Frontier Smart Technologies Grp Ltd Amendment to Standby Facility (0330L)

TIDMFST

RNS Number : 0330L

Frontier Smart Technologies Grp Ltd

03 September 2019

Frontier Smart Technologies Group Ltd

('Frontier' or the 'Company')

Amendment to Standby Facility

Further to the announcement on 21 August 2019 by the boards of Frontier and Science Group plc ("Science Group"), the Company confirms that on 2 September 2019 it entered into an amendment letter with Science Group, varying certain of the terms of the replacement credit facility (the "Standby Facility") to be provided by Science Group (the "Amendment Letter").

The terms of the Standby Facility agreement allowed for interest to be charged on drawn amounts at a rate of 12% above 3-month LIBOR. Under the terms of the Amendment Letter, the interest rate to be charged on drawn amounts has been reduced to 5% above 3-month LIBOR. All other terms of the Standby Facility, the material provisions of which are described in more detail in the announcement of 21 August 2019, remain unchanged.

The variation of the terms of the Standby Facility constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The directors of the Company, having consulted with N+1 Singer, the Company's nominated adviser, consider that the terms of the variation are fair and reasonable insofar as the independent shareholders of the Company (being those Frontier shareholders other than Science Group) are concerned.

For Further Enquiries:

 
Frontier Smart Technologies Group Limited   [phone] 
Anthony Sethill, Chief Executive Officer 
Jonathan Apps, Chief Financial Officer 
 
N+1 Singer (Nominated Adviser and Broker)   [phone] 
Sandy Fraser / Lauren Kettle / Ben 
 Farrow 
 

Market Abuse Regulation

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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September 03, 2019 03:54 ET (07:54 GMT)