FFWD.L Share News (FFWD)

LONDON (Alliance News) - FastForward Innovations Ltd said Wednesday its Chief Executive Lorne Abony plans to sell 12.2 million shares in the company for GBP2.2 million.

The stock will be sold at a price of 17.60 pence per share in an off-market transaction, with the date not specified.

The shares represent 9.4% of FastForward's issued share capital, and are to be sold to US entrepreneur Peter Saladino, a seed investor of Nuuvera Inc, in which FastForward has a 3.4% stake.

FastForward did not say how many shares, if any, Abony will hold after the proposed sale.

Abony said: "Peter's intention to invest in the company demonstrates his confidence in both the management of FastForward and our investment portfolio.

"I will remain chief executive officer of the company, one of its largest shareholders and completely committed to delivering results for all FastForward shareholders in the future, despite the proposed sale of half of my shareholding."

Shares were up 1.7% on Wednesday at 18.18 pence each.