| 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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EXPLORATEUR |
CODE : FNT.AX |
ISIN : AU000000FNT5 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Frontier Res. est une société développant des projet miniers de plomb et de zinc basée en Australie. Frontier Res. détient divers projets d'exploration en Australie. Ses principaux projets en exploration sont MT LIKURUANGA, LEONARD SCHULTZ, BULAGO EL et ANDEWA en Papouasie-Nouvelle-Guinee et SMRV, STORMONT et NARRAWA en Australie. Frontier Res. est cotée en Australie. Sa capitalisation boursière aujourd'hui est 1,1 millions AU$ (813 510 US$, 795 914 €). La valeur de son action a atteint son plus haut niveau récent le 18 février 2011 à 6,77 AU$, et son plus bas niveau récent le 20 mars 2020 à 0,01 AU$. Frontier Res. possède 70 450 000 actions en circulation. |