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DJ Forbes Ventures Plc Issue of Shares - Correction

 
TIDMFOR 
 
26 November 2018 
 
                                Forbes Ventures 
 
                          ("Forbes" or the "Company") 
 
  Board Changes, Issue of Equity, Strategy Update and Investee Company Update 
 
                                 - correction 
 
In the announcement released by Forbes on 28 September 2018, it was stated that 
GBP100,000 owed to Quanta Capital Limited ("Quanta) had been converted into 
100,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") at a 
conversion price of 0.1p per Ordinary Share. The correct number of Ordinary 
Shares calculated at that conversion price is 100,000,000 and that is the 
number of Ordinary Shares that were actually issued to Quanta. All other 
information in the 28 September 2018 announcement, including Quanta's resulting 
shareholding and the Company's increased issued share capital, were correct and 
remain unchanged. The amended text of the announcement is set out below. 
 
"Forbes Ventures is pleased to announce that Kirk Kashefi has been appointed to 
the Board as a Non-Executive Director with immediate effect. 
 
Kirk is a practising barrister at the independent bar of England & Wales who is 
specialised in handling a broad range of highly complex, multi-jurisdictional, 
commercial and financial litigation, as well as having specific expertise on 
cases involving corporate governance and business ethics. He came to the 
independent bar after gaining years of experience in top-tier international law 
firms.  He has also spent time as in-house counsel at a major international 
investment bank and a fund management firm.  The Board believes that Kirk's 
broad experience will prove invaluable to the Company as it continues to move 
towards implementing its previously announced strategy. 
 
The Company is also pleased to announce that Igor Zjali?, who was previously 
appointed as a Non-Executive Director, has been appointed as an Executive 
Director and the Company's Chief Investment Officer with immediate effect. 
Prior to joining Forbes, Igor worked as a Senior Portfolio Manager for a large 
European asset management firm, directly managing USD 8 billion of fixed income 
assets. 
 
The Company is pleased to announce that Nigel Quinton's appointment has been 
extended and he is now the Company's permanent Chief Financial Officer, after 
serving as Interim Chief Financial Director since his appointment to the 
Board.  Nigel was previously Chief Executive of two building societies and more 
recently has been advising Financial Services firms, including a new UK 
challenger bank start-up, on financial and risk management. 
 
The Company also announces that GBP100,000 owed to Quanta Capital Limited 
("Quanta), under an open-ended loan agreement entered into in March 2018, has 
been converted into 100,000,000 ordinary shares of 0.1p each in the Company 
("Ordinary Shares") at a conversion price of 0.1p per Ordinary Share. 
Accordingly, Quanta now holds a total of 273,000,000 Ordinary Shares, 
representing 59.84 per cent of the Company's enlarged issued share capital of 
456,251,830 Ordinary Shares.  Quanta continues to support the Company by way of 
drawdowns of the open-ended loan agreement, but the Company does not anticipate 
any further conversion to equity of the remainder of the debt due under this 
agreement. Rob Cooper, the Chief Executive of Forbes, is a director of and 
major shareholder in Quanta. 
 
In preparation for the delivery of its strategy the Company has established a 
wholly owned subsidiary, located in Grand Cayman, named Forbes Advisory.  It 
has also renamed its wholly owned UK subsidiary from Mentum Services Limited to 
Forbes Ventures Investment Management Limited ("FVIM").  FVIM has entered into 
an Appointed Representative agreement with G10 Capital Limited, which subject 
to regulatory approval, will permit FVIM to undertake certain investment 
activities regulated by the Financial Services and Markets Act 2000.  The 
Company anticipates making further announcements about the progress of its 
strategy delivery in the forthcoming months. 
 
The Company has been notified by its investee company, Civilised Bank Limited 
(the "Bank"), that on 14 September 2018 the Bank resubmitted its Application 
for Authorisation to the Prudential Regulation Authority.  This follows BAE 
Systems Pension Funds Trustees Limited and BAE Systems 2000 Pension Plan 
Trustee Limited (together, "BAE") recently acquiring a shareholding in the 
Bank.  The company congratulates the Bank on this milestone.  Forbes Ventures 
holds 4,545 ordinary shares in the Bank. 
 
In accordance with the Financial Conduct Authority's Disclosure and 
Transparency Rules, the Company announces that it now has 456,251,830 Ordinary 
Shares in issue, each share carrying the right to one vote. The Company does 
not hold any Ordinary Shares in treasury. 
 
The above figure of 456,251,830 should be used by shareholders in the Company 
as the denominator for the calculations by which they will determine if they 
are required to notify their interest in, or a change to their interest in, the 
Company under the Financial Conduct Authority's Disclosure and Transparency 
Rules." 
 
The Directors of Forbes accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures                                                01625 588 767 
Peter Moss, Chairman                                           020 3687 0498 
Rob Cooper, Chief Executive Officer 
 
NEX Exchange Corporate Adviser                                 020 7469 0930 
Peterhouse Capital Limited 
Mark Anwyl and Fungai Ndoro 
 
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

November 26, 2018 10:13 ET (15:13 GMT)