Forbes Ventures announces an update to its first Litigation Funding Securitisation.
The listing and closing 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, has been subjected to further administrative delays. Those delays have not been within the control of the Company or FVIM.
The Maltese Corporate Advisors, who are also the manager of the Securitisation Cell Company which is the issuer of the First Issue, has advised the Company that they will commence the process of listing the first issue in the forthcoming days. It is expected therefore that listing and closing will occur in the next 14 days.
The Directors of the Company are frustrated at the continuing delays but have been given assurances by the Maltese Corporate Advisors that there will be no further delays in completing the listing and closing of the First Issue.
The listing of the previously announced second Litigation Funding Securitisation of GBP 60 million two-year notes will commence immediately after closing of the First Issue.
The Company will make a further announcement upon closing of the First Issue. At that time, the Company will also provide a Corporate Update on the progress that has been made in implementing the strategy set out in the Company’s announcement of 30 September 2020.
The Directors of Forbes accept responsibility for the contents of this announcement.