2 May 2018
(“Forbes” or the “Company”)
Disposal of Interest in KCR Residential REIT plc, Board Changes, and Strategy Update
Disposal of Interest in KCR Residential REIT plc
Forbes Ventures announces that the Company has today disposed of its holding of 250,000 ordinary shares in KCR Residential REIT plc (“KCR Shares”) for a gross cash consideration of £145,000. The KCR Shares were acquired by the Company in May 2017 in consideration for the issue of 83,333,333 ordinary shares of 0.01p each in Forbes.
The KCR Shares were sold as the investment no longer forms a core part of the Company’s investment strategy. The proceeds of the disposal will be used by the Company for general working capital purposes.
The disposal, together with the Board Appointments detailed in this announcement, provide the Company with the necessary resources to execute its strategy and in turn begin to deliver value to shareholders.
Following the disposal, the Company’s remaining investment comprises of 4,545 ordinary shares in “challenger” bank, Civilised Investments Limited.
Nigel Quinton has been appointed as Chief Financial Officer. Nigel is an experienced finance professional that has held senior finance positions in Building societies, wealth management and specialist lending firms. He has been the Chief Executive of two building societies and more recently has been advising Financial Services firms, including a new banking start-up, on financial and risk management. Nigel has held significant sector wide roles including Chairman of the Northern Association of Building Societies. His specialisms include all matters financial, governance, risk, lending, treasury and business strategy.
Igor Zjali? has been appointed as Non-Executive Director. Prior to joining Forbes, Igor worked as a Senior Portfolio Manager and Head of Rates for a large European asset management firm, directly managing USD 8 billion of fixed income assets. Igor started his career as an Interest Rates and Inflation derivatives trader, holding senior roles in top US and European investment banks. Subsequently, Igor ran an investment advisory firm concentrating on Global Macro strategies as well as direct investments. Igor brings a great deal of expertise in market finance, corporate finance and financial structuring to the operating team.
Since the announcements made on the 29 November 2017 the Company has been working to build the infrastructure required to execute its strategy. The disposal of the Company’s holding in KCR Residential REIT plc provides the financial resource required to complete the final stages of establishing the infrastructure, and the appointment of Nigel Quinton and Igor Zjali? brings additional resource and expertise to the Board as the Company begins to execute its strategy.
In the forthcoming months the Company anticipates making further announcements with regard to funding, and detailed plans regarding the execution of its strategy which remains focussed on investment in disruptive technology in the property and fintech sectors, and in the tangible assets of firms which are in those sectors.
Further announcements will be made in due course.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
Chief Executive Officer
NEX Exchange Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl and Fungai Ndoro
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.