Cash offer for Frontier Smart Technologies Group Limited by Science Group PLC

Science Group announces a firm intention to make a cash offer at 35 pence per share for the entire issued and to be issued ordinary share capital of Frontier which Science Group and its Affiliates do not already own.

• The offer price of 35 pence per Frontier Share represents a substantial premium of 137.3 per cent. to the closing mid-market Frontier share price at 17 May 2019, being the last trading day prior to the announcement of Science Group’s approach to Frontier.
• The Offer, which will have an acceptance condition of 50 per cent. plus one share, gives Frontier Shareholders a deliverable path to realise the value in their Frontier Shares in cash and at a premium.
• In addition, Science Group has today instructed Panmure Gordon to buy up to 10 million Frontier shares in the market at a price per share equal to the Acquisition Consideration, giving Frontier Shareholders immediate trading liquidity should they wish to sell their Frontier Shares before completion of the Offer.
• As at close of business on 28 June 2019, Science Group was interested in 11,510,521 Frontier Shares representing 28.3 per cent. of the voting rights in Frontier. Science Group does not anticipate supporting any proposals made in respect of Frontier by any alternative bidder.
• Science Group considers that there are potential benefits for both companies to be derived from Frontier becoming part of Science Group and believes that Frontier’s management and employees would benefit from the greater opportunities that Science Group can offer.