Forbes Ventures Plc - Trading Update and Board Change
PR Newswire
London, July 7
7 July 2022
FORBES VENTURES
("Forbes Ventures" or the "Company")
Trading Update
Forbes Ventures provides a further trading update and announces the resignation of Peter Moss as Chairman of the Company.
Litigation Funding Securitisation
Since its announcement of 30 June 2022, the Company has become aware of information that has led the Directors to conclude that the litigation funding securitisation would not be completed, despite the continued assurances provided by the Maltese Corporate Advisors, HG & Partners Limited (Malta).
The Company has now terminated its relationship with HG & Partners Limited (Malta) and is seeking to recover its costs relating to the aborted transaction from the same.
Resignation of Peter Moss
The Company has received a letter of resignation from Peter Moss terminating his role with the Company with immediate effect.
Prior to his resignation, Peter Moss was the Company's Chairman and had been located in Malta acting as the Company's principal representative in dealings with HG & Partners Limited (Malta).
Corporate Strategy
The Company's board is deeply frustrated that the litigation funding securitisation has not been successfully concluded. Despite this disappointing conclusion, the Company has developed substantial knowledge and intellectual property relating to securitisations which it intends to use in the delivery of its future strategy.
As announced on 30 June 2022, the Company has continued to develop the strategy outlined in the announcement of 21 February 2022 and is in negotiations with regard to a proposed acquisition that complements the strategy.
The Company continues to benefit from the support of its majority shareholder and extends its thanks for the continued support of its remaining board members who have worked tirelessly without remuneration in order to deliver long term value for shareholders.
The Company has commenced its search for a new non-executive Director.
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 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.
