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DJ Forbes Ventures Plc Investment in K&C REIT Plc

 
TIDMFOR 
 
Forbes Ventures 
                          ("Forbes" or the "Company") 
 
                          Investment in K&C REIT Plc 
 
Forbes Ventures announces that, in accordance with the Company's investment 
strategy, it has acquired 2,500,000 ordinary shares in K&C REIT Plc ("K&C", the 
"K&C Shares"), representing a 4.74% interest in that company, for a 
consideration of GBP250,000. The K&C Shares are traded on the London Stock 
Exchange's AIM Market under the listing code KCR.L.  The consideration is to be 
satisfied by the issue of 83,333,333 new ordinary shares of 0.01p each in 
Forbes ("Ordinary Shares") at a price of 0.3 pence per share, to Gravity 
Investment Group Limited ("Gravity"), the vendor of the K&C Shares. 
 
K&C's objective is to build a substantial residential property portfolio that 
generates secure income flow for shareholders through the acquisition of 
companies owning property assets that have significant inherent historical 
capital gains.  K&C intend to achieve this objective by acquiring, developing 
and managing residential property assets, primarily in London and the South 
East, that will generate an attractive blend of capital growth and yield.  Of 
particular interest to Forbes, are K&C's acquisitions of blocks of retirement 
properties in the South East. 
 
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 419,918,496 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 292,499,499 Ordinary Shares, representing 69.66% of the issued share 
capital of the Company. 
 
Chris Bateman is Chief Executive Officer of Forbes and Chief Executive Officer 
of Gravity and also a non-executive director of K&C. Accordingly, Chris Bateman 
and Gravity are considered as Related Parties for the purposes of the NEX 
Exchange Growth Market Rules for Issuers and as such, Chris Bateman has recused 
himself from Board decisions regarding this purchase. The Independent Directors 
of Forbes have determined that the acquisition of the K&C Shares is being 
conducted at a valuation which is fair and reasonable as far as the independent 
shareholders of Forbes are concerned. 
 
Additionally, the Board of Forbes announces that it is at an advanced stage of 
negotiations regarding the acquisition of an investment in a leisure 
development asset based in Sri Lanka.  The Company will update the market as 
soon as practical regarding this transaction. 
 
Peter Moss, Non-Executive Chairman for Forbes Ventures, commented, "We are 
extremely pleased to have made this investment in K&C REIT.  K&C is a well-run 
residential REIT which has invested heavily in retirement properties in the 
South East.  The demographics in this sector of the UK is a key driver in our 
interest in healthcare and real estate in the UK.  The Company expects to 
accelerate its purchases across our stated areas of interest over the remainder 
of 2017 and we look forward to updating the market on our investment pipeline 
in due course." 
 
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 3405 6214 
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 investing in companies 
in inefficient market sectors and using technology to improve those companies' 
efficiency and scalability. It is focused on three sectors: Leisure, Finance 
and Health and Social Care, and is targeting investments in residential and 
domiciliary healthcare, leisure and 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 time horizon. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 11, 2017 02:00 ET (06:00 GMT)