Craven House Capital PLC Craven House signs 5 Non-binding Option Agreements (8204D)
February 24 2020 - 2:00AM
UK Regulatory
TIDMCRV
RNS Number : 8204D
Craven House Capital PLC
24 February 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
Craven House Capital plc
("Craven House" or the "Company")
Craven House enters into 5 Non-binding Option Agreements
The Company announces that it has simultaneously entered into
five non-binding option agreements (the "Options") to acquire
shareholdings in the private companies named below, whereby the
shares being acquired by Craven House upon execution of the Options
will represent a 29.9% shareholding in each company. The companies
over which Craven House now holds Options to acquire shares are as
follows;
-- Garimon Ltd - owner of "Magazinos.com", the
largest-by-content on-line media magazine and periodical content
provision service.
-- Onebas.com Ltd - owner of "ONEBas.com Music", an optimised
search engine providing a portal to music content freely
circulating online.
-- IZYRadio Ltd - owner of "IZYRADIO", a UK/Swedish-based B2B
and B2C venture to deliver the next generation of music
applications. IZYRADIO offers superior music quality and music
videos to radio stations.
-- Rosedog Ltd - owner of "Pro Vitos(TM)", an online marketer of
vitamins and diet supplements from the North of Norway.
-- YRRO Ltd - owner of "North Doctor", North Doctor offers an
innovative way easily to make primary care appointments on-line at
times convenient to patients.
The Options give Craven House the sole discretion, to acquire
each 29.9% stake in the companies named above for a consideration
of $1,600,000, equating to a total consideration of $8,000,000. If
exercised, the Options must be exercised simultaneously and may not
be exercised selectively. If unexercised by 20(th) May 2020, the
Options will expire.
In the event that the Options are exercised, the entire
consideration will be paid from the proceeds of a simultaneous
share subscription by the sellers of the respective shareholdings
for 800,000 new Ordinary Shares in the Company priced at $10.00 per
share, amounting to an aggregate subscription of $8,000,000. The
shares issued under this share subscription following exercise of
the option would represent 20.8% of the enlarged share capital of
Craven based on today's shares in issue of 3,053,781.
Mark Pajak, non-executive director of Craven House stated; "We
are pleased to announce this agreement, which provides the Company
with the opportunity to acquire meaningful shareholdings in five
exciting e-commerce businesses benefitting from excellent
platforms, strategies and management teams based in Sweden. We look
forward to reporting further news regarding these prospective
acquisitions in due course"
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
Financial Adviser to the companies
under Option:
Keith, Bayley, Rogers & Co. Limited Tel: 020 7464 4091 / 07506
Graham Atthill-Beck 434107
Graham.Atthill-Beck@kbrl.co.uk Tel: 20 7464 4098
Brinsley Holman
Brinsley.Holman@kbrl.co.uk
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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