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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Craven House Capital Plc | LSE:CRV | London | Ordinary Share | GB00BD4FQ360 | ORD USD1.00 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.20 | 0.15 | 0.25 | 0.20 | 0.1725 | 0.20 | 0.00 | 08:00:20 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | -5.26M | -5.52M | -1.4274 | -0.14 | 772.72k |
TIDMCRV
RNS Number : 4186N
Craven House Capital PLC
17 January 2019
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Craven House Capital plc
("Craven House" or the "Company")
Completion of sale of subsidiary to LM Funding America Inc.
The Company announces that it has completed the sale of its wholly owned subsidiary, IIU Inc., ("IIU") (a medical insurance broker) to LM Funding America Inc. ("LMFA") for a total purchase price of approximately $5.1 million.
The purchase price has been revised from that previously announced as certain other assets owned by IIU are no longer being acquired by LMFA and instead are being transferred to IIU's parent company, Craven House Capital North America LLC (a wholly owned subsidiary of the Company). In the Company accounts for the year ended 30 May 2018, IIU carried a value of approximately GBP2.4m and, in 2017, generated approximately $500,000 in adjusted pre-tax income.
Under the terms of the transaction, LMFA will acquire 100% of the outstanding stock of IIU. The consideration will comprise cancellation by LMFA of all principal and accrued interest of a Promissory Note issued to LMFA for principal indebtedness of approximately $1.5 million and the issuance of Convertible Promissory Note ("Convertible Note") for the balance of the purchase price of approximately $3.6 million.
The Convertible Note shall bear simple interest at 3% per annum. The Convertible Note shall be due and payable 360 days following the completion of the transaction. The note is payable at Craven's option, subject to LMFA shareholder approval, in common stock of LMFA at a conversion price of $2.41 per share at any time on or after the first meeting of shareholders of LMFA to occur in 2019. In the event that the entire principal is converted to shares, this will represent approximately 1.5 million new common shares in LMFA.
As previously announced, this transaction therefore provides Craven with the option to significantly increase its shareholding in LMFA, following the previously announced acquisition of 640,000 shares in LMFA in November.
Ends
For further information please contact:
Craven House Capital Plc Tel: 0203 286 8130 Mark Pajak www.Cravenhousecapital.com SI Capital Tel: 01483 413500 Broker Nick Emerson www.sicapital.co.uk SPARK Advisory Partners Limited Tel: 0203 368 3550 Nominated Adviser Matt Davis/Mark Brady www.Sparkadvisorypartners.com
About Craven House Capital:
The Company's Investing Policy is to invest in or acquire a portfolio of companies, partnerships, joint ventures, businesses or other assets globally in any geographic jurisdiction. The company will invest in both developed and developing markets providing long term patient capital and is often involved in special situations, restructuring, expansion and turn around investments in crisis and transitioning economies.
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
January 17, 2019 08:54 ET (13:54 GMT)
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