Craven House Capital PLC Investment in Hotel Yiannaki and Issue of Equity (3955I)
August 30 2016 - 3:32AM
UK Regulatory
TIDMCRV
RNS Number : 3955I
Craven House Capital PLC
30 August 2016
30 August 2016
Craven House Capital Plc
("Craven House" or the "Company")
$2,500,000 Convertible Loan to Hotel Yiannaki, Mykonos and Issue
of Equity
The Company today announces that it has provided a $2,500,000
convertible loan (the "Loan") to Xenod Tour Oikod Epeix Afon
Daktylidi AE ("Xenod"), a Greek holding company whose sole asset is
the Hotel Yiannaki; a 45 room, four-star hotel, located on the
Greek Island of Mykonos. The loan has a term of five years and,
upon maturity, is convertible for up to 30% of the equity of
Xenod.
The Loan has been provided utilising the proceeds of a
simultaneous share subscription by Xenod, for 205,423 new Ordinary
Shares in the Company priced at $12.17, amounting to an aggregate
subscription of $2,500,000. Xenod will utilise the proceeds of the
Loan to strengthen its balance sheet and provide capital to
undertake expansion of the Hotel Yiannaki, which they believe will
enhance the profitability of its operations.
Application has been made to the London Stock Exchange for the
new Ordinary Shares to be admitted to trading on AIM. Admission is
expected to take place on 2 September 2016. The shares will rank
pari passu with the existing issued ordinary shares.
Mark Pajak, Acting Chairman, commented:
"We are delighted to announce this investment in what is an
outstanding, profitable hotel operation on the popular Island of
Mykonos."
Following the issue of the new Ordinary Shares, the Company's
total issued share capital will consist of 2,044,362 ordinary
shares with each share carrying the right to one vote. The Company
has no ordinary shares held in treasury. The total of 2,044,362
ordinary shares may therefore be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Craven House Capital Plc Tel: 020 7002 1027
Mark Pajak
www.Cravenhousecapital.com
SPARK Advisory Partners Tel: 020 3368
Limited 3550
Nominated Adviser
Matt Davis/Mark Brady
www.sparkadvisorypartners.com
SI Capital Tel: 01483 413500
Broker
Nick Emerson
www.sicapital.co.uk
Notes to Editors:
About the Hotel Yiannaki:
www.yiannali.gr
"Painted in the traditional Greek colors of blue and white,
nestling on a hill overlooking the bay of Ornos, Hotel Yiannaki is
the perfect setting for your time on the Mykonos (Myconos) Island.
It is well situated for a day on the beach or a night in Mykonos
town. Newly refurbished with excellent facilities complementing the
ever excellent service Hotel Yiannaki is not only a 4 star hotel in
Mykonos, but a hotel that welcomes you like a member of family.
The Yiannaki Hotel is located in the settlement of Ornos, in a
beautiful bay area, on the western side of Mykonos Island. The
hotel is situated just 200 meters from the beach and offers a
beautiful view from its room balconies."
About Craven House Capital
Craven House Capital is a frontier and emerging market focused
merchant bank seeking value oriented long term investments. Craven
House invests in all segments of the capital structure in
partnership with local entrepreneurs and the local business
community. Craven House provides long term patient capital and is
often involved in restructuring, expansion and turn around
investments in crisis and transitioning economies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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