Frontier Smart Technologies Grp Ltd Termination of Discussions and Holding in Company (4830Z)
May 20 2019 - 2:00AM
UK Regulatory
TIDMFST TIDMSAG
RNS Number : 4830Z
Frontier Smart Technologies Grp Ltd
20 May 2019
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
19(th) May 2019 that Science Group plc acquired 3,685,054 ordinary
shares in the capital of the Company between the 9(th) and 17(th)
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:
+44 (0) 20 7391
Frontier Smart Technologies Group Limited 0630
Anthony Sethill, Chief Executive Officer
Jonathan Apps, Chief Financial Officer
+44 (0) 20 7496
N+1 Singer (Nominated Adviser and Broker) 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCEAESNFFLNEAF
(END) Dow Jones Newswires
May 20, 2019 02:00 ET (06:00 GMT)
Frontier Smart Technolog... (LSE:FST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Frontier Smart Technolog... (LSE:FST)
Historical Stock Chart
From Jul 2023 to Jul 2024