Craven House Capital PLC Acquisition of land for development in Argentina (8878I)
September 05 2016 - 2:00AM
UK Regulatory
TIDMCRV
RNS Number : 8878I
Craven House Capital PLC
05 September 2016
5 September 2016
Craven House Capital Plc
("Craven House" or the "Company")
Acquisition of land for development in Argentina and
Issue of Equity
The Company today announces that it has acquired a parcel of
residential development land in the growing residential and tourist
area of Cafayate, in the Salta province of northern Argentina.
The 7,060 square metre plot has been acquired for $365,000 . The
entire consideration will be paid from the proceeds of a
simultaneous share subscription by the seller of the plot for
29,200 new Ordinary Shares in the Company priced at $12.50,
amounting to an aggregate subscription of $365,000.
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 9 September 2016. The shares will rank
pari passu with the existing issued ordinary shares.
Mark Pajak, Acting Chairman, commented:
"Cafayate is a truly unique and extremely attractive community
in an increasingly popular part of Argentina's wine country. We are
delighted to have secured this development plot and to once again
have secured an excellent asset utilizing the Company's shares as
an acquisition currency, with the shares issued at a premium to the
current market price. We are currently evaluating further land
acquisitions in the region."
Following the issue of the new Ordinary Shares, the Company's
total issued share capital will consist of 2,073,562 ordinary
shares with each share carrying the right to one vote. The Company
has no ordinary shares held in treasury. The total of 2,073,562
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 Cafayate:
"Argentina's second center for quality wine production, Cafayate
is a popular tourist destination but still has a tranquil
small-town feel. It's spectacularly scenic, with the green of the
vines backed by soaring mountains beyond, and is one of northwest
Argentina's most seductive destinations. It's easily reached from
Salta via the tortured rockscapes of the Quebrada de Cafayate; it's
also a major stop on RN 40 and the Valles Calchaquíes route. With a
selection of excellent accommodations for every budget, and several
wineries to visit in and around town, it invites an extended
stay.
Cafayate is famous for its torrontés, a grape producing aromatic
dry and sweet white wines, but bodegas hereabouts also produce fine
reds from cabernet sauvignon, malbec and merlot."
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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