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Fronde management to buy shares in company

9 February 2010

On the 9th February 2010, Fronde's shareholders approved an issue of up to 1 million new Fronde shares to four new investors at an issue price of $0.67.

On the 9th February 2010, Fronde's shareholders approved an issue of up to 1 million new Fronde shares to four new investors at an issue price of $0.67. The four investors are CEO, Ian Clarke and members of Fronde's Senior Management Team. An issue of 1 million new shares will increase the shares on issue by up to 12.5% and will not result in any change in control of the company.

Wayne Norrie, Chairman of the Board said "The company directors are very supportive of management holdings in the company, both as a measure of belief and commitment and for the obvious alignment in business outcomes with shareholders' expectations. The management buy in will provide a springboard to accelerate Fronde's growth in two key areas: cloud computing in our partnership with Google, and also in mobility solutions. It will also assist in the development of additional strategic partnerships".