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DJ Forbes Ventures Plc Disposal, Board Changes and Strategy Update

 
TIDMFOR 
 
2 May 2018 
 
                                Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
 Disposal of Interest in KCR Residential REIT plc, Board Changes, and Strategy 
                                    Update 
 
Disposal of Interest in KCR Residential REIT plc 
 
Forbes Ventures announces that the Company has today disposed of its holding of 
250,000 ordinary shares in KCR Residential REIT plc ("KCR Shares") for a gross 
cash consideration of GBP145,000. The KCR Shares were acquired by the Company in 
May 2017 in consideration for the issue of 83,333,333 ordinary shares of 0.01p 
each in Forbes. 
 
The KCR Shares were sold as the investment no longer forms a core part of the 
Company's investment strategy. The proceeds of the disposal will be used by the 
Company for general working capital purposes. 
 
The disposal, together with the Board Appointments detailed in this 
announcement, provide the Company with the necessary resources to execute its 
strategy and in turn begin to deliver value to shareholders. 
 
Following the disposal, the Company's remaining investment comprises of 4,545 
ordinary shares in "challenger" bank, Civilised Investments Limited. 
 
Board Changes 
 
Nigel Quinton has been appointed as Chief Financial Officer. Nigel is an 
experienced finance professional that has held senior finance positions in 
Building societies, wealth management and specialist lending firms. He has been 
the Chief Executive of two building societies and more recently has been 
advising Financial Services firms, including a new banking start-up, on 
financial and risk management.  Nigel has held significant sector wide roles 
including Chairman of the Northern Association of Building Societies. His 
specialisms include all matters financial, governance, risk, lending, treasury 
and business strategy. 
 
Igor Zjali? has been appointed as Non-Executive Director.  Prior to joining 
Forbes, Igor worked as a Senior Portfolio Manager and Head of Rates for a large 
European asset management firm, directly managing USD 8 billion of fixed income 
assets. Igor started his career as an Interest Rates and Inflation derivatives 
trader, holding senior roles in top US and European investment banks. 
Subsequently, Igor ran an investment advisory firm concentrating on Global 
Macro strategies as well as direct investments. Igor brings a great deal of 
expertise in market finance, corporate finance and financial structuring to the 
operating team. 
 
Strategy Update 
 
Since the announcements made on the 29 November 2017 the Company has been 
working to build the infrastructure required to execute its strategy.  The 
disposal of the Company's holding in KCR Residential REIT plc provides the 
financial resource required to complete the final stages of establishing the 
infrastructure, and the appointment of Nigel Quinton and Igor Zjali? brings 
additional resource and expertise to the Board as the Company begins to execute 
its strategy. 
 
In the forthcoming months the Company anticipates making further announcements 
with regard to funding, and detailed plans regarding the execution of its 
strategy which remains focussed on investment in disruptive technology in the 
property and fintech sectors, and in the tangible assets of firms which are in 
those sectors. 
 
Further announcements will be made in due course. 
 
The Directors of Forbes accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
Peter Moss, Chairman 
020 3405 6214 
Rob Cooper, Chief Executive Officer 
020 3687 0498 
 
NEX Exchange Corporate Adviser 
Peterhouse Capital Limited 
Mark Anwyl and Fungai Ndoro 
020 7469 0930 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulation 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 02, 2018 02:00 ET (06:00 GMT)