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DJ Forbes Ventures Plc Acquisition of Interest in Civilised Investments Limited

 
TIDMFOR 
 
Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
           Acquisition of Interest in Civilised Investments Limited 
 
Forbes Ventures announces that, in accordance with the Company's investment 
strategy, it has acquired 4,545 ordinary shares, representing a 0.84% interest, 
in Civilised Investments Limited ("Civilised") for a consideration of GBP200,000. 
The consideration is to be satisfied by the issue of 40,000,000 new ordinary 
shares in Forbes ("Ordinary Shares") at a price of 0.5 pence per share, to 
Gravity Investments Limited ("Gravity"), the vendor. 
 
Civilised Investments Limited submitted an application for a UK banking licence 
in June 2016 and will change it's name to Civilised Bank upon authorisation. 
The 'challenger' bank will have an innovative business model, utilising 
technology to provide savings to retail customers and enable branchless Local 
Bankers providing loans, current accounts and other business banking products 
to under-served UK Small and Medium-Sized Enterprises (SMEs). Further 
information on Civilised Bank is available at the following web address: 
www.civilisedbank.co.uk. 
 
In addition, Forbes announces that it has issued 6,000,000 Ordinary Shares at a 
price of 0.5 pence per share as settlement of fees for services rendered to the 
Company. 
 
Following the above issues of Ordinary Shares and in accordance with the 
Financial Conduct Authority's Disclosure and Transparency Rules, the Company 
hereby announces that it has 336,585,163 Ordinary Shares in issue, each share 
carrying the right to one vote, and no Ordinary Shares held in treasury. 
 
As a result of the issue of Ordinary Shares detailed above, Gravity now holds a 
total of 209,166,166 Ordinary Shares, representing 62.14% of the issued share 
capital of the Company. 
 
Gravity is considered a Related Party for the purposes of the NEX Exchange 
Growth Market Rules for Issuers. The Directors of Forbes have determined that 
the acquisition of the shares in Civilised is being conducted at a valuation 
which is fair and reasonable as far as the independent shareholders of Forbes 
are concerned. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
 
Peter Moss                                         +44 20 3301 9346 
 
NEX Exchange Corporate Adviser 
 
Peterhouse Corporate Finance Limited 
 
Guy Miller and Fungai Ndoro                        +44 20 7469 0930 
 
About the Company 
 
Forbes Ventures  is an Investment Company with a focus on consolidating 
companies in inefficient market sectors, by raising capital, providing 
strategic support and using technology to improve the resulting company's 
efficiency and scalability. It is focused on three sectors: Health and Social 
Care, with a focus on residential and domiciliary care; Leisure and Hospitality 
which includes resorts through to online travel; and Finance, particularly 
challenger companies / technologies disrupting the finance sector. Forbes 
Ventures strategy is to invest, add value and pursue each of its investments up 
until profitable and then exit through IPO, Private Equity or Trade Sales 
within a 3 - 5 year horizon. 
 
 
 
END 
 

(END) Dow Jones Newswires

February 13, 2017 05:30 ET (10:30 GMT)