The two companies talked about an offer worth 30p per share but were unable to reach agreement on the terms.
Shares in Frontier were up by two-thirds in afternoon trading at 24.5p, back to where they were in mid-April; the shares took a dive on 9 May after issuing a profit warning.
Frontier also revealed that Science Group has been buying Frontier shares and now has a 9% stake in the company.
2.30pm: TLOU fired up after receiving approved bidder status
TLOU Energy Ltd (LON:TLOU) shares soared as it issued a statement telling investors it has been approved as the ‘preferred bidder’ for a coal bed methane fired power project in Botswana.
The company described it as an ‘enormous step forward’ and it will now work with the Botswana government to finalise all the project agreements.
"The approval of the company's tender represents great progress for Tlou,” said Tony Gilby, managing director.
TLOU shares were up 24% at 8.6p.
1.30pm: Ten Lifestyle wanted after winning new contract
The company bagged a new three-year contract with a global brand within the technology, media and telecommunications sector, although it was remaining coy about the identity of the customer.
“The TMT sector is new territory for us,” said the unfortunately named Alex Cheatle, the chief executive officer of Ten Lifestyle.
Shares in Ten Lifestyle were up 5.4% at 73p but have lost slightly more than a quarter of their value over the last year.
Cutting through the #limitations of being a #listedbusiness is challenging, so we've tried a different approach to explaining our #business and #vision via this short #story by the talented @BenMoor https://t.co/pAmVNpmIMX #investingnews #investors #LondonStockExchange— Ten Lifestyle Group (@TenLifestyle) May 15, 2019
12.45pm: Katoro Gold shining bright after discovering new exploration target
The AIM-listed firm said the 1,500 samples analysed as part of the programme had also increased the strike length of other previously identified high priority areas.
The stock was the third biggest gainer in London, rising 27% to 0.95p.
The Results confirm the exploration prospectivity of Haneti & will be used to inform the Company's further exploration programme in 2019.— Katoro Gold (@KatoroGoldplc) May 20, 2019
Upon the receipt of the monies from African Battery Metals #ABM, the Company is fully funded to undertake initial exploration activities #KAT https://t.co/lQj1pm6hxC
11.45am: Equatorial Palm Oil heads north
The controversial AIM-listed palm oil development and production company with operations in Liberia said its 50%-owned joint venture, Liberian Palm Developments (LPD), has entered into a loan agreement of up to US$20.0mln with Kuala Lumpur Kepong.
The loan will be used to continue with the next phase of growth of LPD.
Shares in Equatorial Palm were up 13% at 1.3p.
11.00am: Investors push the boat out for Volga
The shares were up 5% at 83.5p after the company said estimated underlying earnings (EBITDA) for the first four months of 2019 rose to US$5.3mln from US$3.5mln in the same period of last year.
The company said it has been debt free since February.
10.15am: What you see is WYG
WYG shareholders will receive 55p per share, representing a 244% premium to Friday’s closing price.
The AIM-listed company said the deal will create a premier international consulting, engineering and programme management firm and leave it well-positioned to provide a “strong platform to drive long-term growth”.
9.30am: AB Dynamics and LXI wilt after announcing plans to tap the market
The company plans to raise up to £50.1mln through a placing and open offer, with the open offer element accounting for up to £5mln of the share issue.
The shares will be issued at 2,200p each; the share price tumbled 3.8% to 2,425p on the announcement.
LXI REIT PLC (LON:LXI), the real estate investment trust, was also rattling the collection tin this morning.
The company is seeking to raise around £100mln through a placing, subscription and open offer, with the latter being conducted on the basis of 6 new shares for every 25 currently held.
The new shares are being issued at 118p each, which is 3% above the net asset value of the shares as at the end of March but below Friday's closing mid-market price of 130.4p.
Shares in LXI were off 3.4% at 126p in early deals.
Proactive news headlines:
Project management and consultancy group WYG PLC (LON:WYG) has agreed to be taken over by US rival Tetra Tech Inc for £43.4mln. WYG shareholders will receive 55p per share, representing a 244% premium to Friday’s closing price.
