21 February 2022
FORBES
VENTURES
(“Forbes” or the “Company”)
General Market
Update
Forbes Ventures provides a further update on its first
Litigation Funding Securitisation and its future strategic
direction.
Litigation Funding Securitisation
Update
Despite its best endeavours to list and close the GBP 40 million two-year notes (the “First Issue”)
before the end of 2021, the Company has experienced continued
delays.
Whilst the timeline for the closing is dictated by factors that
are ultimately beyond the Company’s direct control, and
acknowledging that progress so far has been significantly slower
than expected, the Maltese Corporate Advisors continue to be
engaged with investors and are working towards being able to list
and close the First Issue as soon as possible.
As previously announced, upon closing, the Company’s wholly
owned subsidiary, Forbes Ventures Investment Management Limited,
will receive a fee of GBP 800,000,
representing 2% of the total First Issue, for acting as collateral
agent.
The successful closing of the First Issue will provide the
Company with sufficient capital to enable it to commence delivery
of its future strategy as set out below.
Re-domiciliation and corporate
rebranding
The Company, which is currently registered in the Cayman Islands, has been exploring a
re-domicile to the United Kingdom. Having instructed its
professional advisors to assess the viability of re-domiciling, the
Company is now taking steps to enable it to do so.
Redomiciling to the UK will remove a significant cost and
administrative burden from the Company. It will also
facilitate the execution of the Company’s future strategy.
Following the re-domiciliation, the Company will undergo a
rebranding to reflect its future strategic focus.
Further information about the re-domiciliation process will be
announced in due course.
Future Strategy
As outlined in its announcement on 10
December 2021, the Company continues to develop its
longer-term strategy to create value for shareholders.
In the medium term the focus will be twofold, namely:
- Securitisation-as-a-Service (“SaaS”)
Following the successful closing of the First Issue, the Company
intends to engage in further securitisations of additional pools of
litigation finance receivables. The Company has already
identified further opportunities in this regard and is undertaking
work to progress the same.
The Company is also exploring securitisation of various other
asset classes through a Securitisation-as-a Service (“SaaS”)
proposition and is actively working on SaaS deals related to asset
backed lending.
The Company’s has been exploring alternative jurisdictions for
its Securitisation-as-a-Service, and it has identified a preferred
solution in this regard that will help facilitate the Company’s
long term objectives. Further details will be announced in
due course.
- Strategic investments and fund management
The Company intends to support transformative blockchain
projects by launching a blockchain focused venture fund to back the
most visionary ideas and world-class founders building
world-changing companies. The Company intends that its wholly
owned UK subsidiary, Forbes Ventures Investment Management Limited,
would act as fund manager, subject to the relevant regulatory
approvals.
The Company has been actively exploring decentralised finance
(“DeFi”) opportunities which are underpinned by proven blockchain
technology. Forbes proposes to use anticipated proceeds from its
Securitisation-as-a-Service to seed the fund through which it will
target DeFi propositions.
As a firm believer in DeFi, Forbes intends to capitalise on this
trillion-dollar opportunity by investing in the best emerging
blockchain companies pioneering the adoption of Web 3.0.
The Company has identified a preferred first investment which
will also facilitate the digitisation of its
Securitisation-as-a-Service.
Future Updates
The Company will provide a further update following closing of
the First Issue, with an indicative timeline for the
re-domiciliation and rebrand and an update on progress made on the
Company’s Securitisation as a service proposition and
blockchain venture.
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 |
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.