Craven House Capital PLC Additional $1,965,000 Convertible Loan to FMCD Ltd (9784M)
October 19 2016 - 10:12AM
UK Regulatory
TIDMCRV
RNS Number : 9784M
Craven House Capital PLC
19 October 2016
19 October 2016
Craven House Capital plc
("Craven House" or the "Company")
Additional $1,965,000 Convertible Loan to FMCD Ltd
The Company today announces that it has provided a $1,965,000
convertible loan (the "Loan") to FMCD Ltd ("FMCD"), a company
specialising in the import, distribution and sale of lubricants and
food products into Angola. The Loan has a term of one year, and
carries an interest rate of 5%. Upon maturity, the Loan will be
repaid, renewed or is convertible for up to 13% of the equity in
FMCD at the discretion of Craven House.
The Loan is an additional facility to that provided to FMCD as
announced on the 30th September 2016. In total, the convertible
loans provided to FMCD now equal $3,465,000 and are convertible for
up to 23% of the equity in FMCD. The loans benefit from a senior
secured position; with a security package including four hectares
of leasehold land in the Angolan enclave of Cabinda. This
additional facility has been provided to FMCD in response to
increased levels of customer demand and will allow FMCD to increase
its stock levels and further expand its order book.
FMCD has distribution agreements in place with Chevron and
Caltex and its registered clients include Sonangol, Maersk
Drilling, Sonatide, Halliburton, Robert Hudson, PlusPetrol, Eni,
Chevron, Hercules, and KCA.
FMCD's geographic focus is in Cabinda, which benefits from some
of the most productive oil fields in the world. Hence there is
significant demand for lubricants and food products to support the
upstream sector.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 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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