4 April 2019

FORBES VENTURES

(“Forbes” or the “Company”)

Audited Results for the year ended 31 December 2018

Forbes Ventures is pleased to announce its audited results for the year ended 31 December 2018.

Review of the business

Business Strategy and objectives
Forbes Ventures is an investment company that has a focus on the finance, property and legal sectors with particular reference to innovative technology solutions that improve service, scalability and efficiency. The business is developing rigorous investment assessment processes using both in-house and external professional advice to enable it to consider a wider portfolio of investment opportunities in a risk averse way. These processes will assess the relevance of individual investments whilst ensuring a risk balanced portfolio is developed over time.

Business environment
During 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 that announcement, 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 Allica Ltd (previously called Civilised Bank Limited), a new challenger bank start-up. The Company’s announcement dated 9 May 2018 provides further information about the current performance of this investment.

Business Performance
The main activity for this year has been the rationalisation of investment holdings to properly align them with the corporate strategy and the investment in processes and people to facilitate the Company’s future. This has resulted in a financial loss of $532,000 for the year. We continue to be well-supported by our majority shareholder, Quanta Capital Ltd (a Company registered in the British Virgin Islands – number 1948583), as we build out a robust debt-based platform for investment.

No doubt, the year ahead will be transformative for the Group. We look forward to updating shareholders on a regular basis, as we roll out our investment strategy. I would also like to take this opportunity to thank my fellow Directors for their tireless efforts over the past year as we have developed our investment processes and infrastructure.

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

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

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2018

2018 $ 2017 $
Other operating income
Administrative expenses (368,574) (121,958)
Operating loss (368,574) (121,958)
Investment revenues 43 32,864
Finance costs (1,694)
Other gains and losses  (29,322)
Loss before taxation  (399,547) (89,094)
Income tax expense
Loss and total comprehensive income for the year (399,547) (89,094)
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 2018

2018 $ 2017 $
Loss for the period (399,547)  (89,094)
Other comprehensive income/(loss) (132,065)
Income tax expense
Total comprehensive income /(loss) for the year (531,612) (89,094)
The income statement has been prepared on the basis that all operations are continuing operations.

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

2018 $ 2017 $
Non-current assets
Property, plant and equipment 74
Investments 103
Intangible assets 56,785
56,888 74
Current assets
Investments 132,065 567,110
Trade and other receivables 43,784 139,050
Cash and cash equivalents 175 30,651
 176,024 736,811
Total assets 232,912 736,885
Current liabilities
Trade and other payables 188,207 336,287
Net current (liabilities)/assets (12,183) 400,524
Total liabilities 188,207 336,287
Net assets 44,705 400,598
Equity
Called up share capital 98,293,401 98,166,292
Capital redemption reserve 92,740 92,740
Other reserves 292,568  243,958
Retained earnings (98,634,004) (98,102,392)
Total equity 44,705 400,598

The financial statements were approved by the board of directors and authorised for issue on 1 April 2019 and are signed on its behalf by:

Mr P Moss

Director

Company Registration No. WK-143629

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018

2018 $ 2017 $
Cash flows from operating activities
Cash absorbed by operations (400,672) (49,994)
Net cash outflow from operating activities (400,672) (49,994)
Investing activities
Purchase of intangible assets (56,785)
Purchase of property, plant and equipment (99)
Proceeds on disposal of investments 178,524 (561,944)
Interest on other loans 43 32,864
Loan to subsidiary (33,045)
Net cash generated from/(used in) investing activities 88,737 (529,179)
Financing activities
Proceeds from issue of shares 127,109 579,172
Loan from related party 105,740
Adjustment to capital 48,610
Net cash generated from financing activities 281,459 579,172
Net decrease in cash and cash equivalents (30,476) (1)
Cash and cash equivalents at beginning of year 30,651 30,652
Cash and cash equivalents at end of year 175
30,651

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

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.