22 December 2016
(“Forbes” or the “Company”)
Investment Option and Redemption of Loan Notes
Forbes Ventures announces that, in accordance with the Company’s investment strategy, it has signed an option agreement relating to a potential investment in Primus Care PLC (“Primus”) (the “Option”).
Primus is a management company of businesses which specialise in the provision of residential care for children, the elderly and dementia sufferers, along with associated training. Primus was founded by a team of highly-qualified professionals with a proven track record in the world of finance and in the field of adult and child residential care.
Further information on Primus is available at the following web address: www.primuscareplc.com.
Under the Option, Forbes Ventures has the right to acquire new ordinary shares in Primus (“Primus Shares”) in consideration for the issue to Primus of £500,000 nominal of secured convertible loan notes in the Company (“Notes”).
The Notes will be convertible into a total of 166,666,667 ordinary shares of 0.001 pence each in Forbes at a price of £0.003 per share, at the election of the noteholder, for a period of 18 months from the date of issue of the Notes. The Notes will be secured against the Primus Shares. The exact number of Primus Shares to be issued in consideration for the Notes will be agreed between the boards of Forbes and Primus prior to the Option being exercised and a further announcement will be made as appropriate. The Option expires on 30 December 2016.
In addition, the Company announces that the £650,000 convertible loan notes issued on 17 October 2016 have now been fully redeemed.
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
020 3301 9346
ISDX Corporate Adviser
Peterhouse Corporate Finance Limited
020 7469 0930