Option Agreement

RNS Number : 0111Q

Forbidden Technologies PLC

27 July 2010

 



27 July 2010

Forbidden Technologies plc

 ("Forbidden" or "the Company")

Option Agreement

Forbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, has agreed to grant to Rivington Street Ventures ("RSV") an option (the "Option") to subscribe for 500,000 new ordinary shares of 0.8p each in the Company (the "Option Shares") at 24p per share (the "Option Price"). This grant follows the success of last year's option grant to the SF t1ps Smaller Companies Growth Fund.

RSV and t1ps Investment Management Limited, the fund manager for the t1ps Smaller Companies Growth Fund, both have Rivington Street Holdings plc as their ultimate controlling company.

The Option is being granted in consideration of the payment by RSV to the Company of the sum of £5,000.

The initial term of the Option is four months; however if the Option is partially  exercised within the first four months, the Option to exercise the remaining shares will be extended for a further eight  months (26 July 2011).

Commenting on the Option Agreement, Stephen Streater CEO of Forbidden Technologies, said:  "As interest in Forbidden Technologies mounts, Forbidden's Board is keen to avoid potential liquidity shortages in the market for Forbidden shares. This option, with an exercise price at a 55% premium to the current market price, will be available to ease potential share shortages, in turn increasing liquidity and generating greater shareholder value."

-Ends-

For further information please visit www.forbidden.co.uk or contact:

Forbidden Technologies plc

Tel: [phone]

Stephen Streater, Chief Executive

Brewin Dolphin Corporate Advisory & Broking

Tel: [phone]

Neil Baldwin, Nominated Advisor

Bishopsgate Communications

Tel: [phone]

Gemma O'Hara

Siobhra Murphy

Notes to Editors

Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.

The Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers.  FORscene is one of the world's most advanced browser-based applications, operating in The Cloud.

 

END

 

 

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