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Frontier Smart Tech (FST)

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Monday 01 July, 2019

Frontier Smart Tech

Response to Science Group Statement

RNS Number : 9904D
Frontier Smart Technologies Grp Ltd
01 July 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

1 July 2019

Frontier Smart Technologies Group Ltd ("Frontier" or the "Company")

Response to Science Group Statement

The Board of Frontier Smart Technologies Group Limited notes today's unilateral announcement by Science Group plc ("Science Group") of its intention to make an offer at a price of 35p per share for the entire issued and to be issued share capital of Frontier. Today's announcement is the first time Science Group has declared to Frontier, publicly or otherwise, the intention to increase its offer price from 30p per share.

As noted in the announcement by the Board of Frontier on 14 May 2019 the Company has, subsequent to the initial approach from Science Group, received a further approach from a credible industry player with a view to executing a corporate transaction which may or may not involve an offer for the Company. Discussions continue with this second party with a view to clarifying the proposed structure and pricing, conditionality and deliverability of the potential transaction, in line with the Frontier Board's fiduciary duty to maximise value for shareholders. There can be no certainty that the second approach will result in a formal offer for the Company, nor as to the terms of any such offer if made.

Further announcements will be made if and when appropriate. In the meantime, Frontier shareholders are strongly urged to continue to take no action in relation to their Frontier shares.

 

For Further Enquiries:

Frontier Smart Technologies Group Limited

+44 (0) 20 7391 0630

Anthony Sethill, Chief Executive Officer


Jonathan Apps, Chief Financial Officer


Patrick Hannon, Vice President, Corporate Development


N+1 Singer (Nominated Adviser and Broker)

+44 (0) 20 7496 3000

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.


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 [email protected] or visit www.rns.com.
 
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