4 April 2019
(“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.
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.
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:
01625 568 767
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
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2018
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018
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
Company Registration No. WK-143629
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2018
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.