FastForward Innovations Limited Placing to raise GBP2.1 million (3694N)
29 Gennaio 2021 - 11:40AM
UK Regulatory
TIDMFFWD
RNS Number : 3694N
FastForward Innovations Limited
29 January 2021
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
29 January 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
Placing to raise GBP2.1 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 24,705,879 new Ordinary
Shares of 1p each (the 'Placing Shares') at a price of 8.5p per
Placing Share (the "Placing Price") with new and existing
shareholders raising gross proceeds of approximately GBP2.1 million
(together the 'Placing'). In addition, it has issued 2,941,177
Ordinary Shares from the Company's treasury shares to Mr Lorne
Abony, a former director, at the Placing Price in settlement of
accrued directors fees payable in relation to calendar year 2019
and payment of which was deferred on 15 May 2020 for a period of up
to 12 months.
The Placing Price represents a discount of approximately 9.86%
to the Company's most recently published Net Asset Value ('NAV')
per share of 9.43p and a 1.19% premium to the closing price of the
Company's ordinary shares on 28 January 2021, being the last
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") exercisable at
12.75p, a 50% premium to the Placing Price.
Shard Capital are sole brokers to the Placing.
Reasons for the Placing
FastForward has to date experienced largely positive
developments in this financial year (to 31 March 2021) 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 12.75 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 FastForward 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 that
we have received from new and existing shareholders in completing
this placing is extremely encouraging and is an endorsement of our
streamlined strategy to focus our investments into the areas where
we have significant expertise, namely, health, wellness and medical
cannabis.
"We have had a strong start to 2021, particularly with respect
to our investments in the wellness and medical cannabis space.
Notably, earlier this week the merger between Yooma and Globalive
moved towards completion following its approval by Shareholders
marking a significant milestone for FastForward. We hope to
maintain this momentum across our other portfolio companies and as
we consider potential new investment opportunities in the
space."
Admission and Total Voting Rights
The Placing Shares will rank pari passu with the existing
ordinary shares of the Company and application for the admission to
trading on AIM of 24,705,879 has been made. Admission to trading on
AIM of the Placing Shares is anticipated to occur on 12 February
2021.
The issued ordinary share capital of the company will consist of
215,219,841 ordinary shares of 1 pence each with voting rights
(including 2,472,446 held in treasury). Accordingly, 212,747,395
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)
Cornish Limited, 207 628 3396
Nomad
------------------------ ----------------------
Isabella Pierre/Damon Shard Capital Partners Tel: (0)207 186
Heath LLP 9927
------------------------ ----------------------
Isabel De Salis / St Brides Partners Tel: +44 (0)207
Beth 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEEAEFNADLFEFA
(END) Dow Jones Newswires
January 29, 2021 05:40 ET (10:40 GMT)
Grafico Azioni Seed Innovations (LSE:SEED)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Seed Innovations (LSE:SEED)
Storico
Da Apr 2023 a Apr 2024