6th May 2016 12:17
LONDON (Alliance News) - Forbidden Technologies PLC on Friday said it is in the process of concluding a share placing in order to boost its sales drive as it appointed a new non-executive chairman.
The group said that noting the share price rise since the group said it had secured a contract with an unnamed broadcaster in the UK, the placing will be at a "substantial discount" to its current share price.
Forbidden also said it has appointed Non-Executive Director David Main as its new non-executive chairman with immediate effect.
Main will take over from incumbent executive chairman Stephen Streater, the company's founder, who will move to the role of director of research and development.
Shares in Forbidden, which makes the Forscene cloud video platform, Captevate consumer video editor and Eva video social network, were down 13% to 10.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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