LONDON (Alliance News) - FastForward Innovations Ltd said Monday it does not intend to participate in the latest funding round of its investee company, SatoshiPay Ltd.
The announcement from FastForward comes after fellow AIM company Blue Star Capital PLC said it intends invest EUR640,000 investment in UK-based SatoshiPay, a nanopayment software and blockchain company. The investment is part of an EUR1.0 million funding round and will result in Blue Star taking an 11% stake in the company.
FastForward said it remains "supportive" of SatoshiPay but is not proposing to participate in the funding round. FastForward said based on the Blue Star proposal it will have an approximately 8.3% shareholding in SatoshiPay, valued at EUR500,140.
In February 2016, FastForward reported it holds a 10% interest in SatoshiPay.
Shares in FastForward Innovation were up 1.0% at 13.00 pence Monday, while shares in Blue Star Capital were up 45% at 0.240p.
By Adam Clark; adamclark@alliancenews.com
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