FastForward Innovations Limited Share Buy-Back Programme (9617W)

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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 
 [e-mail] 
 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

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November 20, 2017 05:30 ET (10:30 GMT)