Sale of Shares in Portage Biotech

RNS Number : 2343D

FastForward Innovations Limited

28 June 2021

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

28 June 2021

FastForward Innovations Ltd ("FastForward", "the Company" or, "FFWD")

Sale of Shares in Portage Biotech realising £396k profit

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to announce the sale of a total of 18,183 ordinary shares in NASDAQ quoted Portage Biotech Inc. ("Portage") at an average price of approximately US$40.30 realising net proceeds of US$732,952 and representing a gain of approximately US$551,000 (£396,000 at today's exchange rate) (the "Sale") against the original cost price of the shares in FFWD's books of $10 per share. Following the Sale, FastForward remains interested in a total of 50,123 ordinary shares representing 0.4% of the issued share capital of Portage.

Based on the closing price on 25 June 2021, FastForward's remaining holding of 50,123 shares in Portage has a valuation of approximately US$1,265,600 (£911,000), compared to a valuation of $1,049,060 (£817,483) for the 104,906 shares held on the Company's most recent balance sheet at 30 September 2020 (at a 30 September 2020 market price of $10 per share).

Ed McDermott, CEO of FastForward Innovations, commented:   "We are pleased to have realised part of our investment in Portage which has resulted in a return of some four times our original investment. This will provide us with further balance sheet resource enabling us to invest in other businesses that will bring value to shareholders."

For further information on the Company please visit www.fstfwd.co   or contact:

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Isabella Pierre / Damon Heath	Shard Capital Partners LLP	Tel: [phone]
Isabel de Salis / Catherine Leftley/Charlotte Hollinshead	St Brides Partners Ltd, Financial PR	Tel: [phone]

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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