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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cip Merchant Capital Limited | LSE:CIP | London | Ordinary Share | GG00BF8NW879 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 35.00 | 65.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCIP
RNS Number : 6621D
CIP Merchant Capital Ltd
11 October 2018
11 October 2018
CIP MERCHANT CAPITAL LIMITED
("CIP Merchant Capital" or the "Company")
Heads of Terms for the fourth investment
CIP Merchant Capital is pleased to announce that it has entered into non-binding conditional heads of terms (the "Heads of Terms") with 7Star S.r.l. ("7Star"), a private Italian company founded in December 2016 that seeks to disrupt the veterinary hospital sector in Italy.
Under the Heads of Terms, CIP Merchant Capital will, subject to, inter alia, documentation, invest up to EUR2.6 million in 7Star to acquire an interest of up to 49%. In addition, it is proposed that the Company will also provide an interest free shareholder loan of up to EUR3.5 million to 7Star. Under the Heads of terms, the total investment of EUR6.1 million in 7Star may be syndicated by the Company and executed in two separate instalments.
7Star commenced operations at the end of October 2017 and currently operates a veterinary hospital, under the brand Happy Friends, in Lombardy, North Italy. The proposed investment by CIP Merchant Capital will be used to finance the expansion of 7Star's operations through the opening of further veterinary hospitals and clinics in northern Italy. The founders of 7Star, Chicco Reggiani and Christian La Monaca, were previously behind CareDent Italia, which undertook a roll out of dental clinics throughout Italy and building a market leading market, before being acquired in 2016 and who are seeking to achieve the same through 7Star in the Italian veterinary sector.
For the year ended 31 December 2017, having been operating for only two months, 7Star achieved revenues of EUR0.1 million and had total assets of EUR1.5 million. In the nine months to 30 September 2018, revenues have grown to approximately EUR0.6 million.
Further announcements will be made as appropriate and subject to completion, the proposed investment in 7Star will constitute the Company's fourth investment.
For further information, please contact:
Merchant Capital Manager Limited (Investment Manager) Marco Fumagalli +41 91 225 25 Carlo Sgarbi 60 Strand Hanson Limited (Financial & Nominated Adviser and Broker) Richard Tulloch / James Bellman +44 20 7409 3494
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
October 11, 2018 02:00 ET (06:00 GMT)
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