20 Nov 2017 10:30
20 November 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Company Announces Share Buy-Back Programme
Compliance with Market Abuse Regulation
FastForward Innovations Limited (AIM: FFWD) (the "Company") today announces that it will, with immediate effect, commence a share repurchase programme of Ordinary Shares up to a maximum of 5.9 million shares (the "Programme"). The Programme will be funded from existing cash resources and is being undertaken given the Directors' belief that the current market price, particularly given the recent Market Update, significantly undervalues the underlying value of the Company's investment portfolio.
Any purchase of Ordinary Shares made in relation to this announcement will be carried out on the open market during the period commencing on 20 November 2017 and ending not later than 19 January 2018. The Company is due to publish its interim accounts for the period to 30 September 2017 on 28 December 2017 and accordingly will be subject to closed period restrictions with effect from close of business on 27 November 2017, and no share buy-backs shall be completed during this period.
The Programme shall be executed in accordance with the Company's general authority to make market purchases of Ordinary Shares as approved by Shareholders on 16 September 2016 and those provisions of Market Abuse Regulation 596/2014/EU dealing with buy-back programmes including in particular in relation to trading restrictions regarding time and volume, disclosure and reporting obligations, and price conditions set out under Market Abuse Regulation 596/2014/EU.
The shares purchased by the Company will be held in treasury pending cancellation. Optiva Securities Limited is the Company's broker in relation to the Programme:
Name of Programme | 2017 - 2018 Share Buy-back Programme |
Purpose of the Programme | To reduce the capital of the issuer |
Duration of the Programme | 20 November 2017 to 19 January 2018 |
Maximum amount allocated to the Programme | US$900,000 (approximately £683,500) |
Maximum number of shares to be acquired | Up to 5,900,000 ordinary shares |
Maximum price
| The higher of: a) the price of the last independent trade; and b) the highest current independent purchase bid on the trading venue where the purchase is carried out. |
Maximum size of purchase on any trading day | 25% of the average daily volume of the shares on the trading venue on which the purchase is carried out, such average daily volume calculated over the 20 trading days preceding the date of purchase
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FastForward Innovations Limited info@fstfwd.co Josh Epstein / Ian Burns
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Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Roland Cornish
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Optiva Securities Limited (Broker) Tel: +44 (0) 203 411 1881 Ed McDermott |
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.