FastForward Innovations Limited Further Investment in EMMAC Life Sciences Group (7699I)
16 Dicembre 2020 - 8:00AM
UK Regulatory
TIDMFFWD
RNS Number : 7699I
FastForward Innovations Limited
16 December 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
16 December 2020
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Further Investment in EMMAC Life Sciences Group
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to announce that it has been issued GBP750,000 of 12
month Convertible Loan Notes ("CLN") in EMMAC Life Sciences Group
('EMMAC') as part of a funding round by EMMAC to raise GBP15
million via the issue of unsecured CLN's. The CLN Issue saw strong
support from existing shareholders, with Measure 8 Venture Partners
LP, EMMAC's largest existing cash investor, leading the round with
a significant investment.
The funds raised through the issue of the CLNs, which has seen
strong support from existing investors, will enable EMMAC to
continue to build upon its position as one of Europe's largest
independent cannabis company. Growth in EMMAC's key European
markets including the UK continues to gain momentum as demand for
medical cannabis and related wellness products grows.
Ian Burns, Chairman of FastForward, commented: "As a European
leader in the production and supply of medical cannabis, we are
delighted to continue to support EMMAC on its journey as it seeks
to meet the rapidly growing demands of this exciting market. EMMAC
consistently exceeds our expectations, addressing challenges faced
by patients and clinicians and giving more people access to premium
quality cannabis-based medicines. As an example, just recently, it
announced the UK manufacture of its range of premium medical
cannabis products, meaning it can now offer a reliable and
high-quality product to the UK at a reasonable price point. We look
forward to providing further updates as EMMAC continues its growth
trajectory."
Principal Terms of the Convertible Loan Note
FastForward has received arrangement fees (in the form of a
discount) on its non-brokered participation in the CLN offering
resulting in a cash cost to FFWD of GBP705,000. The CLN is
convertible to ordinary shares in EMMAC at any time prior to 31
October 2021 (the 'Maturity Date') at a price per ordinary share to
be determined as follows:
a) the lower of a 20% discount to the issue price per share
under an eligible fundraise (being the issue of new shares in EMMAC
to raise not less than GBP10 million (before expenses)) ('Eligible
Fundraise') or liquidity event (including change of control and/or
initial public offer of shares by EMMAC ('Liquidity Event'); or
GBP0.24; or
b) GBP0.20 in the event there is no Eligible Fundraise or
Liquidity Event prior to the Maturity Date.
The CLN will attract a 9% coupon per annum during the term with
interest for the period paid in full on conversion. The interest
will be rolled up and converted to equity on the earlier of an
Eligible Fundraise or Liquidity Event as set out above, or the
Maturity Date.
FastForward's Holding in EMMAC
FastForward currently has a 2.3% interest in the issued share
capital of EMMAC with the last reported valuation of this holding
as at 31 March 2020 of GBP2.4 million (based on an implied EMMAC
price of 36 pence per share). The subscription by FFWD in the CLN
increases the investment by FFWD into EMMAC. Notwithstanding this
increased investment, given there can be no visibility on the
future terms of the conversion price of the CLN the directors of
FFWD anticipate that the original EMMAC investment will continue to
be carried at GBP2.4 million.
About EMMAC Life Sciences Group
EMMAC Life Sciences Group is Europe's largest independent
cannabis company, bringing together pioneering science and research
with cutting-edge cultivation, extraction, and production. With a
unique supply and distribution network throughout Europe, EMMAC's
vision is to bring the life-enhancing potential of cannabis to the
people who need it. EMMAC is a private company and as such detailed
financials are not published. Audited results for the ended 31
December 2019 showed a trading loss before tax of GBP10.7 million
and net assets as at that date of GBP16.6 million.
Ed McDermott, Chief Executive Officer and board director of
FFWD, was a co-founder of EMMAC and remains a 3.9% shareholder in
EMMAC. Lorne Abony, advisor to and former director of FFWD,
co-founder and current Chairman of EMMAC, is a 11% shareholder in
EMMAC.
For more information about EMMAC, please visit
https://www.emmac.com/
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
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Isabella Pierre / Damon Shard Capital Partners Tel: (0)207 186 9927
Heath LLP
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Isabel De Salis / Beth St Brides Partners Tel: +44 (0)207 236
Melluish Ltd, 1177
Financial PR
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Notes
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
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