29 May 2020
(“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.
For further information, please contact:
01625 568 767
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
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
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019
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
Company Registration No. WK-143629
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.