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DJ Forbes Ventures Plc Issue of Convertible Loan Notes

 
TIDMFOR 
 
25 October 2017 
 
                                Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
                        Issue of Convertible Loan Notes 
 
Forbes is pleased to announce that it has reached agreement with Belvedere 
Capital Limited ("Belvedere") for Belvedere to subscribe for up to GBP100,000 of 
unsecured convertible loan notes 2017 ("Loan Notes") to be issued by the 
Company. 
 
Belvedere has subscribed for an initial GBP31,500 of Loan Notes, the proceeds of 
which will be used by Forbes to satisfy specific creditors of the Company. The 
Directors of Forbes believe that this will allow the Company to issue its 
interim results to 30 June 2017 and to restore trading in the Company's 
ordinary shares of 0.1 pence each ("Ordinary Shares") on the NEX Exchange 
Growth Market ("Restoration") in due course. Trading in the Ordinary Shares 
will remain suspended in the meantime. 
 
The Loan Notes are convertible into a maximum of 100,000,000 Ordinary Shares at 
a conversion price of 0.1p per Ordinary Share; conversion will take place at 
Restoration or otherwise at the discretion of Belvedere. The Loan Notes bear 
interest at the rate of 1% per month until converted or redeemed. 
 
Belvedere, incorporated in the British Virgin Islands, was established to act 
as the holding company of a private investment group focused on technology 
investments in the Northern Powerhouse region.  Belvedere works with early 
stage companies, providing expertise, infrastructure and funding for companies 
in the finance, legal and property sectors.  As well as technology, Belvedere 
also invests in large scale property development projects where it can add 
value through its technology resources. It is expected that a representative of 
Belvedere will be appointed as an executive director of the Company on 
Restoration to enable the Company to implement its refocused investment 
strategy. 
 
Further announcements 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 Exchange Corporate Adviser 
Peterhouse Corporate Finance Limited               +44 20 7469 0930 
Mark Anwyl and Fungai Ndoro 
 
 
 
END 
 

(END) Dow Jones Newswires

October 25, 2017 06:00 ET (10:00 GMT)