Forbes Ventures buys stake in potential 'challenger' bank
Investment firm Forbes Ventures, formerly Tengri Resources, has bought a 0.84% stake in a soon to be ‘challenger’ bank, Civilised Investments for £200,000.
Forbes Ventures (DI)
1.00p
16:04 03/01/17
The company bought 4,545 shares in Civilised Investments for 40m new shares in Forbes at 0.5p each to Gravity Investments.
Civilised Investments submitted an application for a UK banking licence in June 2016 and will change its name to Civilised Bank once authorised as a ‘challenger' bank for small and medium-sized enterprises.
Forbes has also issued 6m shares at 0.5p each as a settlement of fees for services rendered to the company, and as a result has 336.58m shares in issue with vote rights and none held in treasury.
Gravity now holds 209.16m shares, which is 62.14% of the company’s issued share capital.