Forbes Ventures Plc - Update on Temporary Suspension of Trading
PR Newswire
London, September 22
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.
