FastForward Innovations Limited Completion of Sale of Investment in EMMAC (7302U)
April 07 2021 - 10:25AM
UK Regulatory
TIDMFFWD
RNS Number : 7302U
FastForward Innovations Limited
07 April 2021
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
7 April 2021
FastForward Innovations Ltd ("FastForward", "the Company" or,
"FFWD")
Completion of Sale of Investment in EMMAC Life Sciences
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to note that, further to the announcement of 10 March
2021, the sale of its investee company, EMMAC Life Sciences Limited
('EMMAC'), to Curaleaf Holdings Inc. ('Curaleaf'), has successfully
been completed (the 'Transaction').
As announced, FFWD had conditionally agreed to sell its entire
interest in EMMAC (comprising 6,666,667 ordinary shares and a
GBP750,000 convertible loan note) (the 'Sale') for GBP5,036,459 in
cash (the 'Sale Consideration') and therefore, immediately prior to
completion of the Transaction, FFWD has completed the Sale and
received the Sale Consideration. The proceeds of the Sale will be
used to make further investments in accordance with the Company's
investing policy.
Ian Burns, Chairman of FastForward Innovations, commented: "We
are pleased to note that all conditions in the sale of EMMAC to
Curaleaf have been met and the transaction has completed. We are
delighted to have made a significant return on our original
investment in EMMAC. This will result in us being in an enviable
position of having cash totalling in excess of GBP6.5 million,
which we aim to invest in new exciting opportunities, principally
within the highly active medical cannabis, cannabinoid wellness and
life sciences sectors."
**ENDS**
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott / Lance FastForward Innovations Email: info@fstfwd.co
de Jersey Ltd
James Biddle / Roland Beaumont Cornish Limited, Tel: +44 (0) 207 628
Cornish Nomad 3396
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Isabella Pierre / Damon Shard Capital Partners Tel: (0)207 186 9927
Heath LLP
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Catherine Leftley / St Brides Partners Tel: +44 (0)207 236
Megan Dennison Ltd, 1177
Financial PR
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Notes
FastForward Innovations is an AIM quoted investment company
focused primarily on disruptive high growth life sciences and
technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
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END
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