Craven House Capital PLC Update: DLC Holdings and Qeton (2049I)

TIDMCRV

RNS Number : 2049I

Craven House Capital PLC

20 March 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")

Update: DLC Holdings and Qeton

DLC Holdings Corp ("DLC")

Further to the announcement made by the Company on 23 August 2017 which announced the proposed transfer of its shareholdings in Ceniako Ltd and Craven House Industries Ltd to Toronto Stock Exchange ("TSX") listed DLC Holdings Corp, Craven House provides the following update.

As previously stated, the proposed transfer requires approval by the TSX. The Board of DLC continues to liaise with the TSX in order to satisfy outstanding queries prior to approval being received. As is standard practice in transactions of this nature, the shares of DLC will remain suspended until completion. Craven House is highly confident that all outstanding queries will be resolved in the near term. Further announcements will be made regarding DLC as appropriate.

Qeton Ltd ("Qeton")

The Company also provides clarification on the valuation of its investment in Qeton, a joint venture company focusing on the export of mobile phones, tablet computers and accessories into emerging market. As announced in the Company's Interims on 28 February 2018, Craven House's 50% holding in Qeton was valued at $1,769,248.

This was based on an earnings multiple of 5x EBITDA. During the 11 months to 30 November 2017, Qeton reported EBITDA of EUR595,000 on turnover of EUR1.4m (Source: unaudited Qeton Management accounts).

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 company news service from the London Stock Exchange

END

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March 20, 2018 03:00 ET (07:00 GMT)

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