FastForward Innovations Limited Completion of second stage investment (0767A)
03 June 2016 - 12:23AM
UK Regulatory
TIDMFFWD
RNS Number : 0767A
FastForward Innovations Limited
02 June 2016
2 June 2016
FastForward Innovations Limited
("FastForward" or the "Company")
Completion of second stage investment in Leap Gaming
Further to its announcement dated 11 April 2016 FastForward
Innovations Limited is pleased to announce it has now completed the
second stage of its investment in Frails LLC, the sole owner of a
subsidiary providing and developing gaming products and technology
with a focus on Virtual Sports and Virtual Casino products, trading
under the brand "Leap Gaming" ("Leap Gaming"). Following its
initial acquisition of 693 Preferred Units of Leap Gaming in April
2016, the Company has now acquired a further 277 Ordinary Units,
bringing its total ownership interest to 41.15 per cent.
In April 2016, the Company subscribed for 693 Preferred Units of
Leap Gaming equal to 29.4 per cent interest (fully diluted units)
for total cash consideration of US$2,500,000. At such time, the
Company agreed to acquire a further 277 Ordinary Units for US$1
million (the "Secondary Closing") from an existing Unit Holder to
be satisfied by the issue of 1,181,022 new ordinary shares (the
"Consideration Shares") of 1p each in the Company ("Ordinary
Share") equal to US$250,000 (each issued at an implied price of 15
pence per Ordinary Share at the agreed exchange rate of 0.708613
GBP per 1.00 USD as of 8 April 2016) with the balance (US$750,000)
paid in cash. FastForward is pleased to announce that the Secondary
Closing is now complete, bringing the Company's ownership interest
in Leap Gaming to 41.15 per cent. (fully diluted units) for total
consideration of US$3,500,000. With the completion of the Secondary
Closing, FastForward now has the right to appoint two managers to
the Board of Leap Gaming.
FastForward CEO, Lorne Abony, commented "I am delighted with the
completion of FastForward's investment in Leap Gaming, the largest
ownership stake we have taken in a portfolio company to date. We
are excited with what we are already seeing Leap Gaming accomplish
since our initial investment, as well as to assist in the continued
growth of Leap Gaming's business."
"Norbert Teufelberger, Special Adviser to FastForward, added
"Leap Gaming's technology is transformational in the gaming and
leisure space, not only is it a game changer on digital channels;
like mobile and web, but the opportunity to further break into
land-based markets is now bigger then ever, I'm excited to be
working with team to help make their vision a reality."
About Leap Gaming
Leap Gaming is a developer and provider of 3D gaming technology
and products with a focus on Virtual Sports and virtual casino.
Leap Gaming partners with top-tier online and land-based gaming
companies to provide advanced gaming products for end-users.
Leap Gaming and its partners have already signed deals with a
substantial and growing number of leading gaming operators as well
as with established other providers who offer products and services
complementary to Leap Gaming's.
Leap Gaming intends to use the funds from FastForward's April
2016 investment to significantly enhance its product portfolio,
increasing the number of Virtual Sports titles and adding new
features, like in-game betting.
In addition, Leap Gaming is working to bolster its development
capabilities significantly in the current year, with an aim to
double its headcount at its R&D center in Israel. Leap Gaming
intends to add sales & marketing staff, to accelerate its reach
into land-based gaming operators globally.
Leap Gaming also plans to further grow its cross-platform
integrations, enabling its games to be played across all platforms
via HTML5. Leap Gaming's product-lines can be accessed digitally as
well as physically.
For further information regarding Leap Gaming, please visit its
website at www.leap-gaming.com.
Admission of the Consideration Shares to AIM
The Consideration Shares (which will rank pari passu with the
existing Ordinary Shares) have been issued and allotted and
admission to trading on AIM is expected to commence at 8.00 a.m. on
8 June May 2016.
Following the issue of the 1,181,022 Ordinary Shares, the
enlarged issued share capital of the Company will be 136,144,498
Ordinary Shares, of which 3,158,623 Ordinary Shares are held in
Treasury. Therefore, 132,985,875 Ordinary Shares with voting rights
should be used by shareholders 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.fstfwd.co or
contact:
FastForward Innovations Limited info@fstfwd.co
Josh Epstein / Ian Burns
Peel Hunt LLP +44 (0)20 7418 8900
Dan Webster / Adrian Trimmings / George Sellar
This information is provided by RNS
The company news service from the London Stock Exchange
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