FastForward Innovations Limited Share Buy-Back Programme (9617W)
November 20 2017 - 4:30AM
UK Regulatory
TIDMFFWD
RNS Number : 9617W
FastForward Innovations Limited
20 November 2017
20 November 2017
FastForward Innovations Ltd
("FastForward" or the "Company")
Company Announces Share Buy-Back Programme
Compliance with Market Abuse Regulation
FastForward Innovations Limited (AIM: FFWD) (the "Company")
today announces that it will, with immediate effect, commence a
share repurchase programme of Ordinary Shares up to a maximum of
5.9 million shares (the "Programme"). The Programme will be funded
from existing cash resources and is being undertaken given the
Directors' belief that the current market price, particularly given
the recent Market Update, significantly undervalues the underlying
value of the Company's investment portfolio.
Any purchase of Ordinary Shares made in relation to this
announcement will be carried out on the open market during the
period commencing on 20 November 2017 and ending not later than 19
January 2018. The Company is due to publish its interim accounts
for the period to 30 September 2017 on 28 December 2017 and
accordingly will be subject to closed period restrictions with
effect from close of business on 27 November 2017, and no share
buy-backs shall be completed during this period.
The Programme shall be executed in accordance with the Company's
general authority to make market purchases of Ordinary Shares as
approved by Shareholders on 16 September 2016 and those provisions
of Market Abuse Regulation 596/2014/EU dealing with buy-back
programmes including in particular in relation to trading
restrictions regarding time and volume, disclosure and reporting
obligations, and price conditions set out under Market Abuse
Regulation 596/2014/EU.
The shares purchased by the Company will be held in treasury
pending cancellation. Optiva Securities Limited is the Company's
broker in relation to the Programme:
Name of Programme 2017 - 2018 Share Buy-back
Programme
------------------ --------------------------------------
Purpose of the To reduce the capital of the
Programme issuer
------------------ --------------------------------------
Duration of the 20 November 2017 to 19 January
Programme 2018
------------------ --------------------------------------
Maximum amount US$900,000 (approximately
allocated to GBP683,500)
the Programme
------------------ --------------------------------------
Maximum number Up to 5,900,000 ordinary shares
of shares to
be acquired
------------------ --------------------------------------
Maximum price The higher of:
a) the price of the last independent
trade; and
b) the highest current independent
purchase bid on the trading
venue where the purchase is
carried out.
------------------ --------------------------------------
Maximum size 25% of the average daily volume
of purchase on of the shares on the trading
any trading day venue on which the purchase
is carried out, such average
daily volume calculated over
the 20 trading days preceding
the date of purchase
------------------ --------------------------------------
FastForward Innovations Limited
info@fstfwd.co
Josh Epstein / Ian Burns
Beaumont Cornish Limited (Nomad) Tel: +44
(0) 207 628 3396
James Biddle / Roland Cornish
Optiva Securities Limited (Broker) Tel: +44
(0) 203 411 1881
Ed McDermott
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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