Related Party Transaction
Forbidden 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.
Little Cricket is owned by Candice Cowan, the wife of Jason Cowan. Little Cricket has been engaged since 1(st) March 2016 and has been paid GBP18,000 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 GBP39,000 per annum.
Related party transaction
In 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.
For more information visit forbidden.co.uk
Forbidden Technologies plc
David Main, Chairman
Aziz Musa, Chief Executive
Tel: +44 (0)20 8879 7245
Allenby Capital Limited (Nominated Adviser and Broker)
Tel: +44 (0)20 3328 5656
Redleaf Communications (Financial PR Adviser)
Tel: +44 (0)20 7382 4730
About Forbidden Technologies plc
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000.
The Company develops and markets a powerful cloud video platform, which is used by broadcasters, in professional web video, in education and by consumers. The Company platform is one of the world’s most advanced browser-based and mobile platforms, which underpins Forscene in professional markets, its eva video social network and its new consumer video editor, Captevate.