5 Jan 2016 17:19
5 January 2016
FastForward Innovations Limited
Completion of investment in VEMO and Placing
Admission of New Shares to trading on AIM
Further to its announcement on 21 December 2015, the Board of FastForward Innovations Limited ("FastForward" or the "Company") is pleased to announce that it has today completed the acquisition of an additional 527,059 shares of education technology company Vemo Education, Inc. ("VEMO"). On 23 November 2015, the Company previously announced that it had acquired 1,000,000 shares of VEMO representing 8.2 per cent. of VEMO issued shares (on a fully diluted basis). Including the new shares, the Company's interest in VEMO's issued shares has increased to 12.5 per cent. (on a fully diluted basis).
The shares in VEMO have been acquired from VEMO founder, Mr Lorne Abony. The Company has paid Mr Abony US$1.00 per share, for an aggregate consideration of US$527,059 (the "Purchase Price"). The Purchase Price has been settled by the issue of 4,328,425 new shares of FastForward, each issued at an implied price of £0.08 (eight pence) (having a total implied value of £346,274) (the "Consideration Shares").
In addition, the Board is pleased to announce that the Company has now completed the placing of new shares announced on 22 December 2015. In aggregate, the Company has placed 39,668,200 new Ordinary Shares of 1p each (the "Placing Shares") at a price of £0.08 per Placing Share with a number of new investors raising US$4,830,000 (£3,173,456 at an exchange rate of £1:US$1.522, being the rate on the date the Company determined the terms of the placing) before expenses (the "Placing").
Following completion of the VEMO Acquisition and the Placing, the Consideration Shares and the Placing Shares (which will rank pari passu with the existing Ordinary Shares) have been issued and allotted and accordingly, admission to trading on AIM is expected to commence at 8.00 a.m. on 8 January 2016 and 11 January 2016 respectively.
The enlarged issued share capital of the Company following the issue of the Consideration Shares and the Placing Shares will be 96,681,544 Ordinary Shares with voting rights (the "Enlarged Issued Share Capital"). This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please visit www.fstfwd.co or contact:
FastForward Innovations Limited Tel: +44 1481 810 100 Elysium Fund Management Limited |
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Michael Cornish |
Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930 Guy Miller / Lucy Williams |
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding potential values, the future plans and objectives of FastForward Innovations Limited and the companies in which it invests. There can be no assurance that such statements will prove to be accurate, achievable or recognizable in the near term.
Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. FastForward Innovations Limited assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.