29 May 2020

Forbes Ventures

(“Forbes Ventures” or the “Company”)

Audited Results for the year ended 31 December 2019

Forbes Ventures is pleased to announce its audited results for the year ended 31 December 2019.

Review of the business

Business Strategy and objectives

Forbes Ventures is a company that has a focus on the finance and legal sectors with particular reference to innovative technology and funding solutions that improve service, scalability and efficiency.

Business environment and performance

The business has continued to explore the potential within the investment market, developing fund management capabilities. The uncertainties caused by Brexit and related issues limited the ability of the business to secure sufficient funding. The business has extended its interests to include development of a securitisation platform to be used across a range of financial assets. The investment in the company’s future has resulted in a financial loss of $329,775 for the year. We continue to be well-supported by our majority shareholder, MEGH UK Ltd.

Post balance sheet activities

As mentioned above and detailed in our announcement of 2 March 2020, Forbes Ventures announced that its wholly-owned UK subsidiary, Forbes Ventures Investment Management Limited (“FVIM”), had entered into an agreement to establish a Securitisation Cell Company (the “SCC”) to securitise the assignment of receivables from UK litigation funding loans.  That process is well underway, and we expect to update the market of our progress in this first project within the coming months.  We are also looking forward to announcing future securitisations across a diverse client base in due course.

I would like to thank my fellow Directors, both past and present, for their hard work in bringing this securitisation platform to fruition, as well as our shareholders for their patience as we carefully determined this future course.  Given the uncertainties facing global markets as a result of the COVID-19 Epidemic, I believe that this platform will create a durable and secure revenue stream for the Company, regardless of continued global volatility in markets or a continued low interest rate environment.

Aside from securitisations, which should provide solid base cashflow, the Company continues to work on other complimentary projects to diversify our business lines and take advantage of current dislocations in the market and will update the market as these come on line.

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

AQSE Corporate Adviser

Peterhouse Capital Limited

020 7469 0930

Mark Anwyl & Allie Feuerlein

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019

2019 2018
$ $
Administrative expenses (321,534) (368,574)
Operating loss (321,534) (368,574)
Investment revenues 52 43
Finance costs (8,293) (1,693)
Other gains and losses (29,323)
Loss before taxation (329,775) (399,547)
Income tax expense
Loss for the year (329,775) (399,537)

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 2019

2019 2018
$ $
Loss for the year (329,775) (399,547)
Other comprehensive income (132,065)
Total comprehensive income for the year (329,775) (531,612)
The income statement has been prepared on the basis that all operations are continuing operations.
Basic loss per share (0.0007)
Diluted loss per share (0.0007)
Average number of shares 456,251,830
No dividends were proposed or declared in respect of any of the periods presented above.

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019

2019 2018
$ $
Non-current assets
Intangible assets 56,785 56,785
Investments 103 103
56,888 56,888
Current assets
Investments 132,065 132,065
Trade and other receivables 124,545 43,784
175
256,610 176,024
Total assets 313,498 232,912
Current liabilities
Trade and other payables 598,568 188,207
Net current liabilities (341,958) (12,183)
Total liabilities 598,568 188,207
Net (liabilities)/assets (285,070) 44,705
Equity
Called up share capital 98,293,401 98,293,401
Other reserves 292,568 292,568
Capital redemption reserve 92,740 92,740
Retained earnings (98,963,779) (98,634,004)
Total equity  (285,070) 44,705

The financial statements were approved by the board of directors and authorised for issue on 29 May 2020 and are signed on its behalf by:

Mr P Moss

Director

Company Registration No. WK-143629

2019 2018
$ $ $ $
Cash flows from operating activities (205,355) (400,672)
Net cash outflow from operating activities (205,355) (400,672)
Investing activities
Purchase of intangible assets (56,785)
Loan to subsidiary (88,957) (33,045)
Proceeds on disposal of investments 178,524
Interest received 52 43
Net cash (used in)/generated from
investing activities
(88,905) 88,737
Financing activities
Proceeds from issue of shares 127,109
Loan from related party 294,085 105,740
Adjustment to capital 48,610
Net cash generated from financing activities 294,085 281,459
Net decrease in cash and cash equivalents (175) (30,476)
Cash and cash equivalents at beginning of year 175 30,651
Cash and cash equivalents at end of year 175

Ends

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.