StockMarketWire.com - Frontier Smart Technologies said chairman Hossein Yassaie and non-executive director Paul Taylor had resigned in the wake of Science Group's acquisition of a substantial stake in the company.
Science Group recently decided to pause appointing its two nominations to Frontier's board -- Martyn Ratcliffe and Sarah Cole -- until Frontier addressed certain strategic and financial matters to its satisfaction.
Yassaie and Tayler had decided to step down, given the lack of progress.
Froniter also noted that their departure would allow Science Group to withdraw its request for an extraordinary meeting, thereby curtailing the associated cost to the company.
The pair had considered that 'despite repeated efforts to act in the best interests of the company, their continued involvement would hinder ongoing discussions with Science Group and further progress being made in a timely manner', Frontier added.
Yassaie and Tayler encouraged Science Group to engage with Frontier's remaining board members.
At 2:55pm:
[LON:FST] Frontier Smart Technologies Grp Ltd share price was -1p at 25.5p
[LON:SAG] Science Group share price was -3p at 187.5p
Story provided by StockMarketWire.com
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