RE: Follow the SMART money2 Apr 2017 22:42
Placing, Notice of GM, AGM & Board Changes
May 9, 2016
Placing
Forbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of Forscene (the market-leading cloud video platform), Captevate (the consumer video editor), and eva (the video social network), is pleased to announce a placing to raise GBP1.3 million (before expenses) through the issue of 18,571,421 new ordinary shares of 0.8 pence each (the “Placing Shares”) at a price of 7 pence per Placing Share (the “Placing”) in two tranches.
4. Related Party Transaction
The following Directors have agreed to subscribe for First Placing Shares as part of the first tranche of the Placing:
At the date of Following the
this document Placing and Admission
—————————- —————————-
Director Number Percentage Number Percentage
of Ordinary of Existing of Ordinary of Enlarged
Shares Ordinary Shares Share
held Shares held Capital
Stephen Streater 62,700,000 47.53% 63,985,714 42.52%
David Main 250,000 0.19% 535,714 0.36%
As Directors of the Company, Stephen Streater and David Main are each to be treated as a ‘related party’ in accordance with the AIM Rules. Accordingly, the participation of Stephen Streater and David Main in the Placing is a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Independent Directors of the Company, having consulted with Allenby Capital, the Company’s nominated adviser, consider the terms of the Placing to be fair and reasonable insofar as Shareholders are concerned.