Craven House Capital PLC Investment update: Green Isle (7469F)
August 01 2016 - 2:00AM
UK Regulatory
TIDMCRV
RNS Number : 7469F
Craven House Capital PLC
01 August 2016
1 August 2016
Craven House Capital plc
("Craven House" or the "Company")
Investment update: Green Isle
The Company announces that it has received full and final
payment in relation to the sale of the mortgage previously held
over the Green Isle Conference and Leisure Hotel ("Green
Isle").
The Company's investment in Green Isle was acquired for
EUR700,000 in May 2013. The company has since received interest
payments and repayments of principal totaling EUR2.2 million; a
return on investment of 214% in a period of three years and two
months.
Craven House originally acquired the distressed loan portfolio
of the holding company which owned and operated the Green Isle
Hotel at a discount to the nominal value. Craven House then
purchased the share capital of the holding company from the
receiver that had appointed over the parent company. Following the
acquisition of the loan, Craven restructured all remaining
unsecured creditors and undertook a comprehensive review of the
Green Isle's management and operations prior to successfully
liquidating the holding company.
The Green Isle property was then sold by Craven House to new
owners in November 2013, in a transaction which included a
repayment of the company's original investment and a new EUR1.5
million first mortgage from Craven House to the new owners. This
loan has now been repaid in full.
Mark Pajak, Acting Chairman, commented; "We are pleased to
report the very successful completion of the disposal of this
investment. Craven will continue to seek similar complicated
restructuring opportunities where value can be extracted for
shareholders. We believe there are significant opportunities in our
target markets to acquire distressed assets and invest at all
levels of the capital structure to generate optimal risk adjusted
returns. We are actively evaluating several such opportunities.
"
Ends
For further information please contact:
Craven House Capital Plc Tel: 020 7002 1027
Mark Pajak
www.Cravenhousecapital.com
SI Capital Tel: 01483 413500
Broker
Nick Emerson
www.sicapital.co.uk
SPARK Advisory Partners Tel: 0203 368 3550
Limited
Nominated Adviser
Matt Davis/Mark Brady
www.Sparkadvisorypartners.com
About Craven House Capital
Craven House Capital (AIM: CRV) is an investment company seeking
deep value opportunities across the globe. It seeks to create
long-term shareholder value on a per share basis by deploying
patient capital. Craven House seeks to acquire real assets and
operating companies that capable of generating steady cash
flows.
This information is provided by RNS
The company news service from the London Stock Exchange
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