RNS..30 Jun 2022 09:45
Trading and Strategy Update
Litigation Funding Securitisation
The Company has continued to pursue the listing and closing of GBP 40 million two-year notes (the “First Issue”), for which Forbes Ventures’ wholly owned subsidiary Forbes Ventures Investment Management Limited (“FVIM”) acts as collateral agent.
The Company continues to be advised by its Maltese Corporate Advisors, HG & Partners Limited (Malta), that there remains strong interest from the prospective investor in closing the transaction, but that the current volatility in the credit markets is causing further delays.
Whilst the Maltese Corporate Advisors continue to provide assurances to the Company regarding the prospective closing of the transaction, the continued delays in completing the listing and closing inevitably pose a risk to the likely success of the issue.
The Company will provide further updates upon receipt of information from its Maltese Corporate Advisors.
Corporate Strategy
The Company has continued to develop its strategy as outlined in the announcement of 21 February 2022 and has now identified a preferred strategic investment and is in negotiations with regard to the proposed acquisition.
It has also entered into negotiations with a debt capital provider with regard to investment in the Company to enable Forbes to scale the proposed acquisition.
Further announcements will be made when appropriate.
Suspension of Shares
Due to continued uncertainty regarding the First Issue, the Company will be unable to complete the audit of its accounts for the year ended 31 December 2021 before the 30 June 2022 deadline. Accordingly, the Directors have requested that trading in the Ordinary Shares should be suspended with effect from the commencement of business on 30 June 2022. It is anticipated that the audit will be completed by Friday, 12 August 2022.
The Directors of Forbes Ventures accept responsibility for the contents of this announcement.
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