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DJ Forbes Ventures Plc Final Results

 
TIDMFOR 
 
29 May 2020 
 
                                Forbes Ventures 
 
                     ("Forbes Ventures" or the "Company") 
 
              Audited Results for the year ended 31 December 2019 
 
Forbes Ventures is pleased to announce its audited results for the year ended 
31 December 2019. 
 
Review of the business 
 
Business Strategy and objectives 
 
Forbes Ventures is a company that has a focus on the finance and legal sectors 
with particular reference to innovative technology and funding solutions that 
improve service, scalability and efficiency. 
 
Business environment and performance 
 
The business has continued to explore the potential within the investment 
market, developing fund management capabilities. The uncertainties caused by 
Brexit and related issues limited the ability of the business to secure 
sufficient funding. The business has extended its interests to include 
development of a securitisation platform to be used across a range of financial 
assets. The investment in the company's future has resulted in a financial loss 
of $329,775 for the year. We continue to be well-supported by our majority 
shareholder, MEGH UK Ltd. 
 
Post balance sheet activities 
 
As mentioned above and detailed in our announcement of 2 March 2020, Forbes 
Ventures announced that its wholly-owned UK subsidiary, Forbes Ventures 
Investment Management Limited ("FVIM"), had entered into an agreement to 
establish a Securitisation Cell Company (the "SCC") to securitise the 
assignment of receivables from UK litigation funding loans.  That process is 
well underway, and we expect to update the market of our progress in this first 
project within the coming months.  We are also looking forward to announcing 
future securitisations across a diverse client base in due course. 
 
I would like to thank my fellow Directors, both past and present, for their 
hard work in bringing this securitisation platform to fruition, as well as our 
shareholders for their patience as we carefully determined this future course. 
Given the uncertainties facing global markets as a result of the COVID-19 
Epidemic, I believe that this platform will create a durable and secure revenue 
stream for the Company, regardless of continued global volatility in markets or 
a continued low interest rate environment. 
 
Aside from securitisations, which should provide solid base cashflow, the 
Company continues to work on other complimentary projects to diversify our 
business lines and take advantage of current dislocations in the market and 
will update the market as these come on line. 
 
The Directors of Forbes accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For further information, please contact: 
 
Forbes Ventures 
Peter Moss,                                                            01625 588 767 
Chairman                                                               020 3687 0498 
Rob Cooper, Chief Executive 
Officer 
 
 
AQSE Corporate Adviser 
Peterhouse Capital Limited 
Mark Anwyl and Allie                                                   020 7469 0930 
Feuerlein 
 
 
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 
 
                                                               2019           2018 
 
                                                                  $              $ 
 
Administrative expenses                                   (321,534)      (368,574) 
 
Operating loss                                            (321,534)      (368,574) 
 
Investment revenues                                              52             43 
 
Finance costs                                               (8,293)        (1,693) 
 
Other gains and losses                                            -       (29,323) 
 
Loss before taxation                                      (329,775)      (399,547) 
 
Income tax expense                                                -              - 
 
Loss for the year                                         (329,775)      (399,537) 
 
The income statement has been prepared on the basis that all operations are 
continuing operations. 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 
 
                                                               2019           2018 
 
                                                                  $              $ 
 
Loss for the year                                         (329,775)      (399,547) 
 
Other comprehensive income                                        -      (132,065) 
 
Total comprehensive income for the year                   (329,775)      (531,612) 
 
The income statement has been prepared on the basis that all operations are 
continuing operations. 
 
Basic loss per share                                       (0.0007) 
 
Diluted loss per share                                     (0.0007) 
 
Average number of shares                                456,251,830 
 
No dividends were proposed or declared in respect of any of the periods 
presented above. 
 
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2019 
 
                                                                2019            2018 
 
                                                                   $               $ 
 
Non-current assets 
 
Intangible assets                                             56,785          56,785 
 
Investments                                                      103             103 
 
                                                              56,888          56,888 
 
Current assets 
 
Investments                                                  132,065         132,065 
 
Trade and other receivables                                  124,545          43,784 
 
Cash and cash equivalents                                          -             175 
 
                                                             256,610         176,024 
 
Total assets                                                 313,498         232,912 
 
Current liabilities 
 
Trade and other payables                                     598,568         188,207 
 
Net current liabilities                                    (341,958)        (12,183) 
 
Total liabilities                                            598,568         188,207 
 
Net (liabilities)/assets                                   (285,070)          44,705 
 
Equity 
 
Called up share capital                                   98,293,401      98,293,401 
 
Other reserves                                               292,568         292,568 
 
Capital redemption reserve                                    92,740          92,740 
 
Retained earnings                                       (98,963,779)    (98,634,004) 
 
Total equity                                               (285,070)          44,705 
 
 
 
The financial statements were approved by the board of directors and authorised 
for issue on 29 May 2020 and are signed on its behalf by: 
 
Mr P Moss 
 
Director 
 
Company Registration No. WK-143629 
 
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2019 
 
                                                       2019                2018 
 
                                                $         $         $         $ 
 
Cash flows from operating activities              (205,355)           (400,672) 
 
Net cash outflow from operating 
activities                                        (205,355)           (400,672) 
 
Investing activities 
 
Purchase of intangible assets                   -            (56,785) 
 
Loan to subsidiary                       (88,957)            (33,045) 
 
Proceeds on disposal of investments             -             178,524 
 
Interest received                              52                  43 
 
Net cash (used in)/generated from 
investing activities                               (88,905)              88,737 
 
Financing activities 
 
Proceeds from issue of shares                   -             127,109 
 
Loan from related party                   294,085             105,740 
 
Adjustment to capital                           -              48,610 
 
Net cash generated from financing                   294,085             281,459 
activities 
 
Net decrease in cash and cash                         (175)            (30,476) 
equivalents 
 
Cash and cash equivalents at beginning                  175              30,651 
of year 
 
Cash and cash equivalents at end of                       -                 175 
year 
 
 
                                     Ends 
 
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 29, 2020 07:01 ET (11:01 GMT)