26 Nov 2015 11:02
For immediate release
26 November 2015
FastForward Innovations Limited
("FastForward" or the "Company")
Placing
Further to the announcement by FastForward Innovations Limited (AIM: FFWD) on 10 November 2015 and following publication of the Company's accounts on 13 November 2015, the Company is pleased to announce that it has today placed 2,500,000 new ordinary shares of 1p each (the "Placing Shares") at a placing price of 8p per Placing Share with a number of new investors, thereby raising £200,000 before expenses (the "Placing"). The proceeds of the Placing will be used to assist the Company in making additional investments in accordance with its investing policy and for general working capital purposes.
The Placing Shares will rank pari passu with the existing ordinary shares and application has been made for the Placing Shares to be admitted to trading on AIM ("Admission"). The Placing is conditional, inter alia, on Admission and it is expected that Admission will become effective and dealings in the Placing Shares will commence on 2 December 2015.
Bryan Smith, a Director of the Company subscribed for 187,500 Placing Shares as part of the Placing at the Placing Price (for a total consideration £15,000) on the same terms as the other placees. Following his subscription, Mr Smith is interested in 687,832 ordinary shares of the Company, representing approximately 1.31 per cent of the enlarged issued share capital.
Following Admission, the Company's enlarged issued share capital will consist of 52,684,919 ordinary shares with voting rights. This number may be used by shareholders, following the Placing, 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.kualainnovations.com 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.
ENDS