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When searching on google for the Civilised Bank, in which Forbes has an interest, I find that Gravity Investments Ltd is stated to be its parent company. No wonder Forbes acquired shares. Likewise, the investment in the K & C REIT was acquired from Gravity. Therefore, nothing has been acquired which does not, or did not, have a connection with Chris Bateman's company. I assume that is now going to change if PM and MK decide to use Forbes for some new acquisitions.
Forbes has announced its results for 2016, Chris Bateman has resigned and Gravity, CB's company now has less than 50% shareholding. http://www.nexexchange.com/announcements?newsid=3799742 http://www.nexexchange.com/announcements?newsid=3799738 Company was insolvent at 31 December 2016, as I suspected. It is now looking for working capital. Peter Moss is chairman and Manish Karani remains as a director. It will be very interesting to see the audited accounts to see the going concern qualification, because if the company is to continue trading, it will have to give a reason for the accounts to being prepared on a going concern basis. Now that Gravity own less than 50%, the Bod may look for someone to acquire Gravity's remaining interest and in doing so injecting capital into the company. That would be my hope, that injection perhaps leading to the company even doing an RTO.
Saintpeter - A glimmer .......might not be dead yet ... hanging on by our finger nails.
Forbes has issued an update (1 August). "Further to the announcement of 30 May 2017 (temporary suspension whilst audit is completed), Forbes is pleased to announce that the Company is making progress in completing the audit of the Company's results for the year ended 31 December 2016 and will make a further announcement as soon as possible. In addition, since the end of the financial year, the Directors of Forbes have been reviewing the Company's portfolio of investments and expect to be able to announce a refocused portfolio and investment strategy alongside its audited results. The Directors of the Company accept responsibility for the contents of this announcement." We know that they have been investing in assets previously held by Chris Bateman's Gravity Investment Group companies, Gravity being the majority shareholders in Forbes. Don't know why; perhaps they will explain in due course. Gravity holds 69.66% of the issued share capital of the Company.
Shares in Forbes still suspended after 2 months. Chris Bateman has resigned as a director of Primus Care plc and Nicola Fairweather has been appointed in his place. She is a director of certain companies in the Gravity group of companies, owned by Chris Bateman. No idea why he has resigned but as she has taken his place, I don't see any particular relevance. I still suspect there will be a going concern qualification to the Forbes accounts when they are published and frankly do not hold out much hope of seeing any of my investment back. Hope I'm proved wrong.
Thanks saint Peter. We can only wait .
I am an accountant but I have to admit that I really am at a loss as to why FOR is suspended until completion of the audit. I suspect the Balance Sheet at 31 December 2016 will show a deficiency of assets. After reviewing the RNSs issued during the last quarter of 2016 prior to moving to NexExchange, I am unable to reconcile the company's statements about its liquidity. That may simply be due to lack of published information. Perhaps the auditors may issue a report questioning the company's ability to continue as a going concern without further fund-raising. But as the auditors have to be strictly confidential in their work, I am not sure why the shares should be suspended as no-one other than the Bod should be aware of what the audit report will say, if that is the Bod's concern. Maybe it is more a case of the company seeking to raise funds before the audit has been completed? One odd thing I noticed was that the SP rose to 0.2p from 0.15p today pre suspension. Had something been leaked? Well, we shall know in due course.
Yep. Never good when a problem with audit and financials. Not sure about the Myanmar share tho. Could be good but not for me. Good luck with it
a Myanmar based company much better .not running away ...like this one
gone
Have they been naughty ???
Thanks for bringing to my attention saintpeter. What's occuring ?????
" Temporary Suspension Forbes Ventures announces that it has requested that trading in the Company's ordinary shares of 0.001 pence ("Ordinary Shares") on the NEX Exchange Growth Market be suspended, pending completion of the audit of the Company's results for the year ended 31 December 2016. A further announcement will be made in due course."
So Gravity Investment Group (GIG), which own the majority of Forbes, has acquired 2,500,000 ordinary shares in K&C REIT Plc representing a 4.74% interest in that company, for a consideration of £250K to be satisfied by a further issue of shares in Forbes. Guess who owned these shares - GIG! Now let's see what else is to be acquired by Forbes - yes, it appears that it may well prove to be an asset of a subsidiary of GIG, Imperial World Resorts Ltd. Look at their website:- http://www.imperialworldresorts.com/ On one of their website pages:- Established in 2011, Imperial World Resorts (IWR) is an Investor in, & developer of, Five Star Resorts, Hotels & Retreats. Our next Resort development, set in the stunningly beautiful and unspoilt East Coast of Sri Lanka, will set the standard for luxury, unique experiences and service. The resort will open in September 2019 under the expert management of Dubai based hospitality group JA Resorts & Hotels. In the RNS of 11 May, they say that additionally, the Board of Forbes announces that it is at an advanced stage of negotiations regarding the acquisition of an investment in a leisure development asset based in Sri Lanka. What's the betting that the resort development mentioned in the RNS is the resort above? In the end, Forbes as a vehicle for assets previously owned by the company's majority shareholder may prove to be very good for the rest of us. However, all that has happened so far is that small shareholders are being diluted by the issue of more and more shares each time an asset is acquired rather than the company actually raising more capital.
rns out today. chances yet here lads.
