15 Feb 2016 17:23
15 February 2016
FastForward Innovations Limited
("FastForward" or the "Company")
Buy-Back of 3,158,623 Shares by the Company
FastForward Innovations Limited (AIM: FFWD) announces that it has today completed a share buy-back of 3,158,623 ordinary shares (the "Redeemed Shares") at a price of 11 pence per ordinary share. The total cost (excluding dealing and associated costs) amounted to £347,448.53.
The Redeemed Shares were acquired from certain shareholders of the Company who had invested in the Company when it was focused on natural resources (pre- 13 July 2015) and who had approached the Company setting out their intention to sell the shares in the market. Given the recent placing by the Company to raise funds at 15 pence per share, the Directors determined that it would be inappropriate to actively place such shares with certain investors, and agreed a price of 11 pence per share for the entire block.
Following the redemption, the Redeemed Shares will be held in treasury.
Following the buy-back of the Redeemed Shares and the recently completed Placing (as announced on 12 February 2016), there will be 134,108,445 Ordinary Shares in issue, of which 3,158,623 Ordinary shares are held in Treasury. For reporting under the FCA's Disclosure and Transparency Rules, Shareholders should exclude any shares held in Treasury and should use the figure of 130,949,822 Ordinary Shares (the issued voting share capital) when determining if they are required to notify their interest, or a change of their interest in the Company.
As a result of the buy-back, the holding of the Concert Party as constituted on 17 October 2014, is now below 30%.
For further information please visit www.fstfwd.co or contact:
FastForward Innovations Limited Tel: +44 1481 810 100 Elysium Fund Management Limited |
Beaumont Cornish Limited (Nomad) Tel: +44 (0) 207 628 3396 James Biddle / Michael Cornish |
Peterhouse Corporate Finance Limited (Broker) Tel: +44 (0) 20 7469 0930 Guy Miller / Lucy Williams |
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.