30 September 2020

FORBES VENTURES

(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2020

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

The Company has not traded during the year and has primarily focused its activities on building the business structures, policies and procedures for the future, including:

  1. the establishment of a securitisation platform and framework to deliver receivables financing, the first transaction of which is to provide litigation funding.
  2. the establishment of fund management infrastructure, including preparing for obtaining regulatory permissions, to enable Forbes Ventures Investment Management (a wholly owned subsidiary of the Company) to act as an Alternative Investment Fund Manager.

These business structures will enable the Company to manage investment in the full range of asset classes that the Company has included in its previously announced strategy, using a broad range of investment structures.

The Company expects to imminently close the first securitisation offering of an increased amount of EUR 40 million (previously announced as EUR 35 million).  Further securitisation offerings are expected in 2020 and the Company will make further announcements in due course in this regard.

The rebuilding activity has resulted in a pre-tax loss of $136,202 for the first six months of the year.

CHAIRMAN’S STATEMENT

I am pleased to present you with Forbes Venture’s unaudited Interim Results for the period ended 30 June 2020.

The firm has restructured the Board to support the changes in future business activities. During the period, Igor Zjalic and Kirk Kashefi resigned from the Board and Bill Riordan was appointed. Bill has substantial experience of litigation finance and after the event insurance. I would like to thank Igor and Kirk for their contribution to the firm’s development and welcome Bill to the Board.

We have also appointed Amelia Garman as General Counsel.  Amelia’s substantial financial services experience with both the Financial Conduct Authority and at leading law firms including Hogan Lovells, WilmerHale, and Slaughter and May, will be a great asset as we continue to grow the Company.

We expect to make further senior appointments in due course.

Kindest regards

PETER MOSS.

Chairman

STATEMENT OF PROFIT AND LOSS
FOR THE SIX MONTHS ENDED 30 JUNE 2020

  Six Months Ended 30 June 2020 US $ Six Months Ended 30 June 2019 US $
Revenue    
Other income 52
Total income 52
Expense    
Foreign exchange gain/(loss) 343 (2,244)
Professional fees (93,774) (148,699)
Office expense (387) (7,091)
Other expense (7,587) (20,089)
Finance cost (34,797) (8,407)
Total expense (136,202) (186,530)
Loss before tax (136,202) (186,478)
Income tax benefit
Loss for the period (136,202) (186,478)

STATEMENT OF OTHER COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2020

  Six Months Ended 30 June 2020 US $ Six Months Ended 30 June 2019 US $
Loss for the period (136,202) (186,478)
Other comprehensive income/(loss)
Total comprehensive loss for the period (136,202) (186,478)
Basic loss per share (0.00030) (0.00041)
Diluted loss per share (0.00030) (0.00041)
Weighted average number of shares 456,258,911 456,251,830

No dividends were proposed or declared in respect of any of the periods presented above.

The accompanying notes form part of this historical financial information.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020

  Notes Six Months Ended 30 June 2020 US $ Six Months Ended 30 June 2019 US $
Assets      
Non-current assets      
Property, plant and equipment  
Available for sale financial assets 3 132,065 132,065
Intangible Assets   56,888 56,888
Total non-current assets   188,953 188,953
Current assets      
Trade and other receivables   275,473 105,124
Cash and cash equivalent   17
Total current assets   275,473 105,141
Total assets   464,426 294,094
Current liabilities      
Trade and other payables   885,698 435,867
Total current liabilities   885,698 435,867
Net Current (liabilities)/assets   (421,272) (141,773)
Total liabilities   885,698 435,867
Net assets / (liabilities)   (421,272) (141,773)
Shareholders’ equity      
Share capital   98,293,401 98,293,401
Capital redemption reserve   92,740 92,740
Other reserves   292,568 292,568
Accumulated losses   (99,099,981) (98,820,482)
Total shareholders’ (deficit)/surplus   (421,272) (141,773)

The accompanying notes form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2020

  Share Capital US $ Capital Redemption Reserve US $ Other Reserves US $ Accumulated Losses US $ Total US $
Balance at 31 December 2019 98,293,401 92,740 292,568 (98,963,779) (285,070)
Issue of shares
Total comprehensive loss for the period (136,202) (136,202)
Balance at 30 June 2020 98,293,401 92,740 292,568 (99,099,981) (421,272)

The accompanying notes form part of these financial statements.

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2020

  Six Months Ended 30 June 2020 US $ Six Months Ended 30 June 2019 US $
Cash flows from operating activities    
Loss after income tax (136,202) (186,478)
Net foreign exchange (profit)/ loss (343) 2,440
Increase in creditors 21,964 33,061
(Increase)/decrease in debtors (3,166) 4,688
Net cash flows used by operating activities (117,747) (146,289)
Cash flows from investing activities    
Loans to subsidiaries (147,419) (66,028)
Loan notes extended 265,166 212,159
Net cash outflow from investing activities 117,747 146,131
(Decrease) / increase in cash and cash equivalents (158)
Cash and cash equivalents at the beginning of the period 175
Cash and cash equivalents at the end of the year 17

The accompanying notes from part of these financial statements.

Notes to the Financial statements

1. BASIS OF ACCOUNTING

The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied.  The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union.  The financial information is presented in US dollars, rounded to the nearest dollar.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures 2019 Annual Report. All remain relevant.

3. AVAILABLE FOR SALE FINANCIAL ASSETS

As at 30 June 2020
US $
As at 30 June 2019 US $
Investments at fair value brought forward 132,065 132,065
Investments acquired in the period
Foreign currency exchange increase
Revaluation
Disposal of investments
Financial assets at the end of the period 132,065 132,065
Level 1 investments at the end of the period 132,065 132,065

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

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.