Update on SatoshiPay disposal to Blue Star

RNS Number : 4476B

FastForward Innovations Limited

04 April 2017

 

4 April 2017                                                                           For immediate release

FastForward Innovations Ltd

("FastForward" or the "Company")

Potential disposal of interest in Blue Star Capital PLC

Blue Star Capital plc ("Blue Star") has agreed that FastForward may no longer bound by the lock-ins and orderly market requirements in respect of its holding of 268,213,880 new ordinary shares of Blue Star (the "Consideration Shares" ) as previously announced on 2 March 2017 subject to Blue Star's broker finalising arrangements to place out the Consideration Shares to a variety of investors on terms that the Blue Star Directors consider are acceptable.  Blue Star's announcement is set out in full below.

"Blue Star Capital plc (AIM: BLU), the investing company with a focus on technology and its applications within media and gaming, announces an update following its announcement on 2 March 2017 regarding its further investment in SatoshiPay ("Investment") and issue of 268,213,880 new ordinary shares of Blue Star to FastForward as consideration for the Investment (the "Announcement"). 

At the time of entering into the SPA regarding the Investment, as a result of the Consideration Shares to be issued to FastForward comprising approximately 21.7 percent. of the issued share capital of the Company, the Directors of Blue Star considered that it was in the best interests of shareholders for the Consideration Shares to be subject to a staged lock-in agreement over a period of 9 months ("lock-in arrangements"). Following the Announcement and completion of the Investment, the Directors believe that the lock-in arrangements may have led to the share price of Blue Star under-performing compared to the Director's expectations whilst shareholders and potential new investors wait for each lock-in period to end. Taking this into account and the strong interest in the Company's placing of new ordinary shares in January 2017, the Directors have agreed that, subject to the broker finalising arrangements to place out the existing Consideration Shares to a variety of investors on terms that the Directors consider are acceptable, the lock-in arrangements may be terminated. The Directors believe that this will be in the best interests of shareholders. The Directors will provide an update in the event that the existing Consideration Shares are successfully placed-out with new shareholders.

Unless otherwise stated, capitalised terms used in this announcement have the meaning as set out in the Announcement."

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

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

FastForward  Innovations Limited [e-mail] Josh Epstein / Ian Burns

Beaumont Cornish Limited (Nomad) James Biddle / Roland Cornish Tel: [phone]

Optiva Securities Limited (Broker) Ed McDermott/ Jeremy King Tel: [phone]

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 Fast Forward 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. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

 

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