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I was never a big fan of Vemo, so if push comes to shove I'm glad we disposed of most of our holding at better than last-booked value. But this is surely only the first step in an unfolding story, and in the nature of business we can't know exactly how it will develop. I do take some comfort, though, in the fact that Abony is in at 17-18p, last August's placing was at 13p, and that at present markets are 'dire', but will inevitably recover. But if Abony does spy a good opportunity, would he do a placing at, say 9 or 10p under present circumstances? Or could the sale of, say, Leap, or any other assets, provide the necessary funds for his plans?
now your clutching straws john, i cant see the price moving up on that news can you, obviously disposals are likely because money will be needed to reinvest, you can now understand why the market treats FFWD like they do,
Yeh and sorry for ranting, I think its also seeing the amount of twitter news about VEMO and how big the industry is, with Damned United posting near every other day on Vemo and three times yesterday it's just, very, very disappointing that even the most researched among us know what the hell is going on... I'm sure if he knew disposal was coming and that we were not invested for the long term in VEMO which is what has come from BoD then he would not be promoting VEMO and FFWD to such an extent.
LS, I'd like to try to remain optimistic but we are at all time low SP right now.
In my opinion and I could be wrong of course, they could have included what the preferential terms are for the remaining 0.47% remaining equity in VEMO, this would likely avert the "why" have we sold 90% of our holding of VEMO questions coming forward.
FFWD and shareholders took the early risk with ISAs being a new product for the student market, now, years on, this risk is diminishing, for FFWD to sell for such a poor return is a sickening, this is why I say, it is 'dire'.
There just isn't enough news flow from the BoD about why they sold and the particulars about what is left in this RNS in my opinion and lets face it, FFWD does not have a good track record of being able to write competent RNS documents.
I think it's a little premature to say it's becoming 'dire'; nobody seems to have noticed that Vemo was discounted in the last Interims, so in one sense receiving more than the company was booked for there is good news. But be that as it may, we don't know what further sales steps Abony is planning, nor the target which he surely must be fixed upon in the medicinal cannabis sector. Until that becomes clearer, and as long as the NAV is going in the right direction, I'll hang fire. Remember, there are still multiple other investee sources that will report in coming months, starting with Insilico on Wednesday.
Well let's hope that the shareholder value is coming, we are at all time lows.
Our 2M investment in EMMAC provided 2.6% equity, so if we are to invest our 360k now, this would buy shareholders, wait for it...an additional 0.14% equity (if my maths serve me well) in any case I don't see how this disposal raise is going to directly help FFWD at this level - can anyone shed some light on this?
I can only think that SAFE (Factom) did not conclude and the funds are still available for FFWD to invest elsewhere, however if this was case I would have expected this to be announced via RNS. There was no update via RNS after the deadline passed and the agreement expired? Again, does anyone have line of sight to what happened?
More disposals due. Let’s wait and see.
Well that was a surprise RNS....? VEMO was meant to be up there with Factom and as I alluded to yesterday evening that VEMO has grown considerably since 16/17 but here we are selling 4% of a multi billion dollar potential company.
FastForward CEO Lorne Abony comments, "VEMO made huge strides during 2017 and the effort and hard-work is beginning to pay off with a material up-turn in the number of schools VEMO is working with, the number of ISA contracts that are being written, and the value of each ISA contact to the company. FastForward continues to support VEMO and believes 2018 will be a year of further growth, cementing the company as the market leader is the rapidly growing industry. It remains early days but the Board of FastForward believes strongly VEMO has the potential to be a truly World Class company."
Based on our current FFWD investment and I mean the shareholders funds, we got how much? was it 1% of a non revenue generating business, EMMAC (yes it has potential I know), but we now we are told that we've sold our stake in a profitable business that has a trillion dollar market of ISAs...and is becoming one of the market leaders.
300k is not going to buy us much based on the brilliant shareholder deal that Lorne and Jim provided to FFWD shareholders.
This is becoming dire.
just itching to take it lower again. This news was, once again, not the news that the market hoped for.
So £63k better than last Interims, plus they've retained 1m of the more valuable preferred shares.
Vemo is valued higher now than it was in last results, so that’s an increase in 11.4p nav. With cannabis investments in pipeline plus other disposals. Just based off current shareprice and discount to Nav this is extremely undervalued.
they have retained 0.47% of Vemo in Series 2 preferred shares.
It doesn't matter that Vemo was valued higher in last resuts as this is not reflected in the sale price!
If you look at the last results in actually values Vemo higher so an increase in the 11.4p nav
From what I can gather ffwd paid $527k for 12.5% of Vemo in January 2016 and have now sold 12% for $442k.
This is a $85k/12% loss ffs!
.....Was it a profit or a loss? If it was a profit, even small, would have been trumpeted, IMO. So why was the reaction a move up in this ghastly SP? I am still not going to risk topping-up (yet).
but I'd say our next disposal will net us more than a few more millions for the Pot.
John don’t make me laugh ,
I can now understand why a lot has not been happening lol, it’s all pending , good job times on my side lol
More disposals and investments due that’s the key. Plus it increases the NAV which was already 11.4p
What was it just over 300k not mind blowing is it ,
“We are pleased to have generated additional cash from this disposal while retaining 1m seed 2 shares representing approx 0.47% of #Vemo. We intend to invest the proceeds, approx £339,500, in the medical cannabis sector. #FFWD #medicinalcannabis
It’s not a sale to keep them ticking over. It clearly states that disposals are going to be made for cannabis investments.
Well if so I understand today’s share price, I’ve never raved about it myself , but they’ve kepted an interest for some reason , is it a sale just to keep them ticking over , I really hope not, we need a lot more news than this to get ffwd moving in the right direction lol
Surprised by this as according to some Vemo is the jewel in the ffwd crown.
Hmmm.....thoughts?