31 May 2018

FORBES VENTURES

(“Forbes” or the “Company”)

Audited Results for the year ended 31 December 2017

Forbes Ventures is pleased to announce its audited results for the year ended 31 December 2017.

Business Strategy and objectives

Forbes Ventures is an investment company with a focus on the finance and property sectors where innovative technology can be deployed to improve efficiency and achieve scalability. Investments may be made by way of equity, debt or both, and investments may be listed or unlisted. All of our investments are rigorously assessed, using sector specialist expertise, against our investment policy, and we target an exit from our investment position within 3 to 5 years. We seek to add value to our investments by providing industry knowledge and technology expertise, together with risk, governance and regulatory compliance support. This enables our investments to achieve strong growth underpinned by quality and risk management.

Business environment

After the accounting period, the Company disposed of its entire interest in KCR Residential REIT Plc as per the announcement made on 2 May 2018. The disposal, together with the Board Appointments detailed in the announcement dated 2 May 2018, provide the Company with the necessary resources to execute its strategy and in turn begin to deliver value to shareholders.

The Company’s remaining equity holding is in Civilised Bank Limited, a challenger bank start-up. Civilised Bank Limited is currently undertaking an underwritten financing, as announced on 9 May 2018.

Business Performance

For the year ended 31 December 2017 the Company made a loss of £89,094 which is an improvement on the previous year’s loss of £607,875. The main reasons for this are due to a fall in legal and professional fees, which fell by £159,024, consultancy fees which fell by £142,737 and advertising which fell by £82,736.

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017

  2017 $ 2016 $
Other operating income 893
Administrative expenses (121,958) (802,448)
Operating loss (121,958) (801,555)
Investment revenues 32,864  
Finance costs (884,813)
Other gains and losses  – 1,078,493
Loss before taxation  (89,094) (8607,875)
Income tax expense
Loss and total comprehensive income for the year (89,094) (607,875)
The income statement has been prepared on the basis that all operations
are continuing operations.
   

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017

  2017 $ 2016 $
Non-current assets    
Property, plant and equipment 74
Current assets    
Investments 706,160 5,166
Cash and cash equivalents 30,651 30,652
  736,811 35,818
Total assets 736,885 35,818
Current liabilities    
Trade and other payables 336,287 264,348
Net current assets 400,524 (228,530)
Total liabilities 336,287 264,348
Net assets 400,598 (228,530)
Equity    
Called up share capital 98,166,292 97,448,070
Capital redemption reserve 92,740 92,740
Other reserves 243,958 243,958
Retained earnings (98,102,392) (98,013,298)
Total equity 400,598 (228,530)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2017

  2017 $ 2016 $
Cash flows from operating activities    
Cash absorbed by operations (49,994) (1,101,544)
Interest paid (114,864)
Net cash outflow from operating activities (49,994) (1,216,408)
Investing activities    
Purchase of property, plant and equipment (99)
Proceeds on disposal of investments (561,944) 4,566,725
Interest received 32,864
Net cash (used in)/generated from investing activities (529,179) 4,566,725
Financing activities    
Proceeds from issue of shares 579,172 (3,326,677)
Repayment of borrowings (3,450,000)
Net cash generated from/(used in) financing activities 579,172 (3,326,677)
Net (decrease)/increase in cash and cash equivalents (1) 23,640
Cash and cash equivalents at beginning of year 30,652 7,012
Cash and cash equivalents at end of year 30,651 30,652

The Directors of Forbes do not recommend payment of a final dividend.

The Directors of Forbes accept responsibility for the contents of this announcement.

ENDS

For further information, please contact:

Forbes Ventures

Peter Moss

Chairman

01625 568 767

Rob Cooper

Chief Executive Officer

020 3687 0498

NEX Exchange Corporate Adviser

Peterhouse Capital Limited

Mark Anwyl and Fungai Ndoro

020 7469 0930


Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.