10 April 2018
Investee Company Update
Forbes Ventures has been notified by its investee company, Civilised Bank Limited (the “Bank”), that the Bank has decided to release the banking licence granted to it by the Bank of England in 2017 and to reapply for a new licence to launch as soon as practicable. This decision was taken because delays in the Bank’s IT build mean that it will not meet its mobilisation deadline of 23 May 2018. The Bank’s Board of Directors decided that to release the Bank’s banking licence and to reapply while finalising the IT build is in the best interest of its shareholders.
Forbes holds 4,545 ordinary shares in Civilised Bank Limited.
The Directors of Forbes accept responsibility for the contents of this announcement.
For further information, please contact:
Peter Moss, Chairman 020 3405 6214
Rob Cooper, Chief Executive Officer 020 3687 0498
NEX Exchange Corporate Adviser
Peterhouse Corporate Finance Limited
Mark Anwyl and Fungai 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 Regulatory Information Service, this inside information is now considered to be in the public domain.