22nd Jul 2019 13:48
(Alliance News) - Advisory firm Science Group PLC said Monday that it increased its interest in Frontier Smart Technologies Group Ltd to 48% as its takeover of the audio technology firm progresses.
In a transaction on Friday, Science Group acquired a further 416,069 Frontier Smart shares at a total price of GBP145,624, 0.35 pence each. This increased Science Group's holding to 40.8%.
Science Group also received valid acceptances for another 2.8 million Frontier Smart shares, taking its total interest in the company to 48%.
Shares in Frontier Smart were down 16.7% at 30.00 pence each in London on Monday afternoon.
Shares in Science Group were down 1.6% at 195.80 pence each.
The board of Frontier Smart initially disagreed with the 0.35 pence per share and urged its shareholders to rebuff any offers from Science Group. Science Group however, has steadily built an increased holding in Frontier Smart.
Earlier in the month, Science Group said it would not increase its the 35 pence per share offer price, despite claims from Frontier Smart that said it had verbally agreed to do so.
Related Shares:
Science GroupFST.L