Business
Response to announcement by Frontier
Response to announcement by Frontier.
About this update from Science Group Plc
[{"type":"text","content":"\n \nRNS Number : 2621I Science Group PLC 07 August 2019 \n\n \n7 August 2019\nScience Group plc\n(the \"Company\")\n \nResponse to announcement by Frontier Smart Technologies Group Limited\n(\"Frontier\")\n \n \nScience Group plc (AIM:SAG) notes the announcement and trading update issued by Frontier (AIM:FST) today.\n \nOn 29 July 2019, following months of trying to get the Frontier Board to engage with Science Group, an EGM requisition was sent to Frontier. (Contrary to the implication in the Frontier announcement today, the Frontier Board has been aware of the EGM requisition for nine days.) As a result, the Frontier Board finally agreed to engage and, on 30 July 2019, Frontier and Science Group announced the proposed changes to the Frontier Board \"subject to completion of standard pre-appointment diligence checks by N+1 Singer as Nomad to Frontier and completion of Science Group due diligence.\" Following a request from Frontier's Adviser, Science Group confirmed that subject to satisfactory progress, the EGM notice would be withdrawn at the appropriate time. \n \nSince that time, Frontier has provided information to Science Group which has been reviewed. The implications of the analysis by Science Group of that information have been provided to Frontier and its Advisers on a timely basis. The analysis and discussions have been intensive including meetings with operating management on Monday and Tuesday of this week. In Science Group's opinion, the strategy of Frontier needs to be significantly revised from that which has demonstrably failed over the past 18 months but Science Group remains excited by the Frontier business, its employees and the potential opportunities for co...