10 December 2021
(“Forbes” or the “Company”)
Update on Litigation Funding Securitisation and Suspension of Shares
Forbes Ventures provides a further update on its first Litigation Funding Securitisation and an update on the suspension of its shares.
Litigation Funding Securitisation Update
The Company has been frustrated by the continued and extended delays in completing the listing and closing of the
However, the Company is pleased to announce that it is advised by its Maltese Corporate Advisors that they expect to receive binding commitments for the entirety of the First Issue by no later than 17 December 2021, and that the listing and closing of the First Issue can take place before the end of the year.
Upon closing FVIM will receive a fee of
Although it has taken considerably longer than the Company had expected the listing and closing of the First Issue will represent a significant milestone for the Company and provides the capital to enable it to commence delivery of its future strategy.
The Company is also advised by its Maltese Corporate Advisors that it has received significant interest from the same investors for the previously announced second Litigation Funding Securitisation of
Upon closing of the Second Issue FVIM will receive a fee of
Suspension of Shares
Whilst the Company had expected to be able to quickly conclude the audit of its accounts and enable restoration of trading, the continued delay in the closing of the First Issue has caused the Company’s auditors to raise questions about the going concern status of the Company if the First Issue was not successfully completed.
The closing of the First Issue will enable the going concern of the Company to be demonstrated and will allow the Company’s audit to be completed.
The Company will make a further announcement upon the First Issue being closed, after which it will, amongst other things, complete and file the audit enabling the Company to seek the restoration of trading in its shares.
As closing of the First Issue and the subsequent completion of the audit would delay such restoration beyond the 6-month anniversary of suspension, the Company has been granted a waiver from Rule 5.2 of the AQSE Growth Market Access Rulebook, extending the deadline under that Rule until the close of business on 17 January 2022, provided that the First Issue has closed by 31 December 2021.
Proposed Debt for Equity Swap
The significant costs of securing a successful Litigation Funding Securitisation have, to date, been satisfied through loans provided to the Company by CC Capital Limited (formerly named MEGH
CC Capital is jointly owned by Craig Cornick and Rob Cooper, the Chief Executive of Forbes.
The Company is grateful to its shareholders for the continued patience they have shown whilst it has sought to reach the closing of the First Issue. Work has been continuing, in parallel to the Litigation Funding Securitisations, to develop the Company’s long-term strategy. That strategy aims to generate returns for shareholders from three core components:
1. Securitisation-as-a-Service (“SaaS”)
2. Fund Management
3. Strategic investments and acquisitions
The Company will make a further announcement on or around 17 December 2021 and looks forward to sharing further details regarding its long-term strategy upon the closing of the First Issue.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
Peter Moss, Chairman
Rob Cooper, Chief Executive Officer
01625 568 767
020 3687 0498
|AQSE Corporate Adviser
Peterhouse Capital Limited
020 7469 0930
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).