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Forbes Ventures sells KCR holding, appoints CFO
Forbes Ventures disposed of its holding of 250,000 ordinary shares in KCR Residential REIT on Wednesday, for a gross cash consideration of £0.15m.
The AIM-traded firm acquired the KCR shares in May last year, in consideration for the issue of 83,333,333 ordinary shares of 0.01p each in Forbes.
It said the KCR Shares were sold as the investment no longer formed a core part of its investment strategy.
The proceeds of the disposal would be used by the company for general working capital purposes.
Forbes also announced some board changes, with Nigel Quinton appointed chief financial officer.
The firm said Quinton was an "experienced" finance professional, who had held senior finance positions in building societies, wealth management and specialist lending firms.
He has been the chief executive of two building societies, and more recently was advising financial services firms - including a new banking start-up - on financial and risk management.
Quinton has held significant sector wide roles including chairman of the Northern Association of Building Societies.
His specialisms reportedly included "all matters" financial, governance, risk, lending, treasury and business strategy.
Additionally, Igor Zjali was appointed as a non-executive director.
"The disposal, together with the board appointments, provide the company with the necessary resources to execute its strategy and in turn begin to deliver value to shareholders," the Forbes board said in its statement.
"Following the disposal, the company's remaining investment comprises of 4,545 ordinary shares in 'challenger' bank, Civilised Investments."
Since the announcements made on 29 November last year, Forbes said it had been working to build the infrastructure required to execute its strategy.
The disposal of the KCR Residential REIT holding provided the financial resource required to complete the final stages of establishing the infrastructure, and the appointment of Nigel Quinton and Igor Zjali brought additional resource and expertise to the board as it bagan to execute its strategy, it explained.
"In the forthcoming months, the company anticipates making further announcements with regard to funding, and detailed plans regarding the execution of its strategy which remains focussed on investment in disruptive technology in the property and fintech sectors, and in the tangible assets of firms which are in those sectors."