Gresham fan buys 10% of FFastfill
Published: 08:33 Fri 8 Aug 2003



A Monaco-based former UK stockbroker has taken a 10% stake in FFastfill, a company that designs software for use in the global equities, futures and derivatives trading.


The 6 million company (FFA) announced yesterday that David Newton, who is domiciled in Monaco, has picked up 7.8 million shares or 10.49% of FFastfill.

FFastfill develops and markets software products that provide risk controlled access to electronic trading exchanges. This includes order routing and training.

Citywire has learned from Newton that he had a small undisclosed stake before taking up the bulk of his holding in a recent placing, which raised 750,000 through 15 million shares at 5p each. The funds raised are to support the ongoing growth of the company.

Newton told Citywire: 'There has been one other software stock that has impressed me enormously and that is Gresham Computing and there are similar characteristics, particularly regarding the management. [FFastfill executive chairman] Keith Todd was effectively chief executive of ICL and responsible for 22,000 people but he has taken a step down and heavily incentivised himself to build this company. His contacts, breadth of experience and knowledge is awesome. I've met with him several times and formed the view he's a pretty impressive character.'

Todd was chief executive of ICL from 1996 to 2000 and oversaw its shift from computer hardware to become a global IT company with high profile government contracts. This included the failed Pathway contract to automate services such as welfare payments in post offices.

Todd is also non-executive chairman of Easynet (ESY), a 91.3 million early stage, pan-European internet service provider. Easynet had a turnover of 92 million last year on which it made a 38 million pre-tax loss.

Newton also pointed to a contract with Dresdner Kleinwort Wasserstein as a significant factor and a good benchmark by which other potential customers may judge FFastfill. Newton believes that in unstable times banks are keen to improve control of their activities and FFastfill and Gresham Computing's applications help them to do that.

The news did not shift FFastfill's share price which closed unchanged at 8p. However it has risen strongly in recent weeks from a low of 2.95p.

It has had a very hard time since flotation dropping from more than 100p to an all time low of 1.97p last year. Citywire wrote about the stock when it floated on AIM in November 2000 after we discovered the people behind investment company Intrinsic Value had taken a pre-float stake. (continued...)

moneyman. This one lies happily in my SIPP and has done well this year. Shame its still not at 11p though.

Well done Bullshare.I think we will be very happy very soon.Good rise today and again very few sellers.

Mostly buys last Friday, and up two weeks in a row. Part of blue Sky Portfolio - shares magazine so will be in punters sights - they will simply be waiting for the move upwards. Mentioned also this week in Shares Magazine alongside Zoo - so expect it to come into the minds of people very soon. After all Zoo cannot keep going up, and people will want to cash out in a few weeks and into the next train.......

Also Chicago Mercantile Exchange - b.o.d includes the CEO of Ffastfill. Financial Timesthis week stated that the Chicago pits had pressure to move towards electronic trading as it costs $50,000,000 to keep a presence on the floor. So who will benefit from pushing the CME to move into electronic trading ...Ffastfill. A good macroplay I think............

EGM passed without hitch hopefully up up and away....