28 September 2018


(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2018



On 2 May 2018, the Company disposed of it’s stake in KCR Residential REIT Plc, comprising 250,000 ordinary shares, for a gross cash consideration of £250,000. Given the change of direction that Forbes Ventures has taken under its new ownership, the stake was considered non-core to the Company’s future. The proceeds will be used for working capital as the Company works towards developing its stated business plan.


I am pleased to present you with Forbes Ventures’ unaudited Interim Results for the period ended 30 June 2018.

During the period, the Company disposed of it’s stake in KCR Residential REIT Plc, as it was no longer considered core to the Company’s stated future business plans. As above, the proceeds will be used to fund working capital. The balance of the period was spent on developing the Company’s future business plan. Also in May 2018, the Company was pleased to make two key additions to the Board by hiring Igor Zjalic as a Non-Executive Director and Nigel Quinton as an Executive Director. Nigel, who was most recently the CEO of a UK Building Society, has also taken the role of Interim CFO. Igor has served in a variety of Senior roles in International Investment Banks and ran a large Interest Rates book for a French Reinsurance Company. I am pleased as Chairman to welcome both to the Board, as their expertise will provide key pillars as Forbes Ventures begins to actively build its business.

Kindest regards,

Statement of Profit and Loss
for the SIX MONTHS ENDED 30 JUNE 2018

Notes Six Months Ended 30 June 2018 US $ Six Months Ended 30 June 2017 US $
Other income 32,864
Total income 32,864
Employee benefits expense (26,077)
Foreign exchange gain/(loss) 16,081 428
Professional fees (171,544) (55,369)
Public relations (855)
Office expense (11,202)
Other expense (29,186) (150)
Finance cost (93) (116)
Total expense (195,944) (82,139)
Loss before tax (195,944) (82,139)
Income tax benefit
Loss for the period (195,944) (49,275)

Statement of other Comprehensive Income

for the SIX MONTHS ENDED 30 JUNE 2018

Notes Six Months Ended 30 June 2018 US $ Six Months Ended 30 June 2017 US $
Loss for the period (195,944) (49,275)
Other comprehensive income/(loss) (132,065)
Total comprehensive loss for the period (132,065) (49,275)
Basic loss per share (0.00092) (0.00017)
Diluted loss per share (0.00092) (0.00017)
Weighted average number of shares 356,251,830 419,918,496

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 2018

Notes Six Months Ended 30 June 2018 US $ Six Months Ended 31 December 2017 US $
Trade and other receivables 15,143 139,050
Cash and cash equivalent 55,645 30,651
Total current assets 70,788 169,701
Property, plant and equipment 74
Available for sale financial assets 3 132,065 567,110
Total non-current assets 132,065 567,184
Total assets 202,853 736,885
Trade and other payables 81,654 287,677
Total current liabilities 81,654 287,677
Total liabilities 81,654 287,677
Net assets / (liabilities) 121,199 449,208
Shareholders’ equity
Share capital 98,214,902 98,214,902
Share-based payments reserve 121,654 121,654
Warrants reserve 122,304 122,304
Capital redemption reserve 92,740 92,740
Accumulated losses (98,430,401) (98,430,401)
Total shareholders’ deficit  121,199 449,208

The accompanying notes form part of these financial statements.

Statement of Changes in Equity
for the SIX MONTHS ENDED 30 JUNE 2018

Share Capital US$ Share-Based Payments Reserve US$ Capital Redemption Reserve US$ Warrants Reserve US$ Accumulated Losses US$ Total US$
Balance at 31 December 2017 98,214,902 121,654 92,740 122,304 (98,102,392) 449,208
Issue of shares
Total comprehensive loss for the period  (328,009) (328,009)
Balance at 30 June 2018 98,214,902 121,654 92,740 122,304 (98,430,401)  121,199

The accompanying notes form part of these financial statements.

Statement of Changes in Equity
for the SIX MONTHS ENDED 30 JUNE 2018

Six Months Ended 30 June 2018 US $ Six Months Ended 30 June 2017 US $
Cash flows from operating activities
Loss after income tax  (195,944) (49,275)
Loss / (profit) on disposal of assets available for sale  124,458  (150)
Net foreign exchange Loss / (profit)
 (16,081) 428
Decrease in creditors  (77,130) (58,961)
Decrease in debtors  124,208
Taxation provision write off  (127,935)
Net cash flows used by operating activities (168,424) (107,958)
Cash flows from investing
Purchase of subsidiaries (567,110)
Loan notes extended (618,700)
Proceeds from sale of investments 195,792 5,016
Net cash outflow from investing activities 195,792 (1,180,794)
Cash flows from financing activities
Proceeds from sale of shares 1,259,961
Net cash flows from financing activities  1,259,961
Net increase/(decrease) in cash and cash equivalents 28,481 (28,791)
Cash and cash equivalents at the beginning of the period  30,651 30,652
Effects of foreign exchange rate changes on the balance of cash held in foreign currencies (3,487) (126)
Cash and cash equivalents at the end of the year 55,645  1,735

The accompanying notes from part of these financial statements.

Notes to the Financial statements


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.


A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures 2017 Annual Report. All remain relevant.


As at 30 June 2018 US$ As at 31 December 2017 US$
Investments at fair value brought forward 567,110 5,166
Investments acquired in the period 567,110
Foreign currency exchange increase 17,270
Revaluation  (132,065)
Disposal of investments  (320,250) (5,166)
Financial assets at the end of the year  132,065  567,110
Level 1 investments at the end of the year  132,065 567,110


During the preparation of the interim accounts it was noted that there was a discrepancy in the quantity of shares in issue, this has now been traced and corrected within the interim accounts. The comparatives for 31st December 2017 accounts have been restated to reflect the update.


For further information, please contact:

Forbes Ventures

Peter Moss


01625 568 767

Rob Cooper

Chief Executive Officer

020 3687 0498

AQSE Corporate Adviser

Peterhouse Capital Limited

020 7469 0930

Mark Anwyl & Allie Feuerlein

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.