Forbidden Technologies PLC Related Party Transaction (5274F)
July 28 2016 - 5:27AM
UK Regulatory
TIDMFBT
RNS Number : 5274F
Forbidden Technologies PLC
28 July 2016
28 July 2016
Forbidden Technologies plc
("Forbidden" or the "Company")
Related Party Transaction
Forbidden Technologies plc (AIM: FBT), the AIM-quoted
market-leading cloud video platform owner announces that it has
engaged Little Cricket PR Limited ("Little Cricket"), a public
relations agency with a background in broadcast production and
technology, to provide PR and event planning services.
Little Cricket is owned by Candice Cowan, the wife of Jason
Cowan. Little Cricket has been engaged since 1(st) March 2016 and
has been paid GBP18,000 to date. The contract has a break clause
allowing the Company to terminate during the first week of August.
The Independent Directors of the Company (being the Company's
Directors other than Jason Cowan) have decided not to take up the
break clause. The contract with Little Cricket will now run until
28 February 2017 and after that on a month to month basis. The
maximum amount payable under the contract is GBP39,000 per
annum.
Related party transaction
In view of the fact that Little Cricket is a company owned by
Candice Cowan, the wife of Jason Cowan, a director of Forbidden
Technologies, the entry by Forbidden into the contract with Little
Cricket is considered to be a related party transaction pursuant to
Rule 13 of the AIM Rules for Companies. The Independent directors
having consulted with the Company's nominated adviser, Allenby
Capital Limited, consider that the terms of the contract between
Forbidden and Little Cricket are fair and reasonable insofar as the
Company's shareholders are concerned.
For more information visit forbidden.co.uk
Enquiries:
Forbidden Technologies plc
David Main, Chairman
Aziz Musa, Chief Executive
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Nick Naylor
John Depasquale
Richard Short
Katrina Perez
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Rebecca Sanders-Hewett
David Ison
Susie Hudson
Tel: +44 (0)20 7382 4730
Email: forbidden@redleafpr.com
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk)
floated in February 2000.
The Company develops and markets a powerful cloud video
platform, which is used by broadcasters, in professional web video,
in education and by consumers. The Company platform is one of the
world's most advanced browser-based and mobile platforms, which
underpins Forscene in professional markets, its eva video social
network and its new consumer video editor, Captevate.
Websites:
www.forbidden.co.uk
www.forscene.com
www.eva.co
www.captevate.com
Social media:
www.facebook.com/FORscene
www.plus.google.com/+Forscenepro/posts
www.linkedin.com/company/forscene
www.twitter.com/forscenepro
www.youtube.com/user/ForsceneTraining
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 28, 2016 06:27 ET (10:27 GMT)
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