7 January 2022
(“Forbes” or the “Company”)
Issue of Equity and Director’s Interest
Further to the Company’s announcement of 10 December 2021, Forbes announces that debt of £703,056 owed by the Company to CC Capital Limited (“CC Capital”) has been converted into 18,748,170 ordinary shares of 0.1p each in the Company (“Ordinary Shares”) at a conversion price of 3.75p per Ordinary Share. The conversion price represents the price of an Ordinary Share on 29 June 2021, when trading in the Ordinary Shares was suspended.
Following this issue, CC Capital now holds a total of 291,748,170 Ordinary Shares, representing 61.42 per cent of the Company’s enlarged issued share capital of 475,000,000 Ordinary Shares.
As confirmed on 31 December 2021, CC Capital is continuing to support Forbes, pending receipt of funds by the Company from Litigation Funding Securitisations. Rob Cooper, the Chief Executive of Forbes, is a director of and major shareholder in CC Capital.
Application will be made for the Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Wednesday, 12 January 2022.
Following this issue, the Company has 475,000,000 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 475,000,000 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
The Directors of Forbes accept responsibility for the contents of this announcement.