Forward Partners Grp - Related Party Transaction
06/04/2022 07:00
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RNS Number : 3978H Forward Partners Group PLC 06 April 2022
Forward Partners Group plc
("Forward", the "Company" or the "Group")
Related Party Transaction
Forward Partners, the London-based investment firm specialising in supporting
high growth, early-stage technology businesses, announces details of the
following related party transaction.
In connection with the Group's restructuring ahead of its AIM IPO in July
2021, Forward's Chairman, Jonathan McKay, sold his existing carried interest
in the Group's initial portfolio back to Forward Partners Carried Interest
General Partner Limited, in consideration for the issue of 500,000 ordinary
shares in the Company (the "Carried Interest Disposal"). The Carried Interest
Disposal was agreed to support good standards of corporate governance and to
ensure Mr McKay would not be unduly incentivised.
The Carried Interest Disposal gave rise to a personal tax liability for Mr
McKay of £98.201.38 (the "Tax Liability"). At the time of the Carried
Interest Disposal, the Company agreed with Mr McKay that it would pay the Tax
Liability on his behalf, funded through existing cash resources, for repayment
by Mr McKay in March 2022. Other than repayment, there were no terms attached
to the assumption of the Tax Liability by the Company. The independent
directors of the Company (the "Independent Directors", being all directors
except for Mr McKay) have now agreed that the repayment of the Tax Liability
be extended to 30 June 2022 the "Repayment Extension").
The payment by the Company of the Tax Liability in July 2021 constituted a
related party transaction pursuant to AIM Rule 13. The Independent Directors
consider, having consulted with Liberum, the Company's nominated adviser, that
the terms of the related party transaction (being the payment of the Tax
Liability, together with the Repayment Extension) were fair and reasonable
insofar as the Company's independent shareholders are concerned.
FORWARD PARTNERS GROUP PLC Via Maitland/amo
Nic Brisbourne, Chief Executive Officer
Liberum Capital Limited Tel: +44 20 3100 2222
(Nominated Adviser and Broker)
Neil Patel
Lauren Kettle
Cara Murphy
Maitland/amo (Public Relations) forwardpartners@maitland.co.uk
Sam Turvey
Kate Pledger
Notes to editors:
About Forward Partners
Founded in 2013, Forward Partners is an established and respected London-based
investor, specialising in supporting high growth, early-stage technology
businesses.
The Group brings together venture capital provider Forward Ventures,
equity-free revenue-based financing through Forward Advances and highly
specialised growth support from Forward Studio. This model supports founders
to build stronger businesses faster to provide better outcomes for companies
and investors alike.
The Group makes equity investments in early-stage, high growth UK companies,
and from inception to its admission to London's AIM market in July 2021 had
made over 60 unique investments and built a portfolio with an Initial
Portfolio NAV in excess of £100m. It holds an eight-year track record of
making venture capital investments, and targets underlying NAV growth of 20%
per annum over the cycle.
The management team brings together highly experienced venture capitalists,
entrepreneurs, and expert consultants. Since 2015, Forward Partners has been
backed by BlackRock, one of the largest institutional investors in the world.
The Group receives over 4,000 start-up funding applications every year.
For more information, visit https://forwardpartners.com
(https://forwardpartners.com/) .
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