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FastForward Innovations cashes in Blue Star Capital shares

FastForward was originally subject to lock-in agreements, but Blue Star waived these claiming the stock overhang had weighed on the share price

share certificate with a silver bull and a bear on top
The disposal raised some cash for FastForward and allowed Blue Star to clear the stock overhang

Growth company investor FastForward Innovations Ltd (LON:FFWD) has sold off its holding in tech investor Blue Star Capital PLC (LON:BLU) a little over a month after acquiring it.

The sale of the shares at 0.12p a piece raised approximately £306,000 for FastForward after costs.

The firm received the 268.2mln shares on 2 March as payment from Blue Capital after it snapped up FastForward’s stake in SatoshiPay Ltd.

A third of those shares were originally locked in for three months, another third for six months and the final third locked in for nine months from admission.

Blue Star agreed to waive these agreements yesterday though, saying that the stock overhang “may have led to the share price of Blue Star underperforming…whilst investors wait for each lock-in period to end”.

Blue Star chief executive used the disposal from FastForward as an opportunity to beef up his stake in his company. He acquired a further 4.2mln shares to take his total interest to 19.8mln, or 2.04% of the company.

“The carrying cost of the Blue Star investment is £117,630 and the disposal will result in realized profit of £188,133,” said FastForward chief executive Lorne Abony.

“This is the first of what I hope will be several events in the medium term where we are able to both generate profits and successfully monetize investments within our portfolio and is a vindication of the board's long term strategic plan.”

Blue Star Capital shares edged 1% higher at 0.14p, while FastForward shares lost a similar percentage, slipping to 8.55p.

Quick facts: FastForward Innovations

Price: 6.2 GBX

LSE:FFWD
Market: LSE
Market Cap: £10.01 m
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