Hi Saintpeter7 yes could still get some value yet good to see things still moving here watch this space.
Hi opensource - I had wondered when this would happen because for the man who owns the majority shareholder not to be a director and indeed the CEO was surprising. Not quite sure how FOR will make its investments in luxury leisure and hotel developments, but perhaps as a joint holder with Gravity. FOR may be able to raise finance easier through Manish Karani's and the corporate adviser's connections for the acquisition of such developments. It will be interesting to see how things develop here. We may see a recovery of our investment yet.
For Companies NEX Exchange Benefits Join NEX Exchange For Investors Members & Partners News and Events Resources About us Contact Us Back to all announcements DJ Forbes Ventures Plc Directorate Change TIDMFOR 11 April 2017 Forbes Ventures ("Forbes" or the "Company") Appointment of Mr. Chris Bateman as Director and Chief Executive Officer Forbes Ventures announces that the Board has appointed Mr. Chris Bateman as Director and Chief Executive Officer of the Company with immediate effect. Mr. Bateman, aged 43, is a non-executive Director of AIM-Listed K&C REIT Plc, a real estate investment trust focussed on the residential housing market in the UK. He is the Founder and CEO of UK-based Gravity Investment Group Ltd. ("Gravity"). Gravity currently owns and manages multiple trading companies, with over 20 subsidiaries in sectors including 5-star resorts in emerging markets, UK-based social and healthcare providers (with associated training and education), property development, travel and financial services, commercial lending, investment distribution, asset and fund management and web-based technologies. He is the Founder and CEO of Primus Healthcare Plc, a UK-based provider of residential and domiciliary care with specific emphasis on dementia and child care and associated training. He is the Founder and CEO of Imperial World Resorts Plc, a UK-based international owner/developer of 5-star luxury resorts and hotels, with geographic concentration in Europe, the Indian Ocean and Caribbean. He is also the Founder and CEO of IWR Indian Ocean Ltd., a luxury resort owner/developer in Sri Lanka. Mr. Bateman, through his ownership of Gravity Investment Group Ltd., is the majority shareholder of Forbes Ventures. As per the Company's announcement of 13th February 2017, Gravity holds 209,166,166 shares or 62.14% of the issued share capital in the Company. Mr. Peter Moss, Forbes Chairman commented, "I am pleased to welcome Chris to the Board of Forbes Ventures. Over the last 20 years, he has a fine record of accomplishment as an investor and developer across a range of diversified property investments and related fields. Additionally, Gravity and its associated partners around the world have a significant pipeline of development assets, specifically in the development and ownership of luxury leisure properties and hotels. Forbes plans to make investments in those developments where it sees a sharply defined timeframe for returns to shareholders. It is the intention of the Board to seek timely exits for those investments by trade sale or IPO on Senior Exchanges, whether it be by individual assets or Forbes Ventures as a whole". The Directors of the Company accept responsibility for the content
Director change to forbes ventures. Is anybody still holding?
We must be the only ones left lol will check in with you from time to tome cheers
And yes your shares are still of some value. Have a look at the NexExchange website if you haven't already and you will find Forbes Ventures and the SP bid and offer. Rather low at present compared with when they were last quoted on AIM, but you never know a few years from now what their value may be if they select the right companies to invest in and help. As I said before, a bottom drawer share, if the value of your holding is a small part of your portfolio and you don't need the money you would get from selling.
The company does not need a NOMAD on NexExchange. They instead have a Corporate Advisor who does a similar job. Peterhouse Corporate Finance Ltd (PCFL) are their Corporate Advisor. As a matter of interest who do you think is managing director of PCFL? Heena Karani! I presume she may be related to Manish Karani, FOR's Non-executive director? Whether or not they are related does not matter really. PCFL are the largest NexExchange Corporate Advisor and so we are in good hands from that point of view.
Interesting info you never no will keep looking at their website during the coming years . Can we keep the shares if no nomad named here before June this year .
Hi opensource - I guess that virtually all those who held shares when suspended still own them and have had to consign them to the bottom drawer for the moment. No point in selling really when a loss would be made, although of course it depends on how much you had invested and whether you aren't inclined to wait for a year or two. I have had a look at the Accounts filed for Primus Care and was not impressed as virtually all the companies in the group were loss making, but they only covered the period to 30 June 2016. However, the Bod must have seen some potential to make the investment they did. As to the investment in the challenger bank, it was a tiny percentage, but as they say oak trees do grow from tiny acorns; so who knows. As the company says on their website they are looking for 3 to 5 year investments. So I don't expect any appreciation in the SP for some time. Whether or not they decide to relist on AIM, I doubt unless and until they reach a certain value to make it worth the expense. Keep in touch although I understand there is not much to say about the company at present.
Do you think this will go back on aim