FastForward Innovations Ltd - technology and life sciences sector focused investor - Invests AUD1 million, around GBP560,000, in ASX-listed medical cannabis business Little Green Pharma as part of a placing of 34 million shares at AUD0.65 each, raising AUD22 million. Notes for the quarter to December-end, LGP posted sales revenue of AUD2.5 million, up 90% quarter-on-quarter. Following admission of the new shares, FastForward will hold 1.5 million shares in LGP, around a 0.9% stake.
"LGP has great assets, strong management, is well capitalised, and continuously delivers on its forecasts in a market where many do not. Furthermore, having engineered excellent European growth, we are confident that it will have further success internationally and deliver strong newsflow in the coming months," says FastForward Chief Executive Ed McDermott.
Current stock price: 10.50 pence
Year-to-date change: up 24%
By Ife Taiwo; ifetaiwo@alliancenews.com
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