FastForward Innovations Limited Disposal of interest in Vemo Education Inc. (8130Y)
13 May 2019 - 7:21PM
UK Regulatory
TIDMFFWD
RNS Number : 8130Y
FastForward Innovations Limited
13 May 2019
13 May 2019
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Disposal of interest in investee company, Vemo Education
Inc.
The Board of AIM-listed FastForward Innovations Limited, trading
under the symbol FFWD, is pleased to announce the partial sale of
its shareholding in investee company Vemo Education Inc. ("Vemo")
for cash consideration of US$442,235.33 (approximately GBP339,500
at 10 May exchange rates). The transaction represents the disposal
of the entire Series seed-1 preferred holding of 2,527,059 shares
and leaves FastForward with a holding of 1,000,000 Series seed-2
preferred shares, representing an interest of 0.47% in Vemo, a
share class which enjoys significantly preferential conversion
rights. The proceeds of the sale will be held in cash and deployed
in accordance with the Company's investing policy.
Commenting on the Disposal, CEO Lorne Abony noted, "The partial
sale of the Company's interest in Vemo is the Company's first exit
from an investment in 2019. The Board believes further investments
can be realized during the course of 2019 and intends to reinvest
the proceeds in the medicinal cannabis sector, furthering FFWDs
investment focus on life science, health and technology."
About Vemo Education
Vemo Education's mission is to help higher education
institutions align the value and the cost of their education by
developing custom, value-oriented student financing programs.
Providing a full-service approach to its educational partners, Vemo
has invested in the infrastructure required to design, price,
originate, disburse, and service income-based payment products.
Vemo's management team has extensive experience in education
finance and the financial aid sector. Learn more at
www.vemo.com.
For further information on the Company and its investments
please visit www.fstfwd.co or contact:
FastForward Innovations Limited
info@fstfwd.co
Lance De Jersey/Guerhardt Lamprecht
Beaumont Cornish Limited (Nomad)
+44 (0) 207 628 3396
James Biddle/ Roland Cornish
Optiva Securities Limited (Broker)
+44 (0) 203 411 1881
Graham Dickson
For further information please visit www.fstfwd.co or
contact:
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 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. Fast
Forward Innovations assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 13, 2019 05:21 ET (09:21 GMT)
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