Information  X 
Enter a valid email address

FastForward Inn Ltd (FFWD)

  Print   

Tuesday 13 October, 2020

FastForward Inn Ltd

Placing and Issue of Equity

RNS Number : 8473B
FastForward Innovations Limited
13 October 2020
 

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

 

13 October 2020

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

 

Placing to raise £2 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 23,529,646 new Ordinary Shares of 1p each (the 'Placing Shares') at a price of 8.5p per Placing Share (the "Placing Price") with a number of new investors raising gross proceeds of approximately £2million (together the 'Placing'). In addition, it has issued 70,588 Ordinary Shares (the "Adviser Shares") at the Placing Price to settle accrued adviser fees.

 

The Placing Price represents a discount of approximately 4% to the Company's most recently published Net Asset Value ('NAV') per share of 8.82p and a 12.8% discount to the closing price of the Company's ordinary shares on 9 October 2020, being the 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"). 

 

Shard Capital are sole brokers to the Placing.

 

Reasons for the Placing

 

FastForward has experienced largely positive developments year to date 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 £0.01 in the capital of the Company upon payment of 12.75p 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 Fast Forward 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 we have experienced from new and existing shareholders in this fundraise endorses FastForward's investment strategy to be an investment destination for individuals and institutions seeking exposure to the unique opportunities the board of FFWD have access to.

 

"Whilst we continue to support and develop our portfolio of existing investments in the life sciences and technology sectors, I welcome the recent guidance from the FCA in relation to potential applications seeking admission to the Official List in the medical cannabis-related sector, a sector in which we already have a significant exposure to and confidence for future returns. With a number of our current portfolio assets on their way to near term liquidity events we want to move swiftly into a number of new positions to support VC/PE type returns for our shareholders"

 

 

Admission and Total Voting Rights

The Placing Shares and Adviser Shares will rank pari passu with the existing ordinary shares of the Company and application for the admission to trading on AIM of 23,600,234 has been made. Admission to trading on AIM of the Placing Shares and Adviser Shares is anticipated to occur on 27 October 2020.

 

The issued ordinary share capital of the company will consist of 190,513,962 ordinary shares of 1 pence each with voting rights (including 5,413,623 held in treasury).  Accordingly, 185,100,339 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 de Jersey

FastForward Innovations Ltd

Email: [email protected]  

 

James Biddle / Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

 

Isabella Pierre/Damon Heath

Shard Capital Partners LLP

Tel: (0)207 186 9927

Isabel De Salis / Beth Melluish

St Brides Partners Ltd,

Financial PR

 

Tel: +44 (0)207 236 1177

 

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 [email protected] 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
 
 
IOEKZMMGVZLGGZM

a d v e r t i s e m e n t