AIM-listed investment company Fast Forward Innovations (AIM: FFWD) has completely dumped its holdings in both Kanabo Group and Cellular Goods, recording gross profits of £194,414.39 from its investment in their respective IPOs.
News of it exiting its holding in these two popular stocks comes after another of its investments in the sector also experienced an exit, albeit indirectly ( Fast Forward Innovations share price goes into rewind after EMMAC sale ).
Its sale of shares in Kanabo and Cellular goods saw it score returns of 223% and 315% respectively, with its holding weighted more strongly towards Kanabo.
As per yesterday’s note, it now intends to make further investments in line with its investment policy with its gross proceeds of over £2m from the aforementioned transactions.
Commenting on the sale of Cellular Goods and Kanabo was CEO Ed McDemott:
“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. 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. We hope to provide further updates on developments in this regard in due course.”
The markets do not appear to have responded well to the proceeds from these transactions as the share price of Fast Forward Innovations fell another 7 percent to under 9p today.
Less than a month ago, it was trading at 15p.