8th Jan 2020 11:09
(Alliance News) - AIM-listed investor FastForward Innovations Ltd on Wednesday said it has sold its entire holding in cryptocurrency miner Cryptologic Corp for CAD1.5 million, about GBP792,356.
FastForward said it disposed of 2.3 million Cryptologic debentures at an average price of CAD0.66 each. The purchase price of each debenture on investment in June 2018 was CAD1.00, the company noted.
The sale decision came after FastForward carried the debentures at a "significantly" impaired valuation of CAD863,000 amid the "poor" performance of Cryptologic.
"Whilst we have made a loss over the holding period, given the difficult trading conditions with serious impacts on profitability due to considerable fluctuations in the BitCoin price, we are pleased to have exited in the position that we have," said FastForward Director Ed McDermott.
FastForward shares were trading 1.0% higher in London on Wednesday at 7.98 pence each.
By Evelina Grecenko; [email protected]
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