18 Sep 2017 07:00
7.00am on 18 September 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Disposal of interest in investee company, Moon Active Ltd.
The Company is pleased to announce that it has completed the sale of its entire holding of shares in investee company Moon Active Ltd. ("Moon Active") for cash consideration of US$750,000 (approximately £582,750 at today's exchange rates).
The sale of the Company's interest in Moon Active represents an increase (including exchange rate affects) of approximately 53% in value since the time of the Company's original investment in July 2016 when it acquired the stake for total GBP consideration of £381,679 and an IRR of 45.6%.
Commenting on the Disposal, CEO Lorne Abony noted, "The sale of the Company's interest in Moon Active is the Company's second cash exit from an investment in 2017, in both cases at significant premiums to the original investment cost of the Company. The Board believes further investments can be realized during the course of 2017 at significant premiums to the entry purchase price paid by the Company, and may look to approve a special dividend and/or tender offer later in 2017 or Q1 2018."
About Moon Active
Moon Active is aiming to become the market leader in the development of casual social games. Utilizing next-generation technology to develop hyper-realistic games, the company develops games for iOS and Android devices as well as for the Facebook platform. Moon Active was founded in 2011 and is headquartered in Tel Aviv. Moon Active is led by CEO Samuel Albin and counts among its shareholders high profile technology and gaming entrepreneurs and investors.
For further information on the Company please visit www.fstfwd.co or contact:
FastForward Innovations Limited info@fstfwd.co Josh Epstein / Ian Burns
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Beaumont Cornish Limited (Nomad) James Biddle / Roland Cornish Tel: +44 207 628 3396
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Optiva Securities Limited (Broker) Ed McDermott/ Jeremy King Tel: +44 (0) 203 137 1902
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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 Fast Forward Innovations Ltd. 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. Fast Forward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.