Forbes Ventures Plc - Update on Litigation Funding Securitisation

Forbes Ventures Plc - Update on Litigation Funding Securitisation

PR Newswire

London, August 31

1 September 2020

FORBES VENTURES

("Forbes" or the "Company")

Update on Litigation Funding Securitisation

Forbes Ventures is pleased to announce that, further to the announcement of 2 March 2020, it has established a wholly owned UK subsidiary, Forbes Ventures Cell 1 Limited (the "UK Cell").

The UK Cell has been established to acquire UK-issued litigation funding loans, through the assignment of the related receivables - i.e. the litigation funding loans themselves and the interest thereon ("the Securitised Assets") - to Forbes Ventures CC 1 (the "Maltese Cell"). The Maltese Cell is a Securitisation Cell Company in Malta, which is held in a bankruptcy remote structure and as such is not owned by the Company.

To finance this securitisation, the Maltese Cell will shortly be issuing a prospectus relating to the proposed offer (the "Offer") of 2-year bonds (the "Bonds") and their admission to trading on the Malta Stock Exchange. The Offer has an aggregate value of EUR 35 million. A further announcement will be made at the time of closing of the Offer, which is expected later in September 2020. The net proceeds of the Offer will be paid to the UK Cell as consideration for the assignment of the Securitised Assets to the Maltese Cell, and will provide the funds for the UK Cell to acquire litigation funds in the UK.

Forbes Ventures' wholly owned subsidiary, Forbes Ventures Investment Management Limited ("FVIM"), acts as originator and collateral agent for the UK Cell and is responsible for the selection and oversight of the Securitised Assets. FVIM will receive a cash fee for this transaction, upon closing, equivalent to 2% of the funds raised in the Offer.

It is the Company's intention that the infrastructure which it has established for this securitisation will also be used to facilitate the securitisation of both further litigation funding and other assets across a range of industries. The Company confirms it is in discussion with multiple prospective counterparties from whom it may purchase assets for this purpose. Further announcements will be made upon the Company entering into any such arrangements.

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.