Frontier Smart Technologies Grp Ltd Further Response to Science Group Offer (4250F)
July 12 2019 - 10:00AM
UK Regulatory
TIDMFST TIDMSAG
RNS Number : 4250F
Frontier Smart Technologies Grp Ltd
12 July 2019
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WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
SHAREHOLDERS WHO ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD
TAKE IN RESPECT OF THE MATTERS AS SET OUT IN THIS ANNOUNCEMENT ARE
RECOMMENDED TO SEEK THEIR OWN PERSONAL FINANCIAL ADVCE IMMEDIATELY
FROM THEIR OWN STOCKBROKER, BANK MANAGER, SOLICTOR, ACCOUNTANT OR
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JURISDICTION.
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:
+44 (0) 20 7391
Frontier Smart Technologies Group Limited 0630
Anthony Sethill, Chief Executive Officer
Jonathan Apps, Chief Financial Officer
Patrick Hannon, Vice President, Corporate Development
+44 (0) 20 7496
N+1 Singer (Nominated Adviser and Broker) 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.
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END
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