LONDON (Alliance News) - FastForward Innovations Ltd on Monday said it disposed of part of its shareholding in investee company Vemo Education Inc for USD442,235.
The deal represents the disposal of the entire series seed-1 preferred holding of 2.5 million shares and leaves FastForward with a holding of 1.0 series seed-2 preferred shares, representing an interest of 0.47% in Vemo.
The proceeds of the sale will be held in cash and deployed in accordance with the company's investing policy, FastForward said.
"The partial sale of the company's interest in Vemo is the company's first exit from an investment in 2019. The board believes further investments can be realized during the course of 2019 and intends to reinvest the proceeds in the medicinal cannabis sector, furthering Fast Forward's investment focus on life science, health and technology," Chief Executive Officer Lorne Abony said.
Vemo is a company aiming to help higher education institutions develop custom, value-oriented student financing programs.
FastForward Innovations shares were trading down 2.7% at 8.51 pence each.