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:
-
the establishment of a securitisation platform and framework to
deliver receivables financing, the first transaction of which is to
provide litigation funding.
-
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$ |
|
|
|
|
|
|
| Balance at 31 December 2019 |
98,293,401 |
92,740 |
292,568 |
(98,963,779) |
(285,070) |
|
|
|
|
|
|
| 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.