Craven House Capital PLC Investee company update: Magazinos.com (4520Z)
September 18 2020 - 5:57AM
UK Regulatory
TIDMCRV
RNS Number : 4520Z
Craven House Capital PLC
18 September 2020
Certain information contained within this Announcement is deemed
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the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
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Craven House Capital plc
("Craven House" or the "Company")
Investee company update: Magazinos.com
The Company confirms that together with the management of
Magazinos.com and following the successful IPO of Readly
International ("Readly") on Nasdaq Stockholm (ticker READ.ST)
yesterday, it is evaluating a number of opportunities for the
public flotation or industry sale/partial sale of its subsidiary
Magazinos.com.
Johannes Hellstrom, a journalist at Reuters reported on the
Nasdaq Stockholm ( www.nasdaq.com ) yesterday, that "Shares in
Readly rose in early trading on its first day as a listed company.
Readly shares traded as high as 64 crowns per share, giving Readly
a market value of around 2.35 billion Swedish crowns (USD $267
million).
That compared with the fixed subscription price of 59 crowns in
the IPO, which Readly said was oversubscribed more than 10 times
excluding shares acquired by cornerstone investors."
Magazinos.com operates out of Stockholm and is wholly-owned by
Garimon Limited which is, in turn, owned 30% by Craven House
Capital.
The shareholders and board of Garimon believe that now is the
appropriate time to consider broadening the Magazinos' shareholder
base by means either of the public markets (listing on a stock
exchange) or through a partial sale to a "major" in the digital
publishing field. The board of Garimon believe the two alternatives
are not mutually exclusive and either could give Magazinos access
to the resources to finance and accelerate its future growth.
The board of Magazinos also believes that a flotation by means
of IPO and/or partnering with a major industry investor should
increase the awareness of Magazinos among magazine readers,
publishers, advertisers and the general public.
Craven House has been informed that Magazinos has recently
become revenue generative and profitable*. Garimon Management have
informed Craven House that they believe Magazinos will become
cash-flow positive within the next year.
* Unaudited and as at date of writing; results for current
financial year not yet known
Simon Hohenthal, CEO of Magazinos - "It's an exciting time for
us at Magazinos. We have built Magazinos to lead the digitalisation
of the magazine industry and change the way people read magazines -
and today we can proudly state that Magazinos is a world leader in
digital distribution based on content with well over 10,000 titles
published for magazines with users in over 70 countries and local
content from over 20 active markets.
At the same time, the digitalisation of the magazine market is
still at an early stage with a digital penetration of less than 20
percent. Magazinos offers a much-appreciated reading experience
through a FREEMIUM model of "all-you-can-read", which is the model
that consumers prefer today as it is free to read everything at
Magazinos. Magazinos has magazines from thousands of publishers and
has over 2,000 publishers who have applied for Magazinos to publish
their magazines digitally."
Richard Wall, Chairman of the Board of Magazinos / Garimon -
"Magazinos has been a private company since its inception in 2013,
and now the main owners and the board believe that it is the right
time for Magazinos to raise the profile of the business and to
capitalise on the foundations already laid by seeking access to the
resources which will enable a step-change in the growth of the
business. Magazinos' goal is to become a world leader in digital
magazine distribution, already occupying the number one spot by
content range. I am convinced that Magazinos is well positioned to
become a world leader and can continue to transform the magazine
market"
About Magazinos
According to its management, Magazinos is a world leader in
content in the category of digital magazine distribution, with well
over 10,000 magazines for readers to read freely through Magazinos.
Magazinos is available online both on the Internet and via the iOS
and Android apps. Magazinos has users in more than 70 countries and
was founded in 2013
For further information, please visit the Magazinos at
www.magazinos.com
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
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.
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