FastForward Innovations Limited Placing and Issue of Equity (8473B)
13 Ottobre 2020 - 8:00AM
UK Regulatory
TIDMFFWD
RNS Number : 8473B
FastForward Innovations Limited
13 October 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU. IN ADDITION, MARKET
SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS
ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF
SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT,
THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION
OF INSIDE INFORMATION.
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
13 October 2020
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Placing to raise GBP2 million
Issue of Equity
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 placed 23,529,646 new Ordinary
Shares of 1p each (the 'Placing Shares') at a price of 8.5p per
Placing Share (the "Placing Price") with a number of new investors
raising gross proceeds of approximately GBP2million (together the
'Placing'). In addition, it has issued 70,588 Ordinary Shares (the
"Adviser Shares") at the Placing Price to settle accrued adviser
fees.
The Placing Price represents a discount of approximately 4% to
the Company's most recently published Net Asset Value ('NAV') per
share of 8.82p and a 12.8% discount to the closing price of the
Company's ordinary shares on 9 October 2020, being the business day
prior to completion of the Placing.
As part of the Placing the Company has issued one warrant for
every two Placing Shares (the "Placing Warrants").
Shard Capital are sole brokers to the Placing.
Reasons for the Placing
FastForward has experienced largely positive developments year
to date as the Company focuses on delivering its core objective of
providing investors with exposure to disruptive growth
opportunities, in particular medical cannabis, that have near-term
re-rating potential and would otherwise be inaccessible. The
proceeds from the Placing will be used to fund a number of
opportunities in line with this investment strategy.
The Placing Warrants
Each Placing Warrant will entitle the holder to subscribe for
one further ordinary share of GBP0.01 in the capital of the Company
upon payment of 12.75p pence per share on or before that date which
is 24 months from the Settlement Date. The Warrants will also be
subject to an accelerator provision, such as if at any time during
the 24 month duration of the Warrants the 5 day volume-weighted
average price (VWAP) of Fast Forward ordinary shares exceeds 17p
per share, the Company may give warrant holders notice to exercise
their Warrants within 10 business days following the Company's
notice and to pay the exercise price in full within 20 business
days following the Company's notice, failing which the Warrants
will automatically expire.
The Warrants are fully transferable, will not be traded on any
exchange and will otherwise be issued subject to the terms and
conditions set out in a warrant instrument to be executed by the
Company.
Ed McDermott, CEO of FastForward, commented: "The support we
have experienced from new and existing shareholders in this
fundraise endorses FastForward's investment strategy to be an
investment destination for individuals and institutions seeking
exposure to the unique opportunities the board of FFWD have access
to.
"Whilst we continue to support and develop our portfolio of
existing investments in the life sciences and technology sectors, I
welcome the recent guidance from the FCA in relation to potential
applications seeking admission to the Official List in the medical
cannabis-related sector, a sector in which we already have a
significant exposure to and confidence for future returns. With a
number of our current portfolio assets on their way to near term
liquidity events we want to move swiftly into a number of new
positions to support VC/PE type returns for our shareholders"
Admission and Total Voting Rights
The Placing Shares and Adviser Shares will rank pari passu with
the existing ordinary shares of the Company and application for the
admission to trading on AIM of 23,600,234 has been made. Admission
to trading on AIM of the Placing Shares and Adviser Shares is
anticipated to occur on 27 October 2020.
The issued ordinary share capital of the company will consist of
190,513,962 ordinary shares of 1 pence each with voting rights
(including 5,413,623 held in treasury). Accordingly, 185,100,339
Ordinary Shares may be used by shareholders as the denominator for
the calculations which will determine whether they are required to
notify their interest in the company, or any change to that
interest, under the Financial Conduct Authority's Disclosure and
Transparency Rules.
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 Tel: +44 (0) 207
Cornish Limited, 628 3396
Nomad
------------------------ ----------------------
Isabella Pierre/Damon Shard Capital Partners Tel: (0)207 186
Heath LLP 9927
------------------------ ----------------------
Isabel De Salis / Beth St Brides Partners Tel: +44 (0)207
Melluish Ltd, 236 1177
Financial PR
------------------------ ----------------------
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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END
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