23 September 2022
FORBES
VENTURES
(“Forbes Ventures” or the
“Company”)
Update on
Temporary Suspension of Trading
Forbes Ventures provides an update on the suspension of trading
in the Company’s ordinary shares of 0.1p each ("Ordinary Shares")
on the Access segment of the AQSE Growth Market.
Suspension of Trading
Trading in the Ordinary Shares was suspended on
30 June 2022, pending publication of
the Company’s audited results for the year ended 31 December 2021. The Company has been advised by
its auditors that they expect the audit of the results for the year
ended 31 December 2021 to be
completed during October 2022.
As announced on 7 July 2022, the
Company has been in negotiations with regard to a proposed
acquisition that complements the strategy previously outlined by
the Company. Following consultation with AQSE, the Company and its
advisers have concluded that, because of its materiality relative
to the Company, the proposed acquisition will amount to a reverse
takeover under the AQSE Rules, requiring, amongst other things, the
publication of an Admission Document for readmission to the market.
It is therefore likely that trading in the Ordinary Shares will
remain suspended until completion of the reverse takeover.
Appointment of new Chairperson
The Company has now identified a preferred candidate for
appointment as Chairperson of the Company and is seeking to
conclude the appointment in parallel to the work being undertaken
on the reverse takeover.
The Company will make further announcements as
appropriate.
The Directors of Forbes Ventures accept responsibility for the
contents of this announcement.
-ENDS-
For further information, please contact:
Forbes
Ventures
Rob Cooper, Chief Executive Officer |
020 3687 0498 |
AQSE Corporate
Adviser
Peterhouse Capital Limited
Mark Anwyl |
020 7469 0930 |
Market Abuse Regulation (MAR)
Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.