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, Chairman                01625 588 767
Rob Cooper, Chief Executive Officer 020 3687 0498

AQSE Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl and Allie Feuerlein      020 7469 0930

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 equivalents               (175)           (30,476)

Cash and cash equivalents at beginning of                 175             30,651
year

Cash and cash equivalents at end of year                    -                175

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.