Craven House Capital PLC Placing to raise $1.9m (6879C)
February 12 2020 - 2:00AM
UK Regulatory
TIDMCRV
RNS Number : 6879C
Craven House Capital PLC
12 February 2020
Craven House Capital plc
("Craven House" or the "Company")
Placing to raise $1.9m
Craven House Capital (AIM:CRV) is pleased to announce that it
has raised $1,900,000 (gross) via a placing (the "Placing").
The Placing is with existing and new investors of 190,000 new
ordinary shares in the Company (the "Placing Shares") at a price of
$10 per Placing Share ("the Placing Price"). Whilst this does
represent a 237% premium to the closing mid-market price on 11
February 2020, it represents a 1.1% premium to the last audited NAV
per share of $9.89 as at 31 May 2019.
The proceeds of the Placing Shares will be used to undertake
investments further to the Company's investment strategy.
The Placing Shares represent 7.3% of Craven's existing
outstanding issued share capital.
Related Party Transactions
Mr Evan Kalimtgis, a substantial shareholder in Craven House and
a related party for the purposes of Rule 13 of the AIM Rules for
Companies (the "AIM Rules") has agreed to participate in the
Placing as follows. Mr Evan Kalimtgis subscribed at the Placing
Price.
Name Number of Number of Total Ordinary Percentage
Existing Placing Shares Shares held of Enlarged
Ordinary Subscribed immediately Share Capital
Shares for following the immediately
Accelerated following the
Bookbuild Capital Raising
Evan Kalimtgis 378,213 100,000 478,213 16.8%
---------- ---------------- --------------- -----------------
The Board consider, having consulted with the Company's
Nominated Adviser, SPARK Advisory Partners Limited ("SPARK"), that
the terms of the Related Party Transaction are fair and reasonable
in so far as the Company's shareholders are concerned. In reaching
its opinion, SPARK has taken into account the commercial views of
the Directors.
Admission of the new Ordinary Shares to trading on AIM and Total
Voting Rights
Application will be made for admission of 190,000 New Ordinary
Shares to be issued pursuant to the Placing to trading on the AIM
Market of the London Stock Exchange, which is expected to take
place at 8.00 a.m. on or around 18 February 2020 ("Admission").
The Placing is conditional on Admission becoming effective. The
new Ordinary Shares will, when issued, be credited as fully paid
and will rank equally in all respects with the existing Ordinary
Shares, including the right to receive any dividend or other
distribution declared, made or paid after Admission.
For the purposes of the Financial Conduct Authority's Disclosure
and Transparency Rules ("DTRs"), the issued ordinary share capital
of the Company following Admission will consist of 2,853,781
Ordinary Shares of $1.00 with voting rights attached (one vote per
Ordinary Share). There are no Ordinary Shares held in treasury.
This total voting rights figure may be used by shareholders as the
denominator for the calculations by which they will determine
whether they are required to notify their interests in, or a change
to their interest in, the Company under the DTRs.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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