(“Forbes” or the “Company”)
Audited Results for the year ended
Business Strategy and objectives
Business environment
After the accounting period, the Company disposed of its entire interest in KCR Residential REIT Plc as per the announcement made on
The Company’s remaining equity holding is in
Business Performance
For the year ended
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED
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 income for the year (89,094) (607,875)
The income statement has been prepared on the basis that all operations are continuing operations.
STATEMENT OF FINANCIAL POSITION AS AT
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
2017 2016 $ $ $ $ Cash flows from operating activities Cash absorbed by operations (49,994) (1,101,544) Interest paid - (114,864) Net cash outflow from operating (49,994) (1,216,408) 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 from (529,179) 4,566,725 investing activities Financing activities Proceeds from issue of shares 579,172 123,323 Repayment of borrowings - (3,450,000) Net cash generated from/(used in) 579,172 (3,326,677) financing activities Net (decrease)/increase in cash (1) 23,640 and cash equivalents Cash and cash equivalents at 30,652 7,012 beginning of year Cash and cash equivalents at end 30,651 30,652 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 767Rob Cooper , Chief Executive Officer 020 3687 0498 NEX Exchange Corporate AdviserPeterhouse Capital Limited Mark Anwyl andFungai 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
