Sale of Investments in Kanabo and Cellular Goods

RNS Number : 9353R

FastForward Innovations Limited

11 March 2021

 

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

11 March 2021

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

Sale of Investments in Kanabo and Cellular Goods

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to announce that following the announcements on 16 February and 1 March respectively regarding the Company's investments in Kanabo Group Plc ('Kanabo') and Cellular Goods Plc ('Cellular Goods'), FastForward has now sold its entire holding in both companies providing the Company with gross profits of £194,414.39.

Highlights

· Sale of shares in Kanabo resulted in a profit of £139,851.68, an increase of 223% in value since the Company's original investment

· Sale of shares in Cellular Goods resulted in a profit of £54,562.71, an increase of 315% in value since the Company's original investment

· Proceeds will be used to make further investments in accordance with FastForward's investing policy

Ed McDermott, CEO of FastForward Innovations, commented: "Whilst we were disappointed to be heavily scaled back due to both placings being oversubscribed, we are delighted to have made such significant returns on our investments in Kanabo and Cellular Goods in a short timeframe. With our already strong balance sheet, the proceeds from these sales, along with the significant funds to be received from the sale of EMMAC as announced yesterday, will put FastForward in a very strong cash position and enable us to invest in other new and exciting businesses that will bring value to shareholders.  We hope to provide further updates on developments in this regard in due course."

Further Information

As announced on 16 February 2021, FastForward invested £62,500 as part of a £6 million oversubscribed placing at a price of 6.5 pence undertaken by Kanabo, which commenced trading on the London Stock Exchange on the same day (LSE: KNB), following a reverse takeover of Spinnaker Opportunities Plc.

FastForward completed the sale of its entire holding of 961,538 shares on 8 March providing the Company with total proceeds of £202,684.15 equating to an average net sale price of £0.211 per share. As such, FastForward has made a profit of £139,851.68, which is a total return of 3.23 times the original investment.

As announced on 1 March 2021, FastForward invested approximately £17,215 as part of a heavily oversubscribed £13 million placing at a price of 5 pence undertaken by Cellular Goods, which commenced trading on the London Stock Exchange on 26 February 2021 (LSE: CBX).

FastForward completed the sale of its entire holding of 344,277 shares in Cellular Goods on 4 March 2021 providing the Company with total proceeds of £71,862.63 equating to an average net sale price of £0.209 per share. As such, FastForward has made a profit of £54,562.71, which is a total return of 4.15 times the original investment.

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]
Isabella Pierre / Damon Heath	Shard Capital Partners LLP	Tel: [phone]
Isabel de Salis / Beth Melluish	St Brides Partners Ltd, Financial PR	Tel: [phone]

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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