Forbes Ventures provides a further update on its first Litigation Funding Securitisation and announces that it has requested that trading in the Company’s ordinary shares of 0.1p each in the Company (“Ordinary Shares”) on the Access segment of the AQSE Growth Market be suspended pending the release of the Company’s audited results for the year ended 31 December 2020.
Litigation Funding Securitisation Update
The Company has been advised by its Maltese Corporate Advisors, HG & Partners Limited (Malta), that there has been further delays in listing of the GBP 40 million two-year notes (the “First Issue”), for which Forbes Ventures’ wholly owned subsidiary Forbes Ventures Investment Management Limited (“FVIM”) acts as collateral agent.
The Directors are frustrated at the continuing delays and are entirely reliant upon information relayed by its Maltese Corporate Advisors as to the progress towards listing and closing.
Whilst the Maltese Corporate Advisors continue to provide assurances to the Company as to the progress they are making, and that the delays are procedural in nature, the continued delays in completing the listing and closing inevitably pose risk to the likely success of the issue.
The Company is advised by its Maltese Corporate Advisors that it is possible that the First Issue and the second Litigation Funding Securitisation of GBP 60 million two-year notes may be listed and closed at the same time.
The Directors are continuing to liaise with the Maltese Corporate Advisors and will issue further updates on progress in due course.
Suspension of Shares
On 26 May 2021, the Company was notified by its then auditors, AMS Accountants Group, that it could no longer conduct the audit of Forbes Ventures and its subsidiary companies as they were unable to secure Professional Indemnity Insurance to cover the audit of publicly traded companies. AMS Accountants Group have confirmed that there are no circumstances in connection with its resignation as auditor that should be brought to the attention of the Company’s members or creditors.
The Company immediately commenced a search and selection process to identify a suitably qualified firm to appoint for the 2020 accounts audit and have selected Sedulo Audit Ltd.
As a result of only recently appointing the new auditors, the Company will be unable to complete the audit of its accounts for the year ended 31 December 2020 before the 30 June 2021 deadline. Accordingly, the Directors have requested that trading in the Ordinary Shares should be suspended with effect from the commencement of business on 29 June 2021.
The Company will make further announcements as appropriate.
The Directors of Forbes Ventures accept responsibility for the contents of this announcement.