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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 | 0.176 | 0.20 | 0.00 | 08:00:23 |
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 : 1554L
Craven House Capital PLC
20 December 2018
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")
Potential sale of subsidiary to LM Funding America Inc.
Further to an announcement made today by LM Funding America Inc. ("LMFA"), Craven House confirms that it has entered into a non-binding Letter of Intent ("LOI") to sell its wholly owned subsidiary, IIU Inc., (a medical insurance broker) to LMFA.
Under the terms of the LOI, LMFA will acquire 100% of the outstanding stock of IIU from Craven House for a total purchase price of approximately $6 million. The purchase price will consist of the cancellation by LMFA of all principal and accrued interest of a Promissory Note issued to LMFA for principal indebtedness of $1.5 million. In addition, LMFA will issue to Craven a Convertible Promissory Note ("Convertible Note") for the balance of the purchase price of approximately $4.5 million. The Convertible Note shall bear simple interest at 3% per annum. The Convertible Note shall be due and payable upon demand at the earlier of (i) August 31, 2019 or (ii) thirty days after the first meeting of the shareholders of LMFA to occur in 2019. The note is payable at Craven's option in cash or, subject to shareholder approval, common stock of LM Funding at a conversion price of $2.41 per share.
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 by way of participation in a public offering in which LMFA successfully raised total gross proceeds of $6 million.
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
December 20, 2018 08:25 ET (13:25 GMT)
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