9th May 2018
(“Forbes” or the “Company”)
Investee Company Update
Forbes Ventures has been notified by its investee company, Civilised Bank Limited (the “Bank”), that two investment funds managed by Warwick Capital Partners LLP (“Warwick”) have exercised warrants granted to them as part of funding arrangements entered into by the Bank in May 2017. As a result of this warrant exercise, Warwick’s percentage holding in the Bank has increased from 57.03% to 95.7%. in addition, the Bank has received Heads of Terms from Warwick which set out a proposed fully underwritten share offer to existing Bank shareholders. The proposed total subscription amount is £12,000,000 of which up to £4,650,000 will be available to minority shareholders at a valuation prior to the investment of £8,000,000. The Bank envisages that an offer will be circulated to Bank shareholders before the end of this month.
Forbes holds 4,545 ordinary shares in Civilised Bank Limited, representing 0.05% of the Bank’s issued share capital following the warrant exercise, but before the proposed fundraising. Whilst the Directors are disappointed with the performance of the Company’s investment in the Bank, they are pleased at the proposed continued support for the Bank from Warwick. Further announcements will be made as appropriate.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
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.