Business
Option Agreement
Option Agreement.
About this update from Blackbird Plc
[{"type":"text","content":"\n RNS Number : 0111Q Forbidden Technologies PLC 27 July 2010 \n \n\n27 July 2010\n \nForbidden Technologies plc\n (\"Forbidden\" or \"the Company\")\n \n \nOption Agreement\n \n \nForbidden Technologies (AIM: FBT), the AIM quoted developer of the market leading Cloud video platform FORscene, has agreed to grant to Rivington Street Ventures (\"RSV\") an option (the \"Option\") to subscribe for 500,000 new ordinary shares of 0.8p each in the Company (the \"Option Shares\") at 24p per share (the \"Option Price\"). This grant follows the success of last year's option grant to the SF t1ps Smaller Companies Growth Fund. \nRSV and t1ps Investment Management Limited, the fund manager for the t1ps Smaller Companies Growth Fund, both have Rivington Street Holdings plc as their ultimate controlling company.\nThe Option is being granted in consideration of the payment by RSV to the Company of the sum of £5,000.\nThe initial term of the Option is four months; however if the Option is partially exercised within the first four months, the Option to exercise the remaining shares will be extended for a further eight months (26 July 2011).\nCommenting on the Option Agreement, Stephen Streater CEO of Forbidden Technologies, said: \"As interest in Forbidden Technologies mounts, Forbidden's Board is keen to avoid potential liquidity shortages in the market for Forbidden shares. This option, with an exercise price at a 55% premium to the current market price, will be available to ease potential share shortages, in turn increasing liquidity and generating greater shareholder value.\"\n \n-Ends-\n \n \nFor further information please visit www.forbidden.co.uk or contact:\n \nForbidden Technologies plc\nTel: +44 (0) 20 8879 7245\nStephen Streater, Chief Executive\n \nBrewin Dolphin Corporate Advisory & Broking\nTel: 0845 213 4726\nNeil Baldwin, Nominated Advisor\n \nBishopsgate Communications\nTel: +44 (0) 7917 042 335\nGemma O'Hara\nSiobhra Murphy\n \n \nNotes to Editors\n \nForbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.\n \nThe Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consum...