Echo Energy Plc (LON:ECHO) has revealed a reimagined plan for its portfolio of assets in Argentina, with attention now focused solely on the Tapi Aike exploration project, which is seen as a potential ‘multi trillion cubic feet' gas project.
Collagen Solutions PLC (LON:COS) is to raise £6mln at a premium to its current share price, with a multi-billion-dollar US agriculture company agreeing to pump in the majority of the cash. Rosen’s Diversified, the fifth largest beef processor in the US and valued by Forbes at over £2.4bn (US$3bn), is to invest £4.2mln into Collagen through the purchase of 83.6mln shares at 5p apiece – almost 25% above Friday’s closing price.
Bacanora Lithium PLC (LON:BCN) has received a cash injection of £14.4mln from Ganfeng, the world’s largest lithium metal producer. Ganfeng will invest at 25p per share for a 29.9% stake in Bacanora, but can also take a 22.5% direct stake in the Sonora lithium project in Mexico.
Jersey Oil and Gas PLC (LON:JOG) continues to see the positives for the Verbier oil discovery, as it looks forward to the receipt of new seismic data and a detailed re-evaluation of the project. Everyone was disappointed with the result of the Verbier-2 appraisal well, which last month failed to encounter its targeted reservoir, though untested potential remains for the project.
AFC Energy PLC (LON:AFC) has established proof of concept for an ammonia-based off-grid fuel cell system following an 18-month trial. Next steps will be to conclude work on the business case and engineering of an integrated, scalable ammonia fuelled clean power generator, said the AIM-listed group.
Golden Saint Technologies Limited (LON:GST) has signed a Letter of Intent with Siam Motors to build a tier three data centre facility in Pattaya and/or Chonburi Province in Thailand. Siam, established in 1952, is Thailand's longest established automotive industry group but also has wide-ranging interests in other sectors.
Life sciences business OptiBiotix Health PLC (LON:OPTI) has signed a licence agreement with Nutrilinea, an Italian manufacturer of food supplements formulations, covering the use of LPLDL to reduce high blood pressure.
CentralNic Group PLC (LON:CNIC) has agreed to acquire Australasian domain name and hosting reseller TPP Wholesale in a deal worth A$24mln (£13.1mln).
AfriTin Mining Ltd (LON:ATM) has complete its resource validation drilling programme at the Uis tin project in Namibia. AfriTin completed 20 holes for 2,343 metres, and has already received assay results for five holes.
Rockfire Resources PLC (LON: ROCK) has identified a promising soil anomaly at the Cardigan Dam prospect on the Lighthouse tenement in Queensland, Australia. Two broad gold-in-soil anomalous trends were detected in recent work. Each trend is approximately 400 metres long by 100 metres wide in dimension.
Rose Petroleum PLC (LON:ROSE) has confirmed the issue of some 25mln new shares and revealed that Origin Creek Energy LLC (OCE) is now a significant shareholder in the company. It follows on from and replaces a funding deal and management changes in April. The £275,000 investment from Robert Bensh has now been cancelled, and, he will no longer be appointed as chairman.
Falcon Oil & Gas Ltd (LON:FOG) confirmed the results of its share placing, in an announcement after Friday’s market close. The company, in a statement, said it had conditionally raised £7mln (US$9mln) with 50.5mln new shares being sold at a price of 14p each.
Rosslyn Data Technologies PLC (LON:RDT), a leading global big data technology company, announced that Ginny Warr will be joining its board as a non-executive director with effect from today. It said Warr is currently head of procurement at British Land Company PLC (LOB:BLND) and is a seasoned chief procurement officer bringing over 30 years' experience in both public and private sector roles.
Tower Resources PLC (LON:TRP), the AIM listed oil and gas company with its focus on Africa, announced that Jeremy Asher, its chairman and chief executive officer, will be presenting at the Africa E&P Summit which takes place at IET London: Savoy Place, 2 Savoy Place, London WC2R 0BL on 22 - 23 May 2019.