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Forbes Ventures Plc - Interim Results for the six months ended 30 June 2020

·6-min read

30 September 2020

FORBES VENTURES
(“Forbes” or the “Company”)

Interim Results for the six months ended 30 June 2020

CHAIRMAN’S REPORT

REPORTING PERIOD HIGHLIGHTS

The Company has not traded during the year and has primarily focused its activities on building the business structures, policies and procedures for the future, including:

  1. the establishment of a securitisation platform and framework to deliver receivables financing, the first transaction of which is to provide litigation funding.

  2. the establishment of fund management infrastructure, including preparing for obtaining regulatory permissions, to enable Forbes Ventures Investment Management (a wholly owned subsidiary of the Company) to act as an Alternative Investment Fund Manager.

These business structures will enable the Company to manage investment in the full range of asset classes that the Company has included in its previously announced strategy, using a broad range of investment structures.

The Company expects to imminently close the first securitisation offering of an increased amount of EUR 40 million (previously announced as EUR 35 million). Further securitisation offerings are expected in 2020 and the Company will make further announcements in due course in this regard.

The rebuilding activity has resulted in a pre-tax loss of $136,202 for the first six months of the year.

CHAIRMAN’S STATEMENT

I am pleased to present you with Forbes Venture’s unaudited Interim Results for the period ended 30 June 2020.

The firm has restructured the Board to support the changes in future business activities. During the period, Igor Zjalic and Kirk Kashefi resigned from the Board and Bill Riordan was appointed. Bill has substantial experience of litigation finance and after the event insurance. I would like to thank Igor and Kirk for their contribution to the firm’s development and welcome Bill to the Board.

We have also appointed Amelia Garman as General Counsel. Amelia’s substantial financial services experience with both the Financial Conduct Authority and at leading law firms including Hogan Lovells, WilmerHale, and Slaughter and May, will be a great asset as we continue to grow the Company.

We expect to make further senior appointments in due course.

Kindest regards

PETER MOSS.

Chairman




STATEMENT OF PROFIT AND LOSS
FOR THE SIX MONTHS ENDED 30 JUNE 2020

Six Months Ended
30 June 2020

US $

Six Months Ended
30 June 2019

US $

Revenue

Other income

-

52

Total income

-

52

Expense

Foreign exchange gain/(loss)

343

(2,244)

Professional fees

(93,774)

(148,699)

Office expense

(387)

(7,091)

Other expense

(7,587)

(20,089)

Finance cost

(34,797)

(8,407)

Total expense

(136,202)

(186,530)

Loss before tax

(136,202)

(186,478)

Income tax benefit

-

-

Loss for the period

(136,202)

(186,478)



STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2020

Six Months Ended
30 June 2020

US $

Six Months Ended
30 June 2019

US $

Loss for the period

(136,202)

(186,478)

Other comprehensive income/(loss)

-

-

Total comprehensive loss for the period

(136,202)

(186,478)

Basic loss per share

(0.00030)

(0.00041)

Diluted loss per share

(0.00030)

(0.00041)

Weighted average number of shares

456,258,911

456,251,830

No dividends were proposed or declared in respect of any of the periods presented above.

The accompanying notes form part of this historical financial information.



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020

Notes

As at
30 June 2020

US $

As at
30 June 2019

US $

Assets


Non-current assets

Property, plant and equipment

-

-

Available for sale financial assets

3

132,065

132,065

Intangible Assets

56,888

56,888

Total non-current assets

188,953

188,953

Current assets

Trade and other receivables

275,473

105,124

Cash and cash equivalent

-

17

Total current assets

275,473

105,141

Total assets

464,426

294,094

Current liabilities

Trade and other payables

885,698

435,867

Total current liabilities

885,698

435,867

Net Current (liabilities)/assets

(421,272)

(141,773)

Total liabilities

885,698

435,867

Net assets / (liabilities)

(421,272)

(141,773)

Shareholders’ equity

Share capital

98,293,401

98,293,401

Capital redemption reserve

92,740

92,740

Other reserves

292,568

292,568

Accumulated losses

(99,099,981)

(98,820,482)

Total shareholders’ (deficit)/surplus

(421,272)

(141,773)

The accompanying notes form part of these financial statements.



STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2020

Share Capital
US$

Capital Redemption Reserve
US$

Other Reserves US$

Accumulated Losses
US$

Total
US$

Issue of shares

-

-

-

-

-

Total comprehensive loss for the period

-

-

-

(136,202)

(136,202)

Balance at 30 June 2020

98,293,401

92,740

292,568

(99,099,981)

(421,272)

The accompanying notes form part of these financial statements.


STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2020

Six Months Ended 30 June 2020
US $

Six Months Ended 30 June 2019
US $

Cash flows from operating activities

Loss after income tax

(136,202)

(186,478)

Net foreign exchange (profit)/ loss

(343)

2,440

Increase in creditors

21,964

33,061

(Increase)/decrease in debtors

(3,166)

4,688

Net cash flows used by operating activities

(117,747)

(146,289)

Cash flows from investing activities

Loans to subsidiaries

(147,419)

(66,028)

Loan notes extended

265,166

212,159

Net cash outflow from investing activities

117,747

146,131

(Decrease) / increase in cash and cash equivalents

-

(158)

Cash and cash equivalents at the beginning of the period

-

175

Cash and cash equivalents at the end of the year

-

17

The accompanying notes from part of these financial statements.



Notes to the Financial statements

1. BASIS OF ACCOUNTING

The financial information has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. The financial information is drawn in accordance with the provisions of the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union. The financial information is presented in US dollars, rounded to the nearest dollar.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A comprehensive summary of the significant accounting policies is provided for in the Forbes Ventures 2019 Annual Report. All remain relevant.

3. AVAILABLE FOR SALE FINANCIAL ASSETS

As at
30 June 2020

US$

As at
30 June 2019

US$

Investments at fair value brought forward

132,065

132,065

Investments acquired in the period

-

-

Foreign currency exchange increase

-

-

Revaluation

-

-

Disposal of investments

-

-

Financial assets at the end of the period

132,065

132,065

Level 1 investments at the end of the period

132,065

132,065

The Directors of Forbes accept responsibility for the contents of this announcement.

-ENDS-

For further information, please contact:

Forbes Ventures
Peter Moss, Chairman
Rob Cooper, Chief Executive Officer


01625 568 767
020 3687 0498

AQSE Corporate Adviser
Peterhouse Capital Limited
Mark Anwyl
Allie Feuerlein


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.