Business
Related Party Transaction
Related Party Transaction.
About this update from Blackbird Plc
[{"type":"text","content":"\n \nRNS Number : 5274F Forbidden Technologies PLC 28 July 2016 \n\n28 July 2016\n \nForbidden Technologies plc\n(\"Forbidden\" or the \"Company\")\n \nRelated Party Transaction\n \nForbidden Technologies plc (AIM: FBT), the AIM-quoted market-leading cloud video platform owner announces that it has engaged Little Cricket PR Limited (\"Little Cricket\"), a public relations agency with a background in broadcast production and technology, to provide PR and event planning services.\n \nLittle Cricket is owned by Candice Cowan, the wife of Jason Cowan. Little Cricket has been engaged since 1st March 2016 and has been paid £18,000 to date. The contract has a break clause allowing the Company to terminate during the first week of August. The Independent Directors of the Company (being the Company's Directors other than Jason Cowan) have decided not to take up the break clause. The contract with Little Cricket will now run until 28 February 2017 and after that on a month to month basis. The maximum amount payable under the contract is £39,000 per annum. \n \nRelated party transaction\n \nIn view of the fact that Little Cricket is a company owned by Candice Cowan, the wife of Jason Cowan, a director of Forbidden Technologies, the entry by Forbidden into the contract with Little Cricket is considered to be a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Independent directors having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the contract between Forbidden and Little Cricket are fair and reasonable insofar as the Company's shareholders are concerned.\n \nFor more information visit forbidden.co.uk\n \nEnquiries:\nForbidden Technologies plc \nDavid Main, Chairman\nAziz Musa, Chief Executive\nTel: +44 (0)20 8879 7245\n \nAllenby Capital Limited (Nominated Adviser and Broker)\nNick Naylor\nJohn Depasquale\nRichard Short\nKatrina Perez\nTel: +44 (0)20 3328 5656\n \nRedleaf Communications (Financial PR Adviser)\nRebecca Sanders-Hewett\nDavid Ison\nSusie Hudson\nTel: +44 (0)20 7382 4730\nEmail: [email protected]\n \n \nAbout Forbidden Technologies plc \n \nForbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.\n \nThe Company develops and ma...