| Result of General Meeting Disposal of Frontier Oman Resources Limited (“Frontier Oman”) and Frontier Resources International Inc (“FRII”) | |
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22 March 2016
Frontier Resources International Plc
('Frontier' or the 'Company')
Result of General Meeting
Disposal of Frontier Oman Resources Limited ('Frontier Oman') and
Frontier Resources International Inc ('FRII')
The Board of Frontier (AIM Ticker: FRI) announces that the resolutions to authorise the disposal of Frontier Oman (which holds the Group's oil exploration interests in Oman) and its entire interest in FRII, which provides administrative and technical support to the Group's oil projects, were unanimously approved at the General Meeting of the Company held earlier today.
Completion of the disposal will take place tomorrow following which, the Company will cease to own, control or conduct all, or substantially all, of its existing trading business, activities or assets and therefore become an AIM Rule 15 cash shell, pursuant to which it must make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 (including seeking re-admission as an Investing Company (as defined under the AIM Rules)) within six months, failing which the Exchange will suspend trading in the Ordinary Shares pursuant to AIM Rule 40.
As previously announced, the Board's strategy is to identify a suitable acquisition or acquisitions in a new sector, which will satisfy the requirements of AIM Rule 15.
Enquiries:
Frontier Resources International Plc
Adam Reynolds, Chairman
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Tel: +44 (0) 7785 908158
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Beaumont Cornish (Nomad)
Michael Cornish
Emily Staples
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Tel: +44 (0)20 7628 3396
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Beaufort Securities Limited (Broker)
Jon Belliss
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Tel: +44 (0)20 7382 8300
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A copy of this announcement is available from the Company's website www.friplc.com
Defined terms in this announcement have the same meaning as set out in the Company's announcement dated 3 March 2016
ENDS
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Frontier Resources Limited
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EXPLORATION STAGE |
CODE : FNT.AX |
ISIN : AU000000FNT5 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Frontier Res. is a lead and zinc development stage company based in Australia. Frontier Res. holds various exploration projects in Australia. Its main exploration properties are MT LIKURUANGA, LEONARD SCHULTZ, BULAGO EL and ANDEWA in Papua New Guinea and SMRV, STORMONT and NARRAWA in Australia. Frontier Res. is listed in Australia. Its market capitalisation is AU$ 1.1 millions as of today (US$ 813 510, € 712 635). Its stock quote reached its highest recent level on February 18, 2011 at AU$ 6.77, and its lowest recent point on March 20, 2020 at AU$ 0.01. Frontier Res. has 70 450 000 shares outstanding. |