30th Aug 2019 14:32
(Alliance News) - Frontier Smart Technologies Group Ltd said Chief Executive Anthony Sethill sold all 150,000 of his shares in the company at 25 pence each on Friday.
The GBP37,500 sale took place on the same day Frontier Smart published its results, which included a 16% drop in revenue to USD14.2 million from USD17.0 million due to increased competition for low-cost DAB radio.
The company's pretax loss, however, narrowed to USD3.4 million from USD4.5 million on a drop in expenses.
On Thursday last week, Frontier Smart said it has resumed merger talks with consultancy firm and 70% shareholder Science Group PLC.
Science Group made a 25.00p pence per share offer for Frontier Smart. Frontier Smart's board plans to recommend the offer to its other shareholders, having previously rejected it.
Shares in Frontier Smart were flat at 25.00 pence in London on Friday afternoon.