How to profit from a world class Board
​FastForward is a hi-tech investment incubator, run by some of the smartest minds in the industry. The Board's objective is to generate substantial value for shareholders, by purchasing both minority and controlling stakes in rapidly expanding, private entities, that each have the potential to realise gains of 8-10x over a 3 year period.
First, serial entrepreneur and uber-smart investor Jim Mellon (8.0% stake) joined as Co-Chairman in September. Next on 27th January, the company appointed Lorne Abony (20.2%) as full-time CEO - who in our view has done for internet gaming what Steve Jobs did for consumer electronics. Mr Abony co-founded Cryptologic in 1994, which up until his departure in 2003 was considered as the granddaddy of online gambling. Mr Abony then repeated the same feat with FUN Technologies, which was sold in 2006 to Liberty Media for Cdn$484m.
Online casino mogul Norbert Teufelberger (6.7%) - former CEO of Bwin.party entertainment - recently agreed to join as a Special Adviser, and Fellow Co-Chairman Stephen Dattels (11.6%) was himself a director at Barrick Gold, and originally co-founded UraMin Inc, which was bought by Areva for $2.5bn in 2007.
Early days, but there has been positive news recently from many of the group's 8 investments - presently all minority stakes in private start-ups (some pre-revenue). These early stage companies have been chosen because they are each developing 'disruptive technologies' within their respective verticals.
Preliminary results for the year ending 31st March 2016 are expected on 24th May, when we shall get a better handle on aggregate Net Asset Value. However, from purely published data, and without factoring in possible uplifts from subsequent portfolio revaluations (eg Schoold), we have conservatively pitched our closing proforma Net Asset Value (NAV) at $17.1m, equivalent to 8.8p/share.
Looking ahead, we expect FastForward to make much larger investments - possibly acquiring controlling stakes in the online gaming arena, which we consider is ripe for the introduction of next generation technology, such as 'virtual reality' and 'artificial intelligence'.
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