29th May 2019 13:55
LONDON (Alliance News) - Frontier Smart Technologies Group Ltd on Wednesday said Herald Investment Management Ltd disposed of its entire stake in the company in a deal on Tuesday.
Prior to the transaction, Herald Investment held an 11.57% stake in the technology firm, which focuses on digital radio and smart audio. However, on Tuesday this stake was cut to zero.
Shares in Frontier spiked on Monday last week after the audio and smart home software systems producer said it had failed to reach a takeover agreement with Science Group PLC. Frontier received a proposal from Science Group for a possible takeover offer at 30 pence per share at the start of May.
Shares in Frontier were down 5.8% at 32.03p on Wednesday afternoon.
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