Investee Company Update: Entertainment Direct Asia

RNS Number : 1014H

FastForward Innovations Limited

20 March 2020

 

20 March 2020

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

Investee Company Update: Entertainment Direct Asia

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, hereby provides an update in respect of investee company, Entertainment Direct Asia Ltd. ("EDA") (trading as "Yooya") in which the company holds a 12.5% interest which was valued at £1,586,000 in the Interim financial statements dated 30th September 2019.

The Company has been notified that an offer has been made to all shareholders in EDA for a share for share exchange (the "Acquisition") with a newly formed Asia focused social commerce platform company (the "Acquiror"). Whilst it is the stated intention of the Acquiror to raise funds at a significant premium to the Acquisition price based on the improved value of the combined entities, the implied valuation of EDA in the share for share exchange would see a significant impairment to the value of the Company's investment in EDA. The impact on the longer term carrying value will depend on the final terms of any fundraising by the Acquiror and the resulting success of the business.

Further updates will be provided as information becomes available to FastForward over the coming weeks.

Fastforward Chairman, Lorne Abony, said, "It has become clear over the last few months that the original concept for Yooya could not be monetized to generate acceptable returns for shareholders . While it is disappointing that we expect to suffer a significant unrealised loss in the event the Acquisition concludes, I believe that Yooya may become a major constituent in a group uniquely positioned to create the trusted platform for consumers across China, and subsequently more widely across Asia. "

About FastForward Innovations Limited

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 announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Cautionary Statement

The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Ltd. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.

Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

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For further information on the Company please visit www.fstfwd.co   or contact:

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Graham Dickson	Optiva Securities Limited, Broker	Tel: [phone]
Isabel de Salis / Beth Melluish	St Brides Partners Ltd, Financial PR	Tel: [phone]

 

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