11 Jun 2018 09:53
11 June 2018
FastForward Innovations Limited
("FastForward"")
Sale of Aphria Shares
The Company is pleased to announce that it has now completed the sale of all of its shares in Aphria Inc.. Including cash received as part of the sale of Nuuvera Inc. to Aphria (see 29 January 2018 announcement), the Company realised gross cash proceeds of approximately C$14.4 million. The Company now holds no shares in Aphiria Inc. The sales were completed ahead of legislation in Canada to legalise recreational marijuana use and sales.
Commenting on the sale of the Company's shares in Aphria, Jim Mellon, Chairman of FastForward noted: "We are pleased to announce a crystallised gain of approximately C$11.4 million some 14 months after the Company's initial investment in Nuuvera which was subsequently acquired by Aphria in March 2018. This is a great example of FFWDs investment strategy delivering significant return from early stage entry and effective exit strategies. While we very much believe in the Medical Cannabis industry, we now understand Aphria is due to enter the recreational market which impedes our ability to continue to hold shares (due to restrictions as a Guernsey incorporated and regulated company with shares listed on a stock exchange in the UK). We continue to assess viable early stage investments in the medical cannabis space. On behalf of shareholders the board would like to thank Lorne Abony for delivering an excellent opportunity and the significant return of value."
For further information please visit www.fstfwd.co or contact:
FastForward Innovations Limited info@fstfwd.co Sue Saunders/ Ian Burns |
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Roland Cornish |
Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881 Jeremy King |
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 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. FastForward Innovations assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014