Forbes Ventures Plc - General Market Update

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:

1. 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.

1. 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.

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