Last checked at 27 Jul 2010 15:17
27 July 2010
Forbidden Technologies plc
("Forbidden" or "the Company")
Option Agreement
Forbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, has agreed to grant to Rivington Street Ventures ("RSV") an option (the "Option") to subscribe for 500,000 new ordinary shares of 0.8p each in the Company (the "Option Shares") at 24p per share (the "Option Price"). This grant follows the success of last year's option grant to the SF t1ps Smaller Companies Growth Fund.
RSV and t1ps Investment Management Limited, the fund manager for the t1ps Smaller Companies Growth Fund, both have Rivington Street Holdings plc as their ultimate controlling company.
The Option is being granted in consideration of the payment by RSV to the Company of the sum of £5,000.
The initial term of the Option is four months; however if the Option is partially exercised within the first four months, the Option to exercise the remaining shares will be extended for a further eight months (26 July 2011).
Commenting on the Option Agreement, Stephen Streater CEO of Forbidden Technologies, said: "As interest in Forbidden Technologies mounts, Forbidden's Board is keen to avoid potential liquidity shortages in the market for Forbidden shares. This option, with an exercise price at a 55% premium to the current market price, will be available to ease potential share shortages, in turn increasing liquidity and generating greater shareholder value."
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For further information please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Tel: +44 (0) 20 8879 7245
Stephen Streater, Chief Executive
Brewin Dolphin Corporate Advisory & Broking
Tel: 0845 213 4726
Neil Baldwin, Nominated Advisor
Bishopsgate Communications
Tel: +44 (0) 7917 042 335
Gemma O'Hara
Siobhra Murphy
Notes to Editors
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.
The Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the world's most advanced browser-based applications, operating in The Cloud.