Issue of Equity

RNS Number : 8900Y

Craven House Capital PLC

28 February 2013

 



28 February 2013

Craven House Capital Plc

("Craven House" or the "Company")

Issue of Equity

The Company today announces that (as disclosed in the announcement earlier today of its interim results for the six months ended 30 November 2012), under the terms of the Management Services Agreement entered into with Desmond Holdings Ltd ("Desmond"), the Company's Investment Manager, Desmond has been awarded a performance fee of £552,368.22 for the financial year ending May 2012. On 2 August 2011, the Company announced the terms of its Management Services Agreement with Desmond. Under this agreement, the Company agreed to pay Desmond, as Investment Manager, an annual performance fee equal to 20% of the increase in the Net Asset Value of the Company, subject to a hurdle rate of at least 5% (the "Performance Fee"). These conditions have been fulfilled, and the Company has calculated Desmond's Performance Fee accordingly.

This Performance Fee will be paid by the issue of 44,189,458 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to Desmond, at a price of 1.25 pence per Ordinary Share, the same price at which the Company has executed all its share transactions over the last two years.

Application will be made to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place on 6 March 2013. The shares will rank pari passu with the existing issued ordinary shares.

Following the issue of the new ordinary shares, the Company's total issued share capital will consist of 591,965,959 Ordinary Shares with each share carrying the right to one vote. The Company has no Ordinary Shares held in treasury. The total of 591,965,959 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

 For further information please contact:

Craven House Capital Plc:
www.cravenhousecapital.com
Alexandra Eavis Non Executive Director & Company Secretary	Tel: [phone]
Daniel Stewart & Company Plc: (Nominated Adviser & Broker)
Antony Legge/James Thomas	Tel: [phone]

 

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