2 March 2020
("Forbes" or the "Company")
Establishment of Litigation Funding Securitisation Vehicle; Technology Agreement with ME Group
Forbes Ventures announces that its wholly owned UK subsidiary, Forbes Ventures Investment Management Limited (“FVIM”), has entered into an agreement to establish a Securitisation Cell Company (the “SCC”) in Malta. The purpose of the SCC is to facilitate the securitisation of litigation funding assets primarily through the acquisition of litigation funding loans which have been issued in the UK. FVIM’s revenue under the arrangements will be correlated to the volume of securitisation, and the price at which it can acquire the assets which are to be securitised.
The Company also announces that it has entered into an agreement with ME Group Holdings Limited (“ME Group”), a UK-based litigation funding and LegalTech specialist, under which ME Group has been engaged to supply distributed ledger technology (“DLT”) to Forbes and FVIM to facilitate the administration of the securitised litigation funding assets. Under the terms of this agreement, ME Group will also be engaged to manage and administer the DLT platform.
The Company expects that the first securitisation of litigation funding via the SCC will be complete and generating revenue for the Company within approximately 6 months.
Rob Cooper, Chief Executive Officer of Forbes, is a director of and significant shareholder in ME Group. Craig Cornick, who, together with Rob Cooper, jointly owns MEGH UK Limited, which is interested in 59.84% of the Company’s issued share capital, is also a director of and significant shareholder in ME Group.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
Peter Moss, Chairman 01625 568 767
Rob Cooper, Chief Executive Officer 020 3687 0498
NEX Exchange Corporate Adviser
Peterhouse Capital Limited 020 7469 0930
Mark Anwyl and Allie Feuerlein
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.