FastForward Innovations Limited Investee Company Update: Entertainment Direct Asia (1014H)
March 20 2020 - 12:04PM
UK Regulatory
TIDMFFWD
RNS Number : 1014H
FastForward Innovations Limited
20 March 2020
20 March 2020
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
FastForward Innovations Ltd
("FastForward", "FFWD" or the "Company")
Investee Company Update: Entertainment Direct Asia
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
hereby provides an update in respect of investee company,
Entertainment Direct Asia Ltd. ("EDA") (trading as "Yooya") in
which the company holds a 12.5% interest which was valued at
GBP1,586,000 in the Interim financial statements dated 30th
September 2019.
The Company has been notified that an offer has been made to all
shareholders in EDA for a share for share exchange (the
"Acquisition") with a newly formed Asia focused social commerce
platform company (the "Acquiror"). Whilst it is the stated
intention of the Acquiror to raise funds at a significant premium
to the Acquisition price based on the improved value of the
combined entities, the implied valuation of EDA in the share for
share exchange would see a significant impairment to the value of
the Company's investment in EDA. The impact on the longer term
carrying value will depend on the final terms of any fundraising by
the Acquiror and the resulting success of the business.
Further updates will be provided as information becomes
available to FastForward over the coming weeks.
Fastforward Chairman, Lorne Abony, said, "It has become clear
over the last few months that the original concept for Yooya could
not be monetized to generate acceptable returns for shareholders .
While it is disappointing that we expect to suffer a significant
unrealised loss in the event the Acquisition concludes, I believe
that Yooya may become a major constituent in a group uniquely
positioned to create the trusted platform for consumers across
China, and subsequently more widely across Asia. "
About FastForward Innovations Limited
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.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
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 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.
FastForward Innovations assumes no obligation to update
forward-looking statements should circumstances or management's
estimates or opinions change.
*** 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
-------------------------- ----------------------
Graham Dickson Optiva Securities Tel: +44 (0) 203 411
Limited, 1881
Broker
-------------------------- ----------------------
Isabel de Salis / Beth St Brides Partners Tel: +44 (0)207 236
Melluish Ltd, 1177
Financial PR
-------------------------- ----------------------
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
MSCEAXDEAEAEEFA
(END) Dow Jones Newswires
March 20, 2020 13:04 ET (17:04 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024