Back to all announcements

DJ Forbes Ventures Plc Investee Company Update

 
TIDMFOR 
 
9 May 2018 
 
                                Forbes Ventures 
 
                                  ("Forbes") 
 
                            Investee Company Update 
 
Forbes Ventures has been notified by its investee company, Civilised Bank 
Limited (the "Bank"), that two investment funds managed by Warwick Capital 
Partners LLP ("Warwick") have exercised warrants granted to them as part of 
funding arrangements entered into by the Bank in May 2017. As a result of this 
warrant exercise, Warwick's percentage holding in the Bank has increased from 
57.03% to 95.7%. in addition, the Bank has received Heads of Terms from Warwick 
which set out a proposed fully underwritten share offer to existing Bank 
shareholders. The proposed total subscription amount is GBP12,000,000 of which up 
to GBP4,650,000 will be available to minority shareholders at a valuation prior 
to the investment of GBP8,000,000. The Bank envisages that an offer will be 
circulated to Bank shareholders before the end of this month. 
 
Forbes holds 4,545 ordinary shares in Civilised Bank Limited, representing 
0.05% of the Bank's issued share capital following the warrant exercise, but 
before the proposed fundraising. Whilst the Directors are disappointed with the 
performance of the Company's investment in the Bank, they are pleased at the 
proposed continued support for the Bank from Warwick. Further announcements 
will be made as appropriate. 
 
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 09, 2018 10:30 ET (14:30 GMT)