FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments
12 August 2019
FastForward Innovations Ltd ("FastForward" or the "Company")
Announcements relating to Portage
On 11 July 2019, FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, announced the disposal of its interest in Intensity Therapeutics Inc ("Intensity") for a consideration of 12,980,061 new shares in Portage Biotech, Inc., ("Portage"). Accordingly, the Company now notes the following announcements which are all available on the Canadian Securities Exchange ("CSE") website:
26 July 2019: relating to an application for a "Management Cease Trade Order" ("MCTO"), setting out that delays had occurred in the audit of the annual financial statements for 31 March 2019 due to a change in the expected treatment of the acquisition of SalvaRx Limited and that the filing date of 29 July would not be met. It states an expectation that the audited financials would be filed on 13 August 2019;
31 July 2019: relating to noting that the application for the MCTO was declined as it was not made early enough, and that Portage expects a "failure-to-file cease trade order" ("FFCTO") to be imposed by Ontario Securities Commission; and
6 August 2019: Portage Biotech Inc is in default of CSE requirements. Effective immediately, Portage Biotech will be suspended pursuant to CSE Policy 3. The suspension is considered a Regulatory Halt as defined in National Instrument 23-101 Trading Rules. A cease trade order has been issued by the Ontario Securities Commission.
The FFCTO is expected to be lifted and trading on the CSE to resume once Portage has filed its annual audited financial statements and related documents with the CSE.
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.
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott /
Lance de Jersey
FastForward Innovations Ltd
Email: [email protected]
James Biddle /
Beaumont Cornish Limited
Tel: +44 (0) 207 628 3396
Optiva Securities Limited
Tel: +44 (0) 203 411 1881
St Brides Partners Ltd
Tel: +44 (0)207 236 1177