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DJ Forbes Ventures Plc Audited Results for the year ended 31 December 2017

 
TIDMFOR 
 
31 May 2018 
 
                                Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
              Audited Results for the year ended 31 December 2017 
 
Forbes Ventures is pleased to announce its audited results for the year ended 
31 December 2017. 
 
Business Strategy and objectives 
 
Forbes Ventures is an investment company with a focus on the finance and 
property sectors where innovative technology can be deployed to improve 
efficiency and achieve scalability. Investments may be made by way of equity, 
debt or both, and investments may be listed or unlisted. All of our investments 
are rigorously assessed, using sector specialist expertise, against our 
investment policy, and we target an exit from our investment position within 3 
to 5 years. We seek to add value to our investments by providing industry 
knowledge and technology expertise, together with risk, governance and 
regulatory compliance support. This enables our investments to achieve strong 
growth underpinned by quality and risk management. 
 
Business environment 
 
After the accounting period, the Company disposed of its entire interest in KCR 
Residential REIT Plc as per the announcement made on 2 May 2018. The disposal, 
together with the Board Appointments detailed in the announcement dated 2 May 
2018, provide the Company with the necessary resources to execute its strategy 
and in turn begin to deliver value to shareholders. 
 
The Company's remaining equity holding is in Civilised Bank Limited, a 
challenger bank start-up. Civilised Bank Limited is currently undertaking an 
underwritten financing, as announced on 9 May 2018. 
 
Business Performance 
 
For the year ended 31 December 2017 the Company made a loss of GBP89,094 which is 
an improvement on the previous year's loss of GBP607,875. The main reasons for 
this are due to a fall in legal and professional fees, which fell by GBP159,024, 
consultancy fees which fell by GBP142,737 and advertising which fell by GBP82,736. 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2017 
 
                                                            2017                     2016 
 
                                                               $                        $ 
 
Other operating income                                         -                      893 
 
Administrative expenses                                 (121,958)                 (802,448) 
 
Operating loss                                          (121,958)                 (801,555) 
 
Investment revenues                                       32,864                        - 
 
Finance costs                                                  -                  (884,813) 
 
Other gains and losses                                         -                1,078,493 
 
Loss before taxation                                     (89,094)                 (607,875) 
 
Income tax expense                                             -                        - 
 
Loss and total comprehensive                             (89,094)                 (607,875) 
income for the year 
 
 
The income statement has been prepared on the basis that all operations are 
continuing operations. 
 
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2017 
 
                                                            2017                      2016 
 
                                                               $                         $ 
 
Non-current assets 
 
Property, plant and equipment                                 74                         - 
 
Current assets 
 
Investments                                              706,160                     5,166 
 
Cash and cash equivalents                                 30,651                    30,652 
 
                                                         736,811                    35,818 
 
Total assets                                             736,885                    35,818 
 
Current liabilities 
 
Trade and other payables                                 336,287                   264,348 
 
Net current assets                                       400,524                   (228,530) 
 
Total liabilities                                        336,287                   264,348 
 
Net assets                                               400,598                   (228,530) 
 
Equity 
 
Called up share capital                               98,166,292                97,448,070 
 
Capital redemption reserve                                92,740                    92,740 
 
Other reserves                                           243,958                   243,958 
 
Retained earnings                                    (98,102,392)               (98,013,298) 
 
Total equity                                             400,598                   (228,530) 
 
 
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2017 
 
                                                    2017                       2016 
 
                                                  $             $            $            $ 
 
Cash flows from operating activities 
 
Cash absorbed by operations                               (49,994)               (1,101,544) 
 
Interest paid                                                   -                  (114,864) 
 
Net cash outflow from                                     (49,994)               (1,216,408) 
operating activities 
 
Investing activities 
 
Purchase of property, plant and                 (99)                         - 
equipment 
 
Proceeds on disposal of                    (561,944)                 4,566,725 
investments 
 
Interest received                            32,864                          - 
 
Net cash (used in)/generated                             (529,179)                4,566,725 
from investing activities 
 
Financing activities 
 
Proceeds from issue of shares               579,172                    123,323 
 
Repayment of borrowings                           -                 (3,450,000) 
 
Net cash generated from/(used                             579,172                (3,326,677) 
in) financing activities 
 
Net (decrease)/increase in cash and                            (1)                   23,640 
cash equivalents 
 
Cash and cash equivalents at                               30,652                     7,012 
beginning of year 
 
Cash and cash equivalents at                               30,651                    30,652 
end of year 
 
 
The Directors of Forbes do not recommend payment of a final dividend. 
 
The Directors of Forbes accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
Peter Moss, Chairman                                                         01625 568 767 
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 31, 2018 11:33 ET (15:33 GMT)