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
Rob Cooper
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.