FastForward Innovations Limited Update on SatoshiPay disposal to Blue Star (4476B)
April 04 2017 - 1:00AM
UK Regulatory
TIDMFFWD
RNS Number : 4476B
FastForward Innovations Limited
04 April 2017
4 April 2017 For immediate release
FastForward Innovations Ltd
("FastForward" or the "Company")
Potential disposal of interest in Blue Star Capital PLC
Blue Star Capital plc ("Blue Star") has agreed that FastForward
may no longer bound by the lock-ins and orderly market requirements
in respect of its holding of 268,213,880 new ordinary shares of
Blue Star (the "Consideration Shares" ) as previously announced on
2 March 2017 subject to Blue Star's broker finalising arrangements
to place out the Consideration Shares to a variety of investors on
terms that the Blue Star Directors consider are acceptable. Blue
Star's announcement is set out in full below.
"Blue Star Capital plc (AIM: BLU), the investing company with a
focus on technology and its applications within media and gaming,
announces an update following its announcement on 2 March 2017
regarding its further investment in SatoshiPay ("Investment") and
issue of 268,213,880 new ordinary shares of Blue Star to
FastForward as consideration for the Investment (the
"Announcement").
At the time of entering into the SPA regarding the Investment,
as a result of the Consideration Shares to be issued to FastForward
comprising approximately 21.7 percent. of the issued share capital
of the Company, the Directors of Blue Star considered that it was
in the best interests of shareholders for the Consideration Shares
to be subject to a staged lock-in agreement over a period of 9
months ("lock-in arrangements"). Following the Announcement and
completion of the Investment, the Directors believe that the
lock-in arrangements may have led to the share price of Blue Star
under-performing compared to the Director's expectations whilst
shareholders and potential new investors wait for each lock-in
period to end. Taking this into account and the strong interest in
the Company's placing of new ordinary shares in January 2017, the
Directors have agreed that, subject to the broker finalising
arrangements to place out the existing Consideration Shares to a
variety of investors on terms that the Directors consider are
acceptable, the lock-in arrangements may be terminated. The
Directors believe that this will be in the best interests of
shareholders. The Directors will provide an update in the event
that the existing Consideration Shares are successfully placed-out
with new shareholders.
Unless otherwise stated, capitalised terms used in this
announcement have the meaning as set out in the Announcement."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR")
For further information please visit www.fstfwd.co or
contact:
FastForward Innovations Limited
info@fstfwd.co
Josh Epstein / Ian Burns
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish
Tel: +44 207 628 3396
Optiva Securities Limited (Broker)
Ed McDermott/ Jeremy King
Tel: +44 (0) 203 137 1902
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 Fast
Forward 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. 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 company news service from the London Stock Exchange
END
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