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FastForward Innovations Shares Fall As It Sells Kanabo And Cellular Goods Investments

Sam Boughedda trader
Updated 24 Mar 2021

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FastFoward Innovations (LON: FFWD) shares are down on Thursday after the company confirmed it has now sold its entire holdings in both Kanabo Group and Cellular Goods Plc.

FastForward’s share price has fallen over 4.8% to 9.14p.

The company made a gross profit of £194,414 from the sale of both investments, with Kanabo resulting in a gain of £139,851, representing an increase of 223% in value since its original investment.

Cellular Goods' sale resulted in a profit of £54,562.71, an increase of 315% in value since its original investment.

FastFoward said the proceeds will be used to make further investments.

“Whilst we were disappointed to be heavily scaled back due to both placings being oversubscribed, we are delighted to have made such significant returns on our investments in Kanabo and Cellular Goods in a short timeframe,” commented Ed McDermott, CEO of FastForward.

“With our already strong balance sheet, the proceeds from these sales, along with the significant funds to be received from the sale of EMMAC as announced yesterday, will put FastForward in a very strong cash position and enable us to invest in other new and exciting businesses that will bring value to shareholders,” added McDermott.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.