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DJ Forbes Ventures Plc Corporate Update and Board Change

 
TIDMFOR 
 
Forbes Ventures 
                          ("Forbes" or the "Company") 
 
                       Corporate Update and Board Change 
 
As part of Forbes' review and re-focusing of its portfolio of investments 
announced on 1 August 2017, the Company has disposed of the GBP500,000 12%, 
two-year convertible loan notes ("Loan Notes") issued to the Company by Primus 
Care Plc on 25 January 2017 ("Disposal"). The Loan Notes have been sold to 
Gravity Investment Group Limited ("Gravity") in consideration for the transfer 
of 166,666,667 ordinary shares of 0.1 pence each in the Company ("Ordinary 
Shares") from Gravity to the Company. These Ordinary Shares have been cancelled 
by the Company ("Cancellation"). 
 
Following the Disposal, the Company's remaining investments comprise 4,545 
ordinary shares in "challenger" bank, Civilised Investments Limited, and 
2,500,000 ordinary shares in AIM traded K&C REIT Plc. 
 
As a result of the Disposal and the Cancellation, the Company now has 
253,251,829 Ordinary Shares in and Gravity is interested in 125,833,332 
Ordinary Shares, representing 49.69% of the reduced issued share capital of the 
Company. 
 
Following the Disposal, Chris Bateman, who is the sole director and substantial 
shareholder of Gravity and who also owns a substantial shareholding in Primus 
Care Plc, has resigned as Chief Executive Officer of the Company, with 
immediate effect, in order to focus on his other business interests. 
 
Trading in the Ordinary Shares will remain suspended on the NEX Exchange Growth 
Market while the Directors seek additional funding to meet the Company's 
ongoing working capital requirements and to allow the Company to implement its 
investment strategy. A further announcement will be made 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 -Chairman                               +44 20 3405 8832 
 
 
NEX Corporate Adviser 
Peterhouse Corporate Finance Limited               +44 20 7469 0930 
Mark Anwyl and Fungai Ndoro 
 
 
 
 
END 
 

(END) Dow Jones Newswires

September 25, 2017 12:15 ET (16:15 GMT)