FastForward Innovations' shares higher as Nuuvera shareholders approve takeover

FastForward Innovations’ investee company Nuuvera Inc announced on Wednesday that its shareholders agreed “overwhelmingly” to a C$826m acquisition approach made by Aphria Inc.

After 99.9% of shareholders voted in favour of the agreement Nuuvera, a Canadian marijuana distribution company formed to take advantage of the legalisation in which FastForward holds an interest of 3.4%, will see all of its issued and outstanding shares acquired by Aphria.

Aphria is focused on providing safe and effective medical cannabis prouducts to patients, with a particular focus on greenhouse grown cannabis and cannabis oil.

Nuuvera shareholders will receive C$1.00 in cash and 0.3546 in Aphria shares if the acquisition, which is expected to close on Friday, proceeds as planned.

Following completion, Nuuvera shareholders will hold a 14.8% stake in the combined company.

Last month, Nuveera signed an off-take agreement with Verve Dynamics for approximately 3,000 kg of purified GMP THC and CBD extract per year from its license to grow and produce cannabis products in the Kingdom of Lesotho.

Speaking at the time, FastForward Innovations chairman Jim Mellon said: "Further exciting news for Nuuvera gives us yet more faith in the ever expanding medical cannabis sector. Nuuvera being the first Canadian company to have such a deal in Africa is excellent news and the board of FFWD is most happy with our position in Nuuvera."

As of 1656 GMT, FastForward Innovations Limited’s shares were up 5.85% at 19.45p.