25 May 2016 11:45
For immediate release
25 May 2016
FastForward Innovations Limited
("FastForward" or the "Company")
Director Dealing
FastForward Innovations Limited (AIM: FFWD) announces that:
· Mr Bryan Smith, a director of the Company, has purchased 467,836 ordinary shares from Mr Lorne Abony (a director of the Company) at a price of £0.15 per share, for total consideration of £70,175.40; and
· Mr Abony has sold a further 1,473,685 shares to Ms Wendy Polland at a price of £0.15 per share, for total consideration of £221,052.75.
Each of the sales was completed on 25 May 2016.
Commenting on the disposals Mr Abony noted:
"It is important that shareholders do not perceive this as me reducing my interest in the Company. Mr Smith has been looking to purchase a US$100,000 block of shares for some time and was unable to participate in the February 2016 placing as he was one of the independent directors for the purposes of the transaction. Now, with the publication of the accounts to 31 March 2016 yesterday, the Company is out of the recent close period, I am happy to assist him with his purchase.
With regards my sale of a further 1,473,685 shares to Ms Polland, Ms Polland is my ex-wife. She was a significant investor in the placing of the Company announced on 22 December 2015, but due to circumstances beyond her control could not participate in the February 2016 placing at £0.15. I am honouring a personal commitment to her by transferring these shares and I am delighted she continues to support the Company."
As a result of the acquisition Ms Polland has notified the Company that she is interested in a total of 4,758,834 shares, representing approximately 3.55 per cent. of the Company's issued shares.
Following the purchase of shares by Mr Smith, and the sale of shares by Mr Abony, the interest of the Directors in shares of the Company is as set out below:
Name | Interest in Shares | Options held (inc. unvested Options) | % interest in the Issued Shares
|
Lorne Abony1 | 24,496,870 | 12,131,548 | 18.27% |
Stephen Dattels2 | 15,209,248 | 3,032,887 | 11.34% |
Jim Mellon3 | 10,425,991 | 1,516,444 | 7.77% |
Ian Burns4 | 1,374,024 | NIL | 1.02% |
Bryan Smith | 1,155,668 | NIL | 0.86% |
1 Mr Abony's interest in shares is held by Abony Enterprises Limited Partnership, a limited partnership of which he is the majority legal owner.
2 Mr Dattels' interest in shares is held by Regent Mercantile Holdings Limited, a company owned by a trust under which Mr Dattels is a discretionary beneficiary. Mr Ian Burns is a director of Regent Mercantile Holdings Limited.
3 Mr Mellon's interest in shares is held by Galloway Limited, a company owned by a trust of which Mr James Mellon is a life tenant.
4 Mr Burns' interest in shares is held by Smoke Rise Holdings Limited, a company of which he is the sole shareholder.
For further information please visit www.fstfwd.co or contact:
James Biddle/ Michael Cornish (Nomad) Beaumont Cornish LimitedTel: +44 207 628 3396
Peterhouse Corporate Finance Limited Guy Miller/ Lucy Williams Tel: +44 (0) 207 469 0930 | Elysium Fund Management Limited PO Box 650 1st Floor Royal Chambers St Peter Port Guernsey GY1 3JX
Tel: +44 1481 810 100 Fax: +44 1481 810 120 e-mail: elysium@elysiumfundman.com |
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. There can be no assurance that such statements will prove to be accurate, achievable or recognisable 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.