Science Group plc (AIM:SAG) made an offer to acquire Frontier Smart Technologies Group Limited (AIM:FST) for £12.2 million on May 8, 2019. As of July 1, 2019, Science Group plc made an offer to acquire Frontier Smart Technologies Group Limited for approximately £10.2 million. Under the terms, Science Group plc will pay £0.30 per ordinary share of Frontier Smart Technologies Group Limited, which is subject to certain conditions. As of July 1, 2019, the offer price was changed to £0.35 per ordinary share of Frontier Smart Technologies Group Limited. The transaction will be funded using the existing cash resources of Science Group. The transaction is subject to an acceptance condition of 50% plus one share. If the offer becomes or is declared unconditional in all respects and Science Group has by virtue of its shareholdings and acceptances of its offer acquired or agreed to acquire, issued share capital carrying at least 75% of the voting rights of Frontier, Science Group intends to procure the making of an application by Frontier for cancellation of the admission to trading of Frontier Shares on AIM. The transaction is subject to approval of Frontier's shareholders. As of July 10, 2019, the Frontier Board strongly recommends that Shareholders not to accept the Science Group Offer on its current terms. The offer will be available for acceptance for 14 days from the date of posting of the offer document to Frontier shareholders. The transaction is expected to complete on July 16, 2019. As of July 17, 2019, The transaction expected closing date has been extended to July 19, 2019. As of July 22, 2019, the offer from Science Group has become wholly unconditional. The Offer and the Panmure Gordon Trading Facility are now closed. Science group announced on July 19, 2019, the company purchased 0.416 million shares in the capital of Frontier at a price of 0.35 pence per share. Following the purchase the company holds a stake of 40.8% stake in Frontier. As at the closure of the Offer at 1.00 p.m. (London time) on July 19, 2019, the Company had received valid acceptances of its Offer in respect of 2.78 million Frontier shares, representing approximately 6.8% of the voting share capital of Frontier. Science Group is interested in, in aggregate, 19.44 million Frontier shares representing approximately 47.6% of the voting share capital of Frontier. Sandy Fraser and Lauren Kettle of Nplus1 Singer Advisory LLP acted as financial advisors for Frontier Smart Technologies Group Limited.

Science Group plc (AIM:SAG) completed the acquisition of 47.6% stake in Frontier Smart Technologies Group Limited (AIM:FST) on July 19, 2019.