.
Sir Hossein Yassaie is a recognised figure on the world
technology stage with directorship and strategic advisory roles in
several disruptive global technology companies. Formerly he was
also the CEO of Imagination Technologies Group plc. He brings
proven technology expertise and vision, extensive market knowledge
and industry relationships, which will be of significant benefit to
the Group. Sir Hossein was a cofounder and also a director of
Frontier when Imagination Technologies was a shareholder in the
business, when it was both a private company and listed plc.
Additional information pursuant to Rule 17 and Schedule Two
Paragraph (g) of the AIM Rules for Companies is disclosed, at the
end of this announcement below, in relation to Sir Hossein
Yassaie's appointment to the Frontier Board.
Martin Harriman, who joined the Board in December 2016, will
continue in his current position of Non-Executive Director
Anthony Sethill, CEO of Frontier Smart Technologies, said: "On
behalf of the Board, I would like to take this opportunity to thank
Martin and Chris for their service. During their tenure, the Group
has successfully disposed of its healthcare business and become
EBITDA positive and cash generative, providing a good foundation
for an exciting future.
"A number of shareholders had indicated that they would welcome
Hossein's return to Frontier given his in-depth knowledge of the
sector and the business as a whole. We are therefore delighted that
he has accepted our offer to join the Board. His understanding of
the business, its markets and the opportunities that lie ahead are
important assets, which will be a significant benefit as we embark
on our next phase of development and growth."
- Ends -
For further enquiries:
Frontier Smart Technologies Group +44 (0) 20 7391
Ltd 0630
Anthony Sethill, Chief Executive
Officer
Jonathan Apps, Chief Financial
Officer
N+1 Singer (Nominated Adviser +44 (0) 20 7496
and Broker) 3000
Shaun Dobson / James Hopton
+44 (0) 20 7466
Buchanan (Financial Communications) 5000
Henry Harrison-Topham / Steph FST@buchanan.uk.com
Watson / Gemma Mostyn-Owen
Additional Information
Sir Hossein Yassaie (aged 61), holds or held the following
Directorships or Partnerships in the past five years:
Current directorships/partnerships Past directorships/partnerships
* Pure International Limited * Imagination Technologies Group Limited
* Crockers Tring Ltd * Satixfy UK Limited
* Unique Dining Limited * Frontier Smart Technologies Group Limited
* Unique Things Limited * 7digital Group Plc
* Mindtech Global Limited * Imagination Technologies Limited
* Mindtrace Limited * Pure Digital Limited
* Atomos Global UK Limited * Mips Tech Limited
* Pure Bricks Limited * Metagence Technologies Limited
* Spokenaloud Limited * Cross Products Limited
* Aahoo Limited * Ensigma Technologies Limited
* Uniphy Limited * Powervr Technologies Limited
* HY10 Ventures Limited * Bristol Interactive Technology Limited
* Ultrahaptics Holdings Ltd * Videologic Systems Limited
* Techworkshub Ltd. * Frontier Silicon (Holdings) Limited
* Invecas Limited
* Scalex Global Limited
Sir Hossein Yassaie currently holds 28,190 ordinary shares of 10
pence each in the capital of the Frontier Smart Technologies Group
Limited.
About Frontier Smart Technologies
The Frontier Smart Technologies Group is a pioneer in
technologies for digital audio devices. The original company,
Frontier Silicon, was incorporated in 2001. Customers include many
leading consumer audio brands: Bose, Denon, Grundig, harman/kardon,
Hama, JBL, Marshall, Onkyo, Panasonic, Philips, Pioneer, Pure,
Roberts, Sony, TechniSat, UrbanEars, Yamaha, and many more. The
Company is headquartered in London, with engineering, sales and
operations teams in Cambridge, Timisoara (Romania), Hong Kong, and
Shenzhen.
For more information, see: www.frontiersmart.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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