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DJ Forbes Ventures Plc Final Results

 
TIDMFOR 
 
Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
                             Audited Final Results 
 
I am pleased to present you with Forbes Ventures audited results for the year 
ended 31st December 2016. 
 
2016 commenced with completion of the sale of the Talas Mining assets in 
Kyrgyzstan and turning the Company into an "AIM Rule 15 cash shell". This 
process was largely completed by the end of June 2016 and the Board spent much 
of the second half of the year assessing potential Reverse Takeover 
candidates.  In October, Peterhouse Corporate Finance Limited made an 
investment in the Company and took an active role in assisting the Board in the 
process of finding a new asset to inject into the Company. 
 
From a listing perspective, the Board took the precautionary step of procuring 
a secondary listing on London's NEX Exchange Growth Market in November 2016. 
We were aware that the Company was facing a time constraint as an AIM shell and 
had a limited amount of time to complete a Reverse Takeover by the deadline 
imposed by the AIM Rules.  We wanted to make sure that there was some liquidity 
for shareholders as we took the appropriate time to identify an asset portfolio 
that would be attractive to institutional investors. 
 
Post-Balance Sheet Events 
 
In January 2017 Gravity Investment Group Limited ("Gravity"), made a GBP 
530,000 investment in the Company for 176,666,666 new ordinary shares of 0.1 
pence each in the Company to Gravity at a price of 0.3 pence per share. 
 
We have cut the running costs of the Company and the Board is seeking value 
enhancing opportunities which will benefit the Company in the long term. The 
Directors look forward to updating shareholders in due course. 
 
Yours faithfully, 
 
Peter B. Moss Jr. 
 
Chairman 
 
22 September 2017 
 
REPORTING PERIOD HIGHLIGHTS 
 
The sale of Talas Mining interests for cash consideration of $6 million was 
completed on 31 May 2016. 
 
Forbes Ventures became an "AIM Rule 15 cash shell" for purpose of the AIM 
Rules. 
 
On 24 June 2016, the Company redeemed US $3.25 million unsecured convertible 
loan notes from the proceeds of the sale of the Talas Mining interests. 
 
On 6 October 2016, Peterhouse Corporate Finance Limited subscribed for 2 
million shares in the Company for a cash consideration of GBP GBP100,000. 
Through Peterhouse, an Asian Investment Group placed GBP 650,000 in escrow 
towards potentially taking a stake in the Company and reversing assets into the 
shell.  Ultimately, this particular proposal was unsuccessful and the funds 
returned when the Company agreed an investment from Gravity Investment Group 
Limited. 
 
On 17 October 2016, Allen Wang, Non-Executive Board Director, resigned and was 
replaced by Manish Karani. 
 
The Company arranged a secondary listing on London's NEX Exchange, which 
commenced trading 17 November 2016. 
 
At the Company's Annual General Meeting (AGM) on 25 November 2016, the Company 
changed its name from Tengri Resources to Forbes Ventures plc. 
 
POST PERIOD HIGHLIGHTS 
 
On 3 January 2017, the Company was delisted from AIM, retaining its listing on 
London's NEX Exchange Growth Market. 
 
On 22 January 2017, the Company raised GBP GBP530,000 from Gravity Investment 
Group Limited through the issue of 176,666,666 ordinary GBP 0.1p shares at a 
placement price of 0.3p.  Forbes then made an investment in Primus Care Plc, an 
owner/operator of specialist care homes in the UK, via a 2-year 12% Convertible 
Loan Note. 
 
On 13 February 2017, the Company made an investment into Civilised Investments 
Limited, an innovative UK "Challenger Bank".  The Company bought 4,545 shares 
for a consideration of GBP GBP200,000 which was satisfied by the issuance of 
40,000,000 new ordinary shares to Gravity Investment Group Limited. 
 
On 11 April 2017, Chris Bateman joined the Board and was appointed Chief 
Executive Officer. 
 
On 11 May 2017, the Company bought 2,500,000 shares in K&C REIT Plc, an 
AIM-listed REIT with an investment focus in retirement properties, representing 
4.74% of the outstanding issued share capital of K&C.  The shares were valued 
at GBP 250,000 and in consideration, the Company issued 83,333,333 ordinary 
shares at a value of GBP 0.3p, also to Gravity Investment Group Limited. 
 
FORBES VENTURES PLC 
STATEMENT OF COMPREHENSIVE INCOME 
FOR THE YEAR ENDED 31 DECEMBER 2016 
 
                                                                             2016          2015 
 
CONTINUING OPERATIONS                                                           $             $ 
 
Other operating income                                                        893             - 
 
Administrative expenses                                               (1,071,317)  (25,477,903) 
 
Gain on FV of convertible loan                                            430,990             - 
 
Other operating expenses                                                   31,559      (29,895) 
 
                                                                    -------------  ------------ 
 
LOSS BEFORE TAX                                                         (607,875)  (25,507,798) 
 
Income tax expense                                                              -             - 
 
                                                                    ------------- ------------- 
 
LOSS FOR THE YEAR AND TOTAL COMPREHENSIVE EXPENSE                       (607,875)  (25,507,798) 
 
EARNINGS PER SHARE 
 
Basic and diluted loss per                                                 (0.01)        (0.24) 
share 
 
                                                                        =========     ========= 
 
FORBES VENTURES PLC 
STATEMENT OF FINANCIAL POSITION 
FOR THE YEAR ENDED 31 DECEMBER 2016 
 
                                                               2016           2015 
 
                                                                  $              $ 
 
ASSETS 
 
Cash and cash equivalent                                     30,652          7,012 
 
Available for sale financial                                  5,166      4,571,051 
assets 
 
TOTAL CURRENT ASSETS                                         35,818      4,578,063 
 
TOTAL ASSETS                                                 35,818      4,578,063 
 
LIABILITIES 
 
Trade and other payables                                    264,348        666,747 
 
Interest bearing liabilities                                      -      3,395,232 
 
Financial derivative liability                                    -        647,504 
 
TOTAL CURRENT LIABILITIES                                   264,348      4,709,483 
 
TOTAL LIABILITIES                                           264,348      4,709,483 
 
NET LIABILITIES                                           (228,530)      (131,420) 
 
SHAREHOLDERS EQUITY 
 
Share capital                                            97,448,070     97,059,609 
 
Share-based payments reserve                                121,654        121,654 
 
Warrants reserve                                            122,304              - 
 
Capital redemption reserve                                   92,740         92,740 
 
Accumulated losses                                     (98,013,298)   (97,405,423) 
 
TOTAL SHAREHOLDERS' EQUITY                                (228,530)      (131,420) 
 
The financial information set out in this announcement does not constitute 
statutory accounts. This financial information has been extracted from the 
audited full accounts of the Company for the year ended 31 December 2016. The 
Company does not declare a dividend for the period. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures                                    +44 20 3405 8832 
Peter Moss - Chairman 
 
NEX Corporate Adviser                              +44 20 7469 0930 
Peterhouse Corporate Finance Limited 
Mark Anwyl and Fungai Ndoro 
 
 
 
 
END 
 

(END) Dow Jones Newswires

September 25, 2017 12:12 ET (16:12 GMT)