FastForward Innovations Ltd has today reached agreement with Blue Star Capital PLC to sell its entire holding of 1,471 shares in investee company SatoshiPay Ltd. The disposal is conditional on Blue Star’s shareholders approving the issue of 268,213,880 consideration shares as the consideration will be satisfied via the issue of new shares in Blue Star. The price of EUR340 per SatoshiPay share (equivalent to €500,140 for the whole stake) is based on the price per share at which SatoshiPay recently raised EUR1.0million and the disposal is expected to result in FastForward acquiring an interest of approximately 21.7 per cent. in the enlarged issued share capital of Blue Star.
89,404,627 of the consideration shares will be subject to a lock in for a period of three months followed by a three month orderly market requirement; 89,404,627 have a lock in for a period of six months followed by a three month orderly market requirement; and 89,404,626 have a lock in for a period of nine months followed by a three month orderly market requirement.
Blue Star Capital Plc
Blue Star is an investing company with a focus on technology and its applications within media and gaming. Blue Star’s investments include a 10.7 per cent. holding in SatoshiPay, a nanopayment software and blockchain company; a holding in Disruptive Tech Limited, an investing company with five investments including a 38% holding in VNU Group LLC a speciality online direct retailer of premium goods paid for through an instant credit facility; a holding in Nektan PL; and an investment in Sthaler, an early stage identity and payments technology business which enables a consumer to identify themselves and pay using just their finger at retail points of sale. As at 30 September 2016, Blue Star reported Net Assets of GBP1.76million including cash of GBP51,184 and a Loss for the period of GBP165,005. Further details can be found at http://www.bluestarcapital.co.uk
SatoshiPay is headquartered in London with development led through its office in Berlin. Angel funding for SatoshiPay Ltd was supplied by Axel Springer Plug & Play and Henning Peters. Development of SatoshiPay’s nanopayment product started in April 2015 and its beta version was released in February 2016.
FFWD : FastForward to exchange its Satoshi stake for Blue Star shares