Update on Pressfit Holdings

RNS Number : 0190M

Craven House Capital PLC

10 July 2014

 



10 July 2014

Craven House Capital Plc

("Craven House" or the "Company")

Update on Pressfit Holdings

Craven House announces that Pressfit Holdings Plc ("Pressfit"), a specialist manufacturer and distributor of stainless and carbon steel press fittings and one of the Company's largest investments, has today, released its Schedule One announcement in connection with its proposed admission to AIM.  A link to the Schedule One announcement can be found at http://www.investegate.co.uk/aim/rns/schedule-1---pressfit-holdings-plc/201407101600070157M/.

Alexandra Eavis, Non-Executive Director of Craven House commented "We are delighted that Pressfit is continuing its preparations for an admission to AIM.  We believe this is an important step in enhancing Pressfit's credibility as a manufacturer, both locally and internationally, as well as providing liquidity for existing investors and a basis for establishing a value for the Company's potential.

"In the last 12 months, Pressfit has received additional investment and signed a sizeable distribution agreement, which we believe will drive growth over the next couple of years.  The admission to AIM should help facilitate Pressfit's expansion and further its ambition of becoming a major international company and we intend to remain long-term investors in Pressfit."

Craven House owns 11,481,063 shares in Pressfit, representing 22.55% of Pressfit on admission to AIM. Based on the anticipated market capitalisation of Pressfit of £4.8m, Craven House's equity stake will be valued at approximately £1.1m.  This compares to the current carried value in Craven House's accounts of £1.5m. 

The Company also holds a £95,000 convertible loan agreement with Pressfit. The loan is convertible, at the Company's discretion, into 961,849 fully paid ordinary shares of 0.25 pence per share at a conversion price of 9.875 pence per share.

For further information please contact:

Craven House Capital Plc	Alexandra Eavis	020 7002 1027
Daniel Stewart & Company (Nominated Adviser) (Broker)	Emma Earl / Harrison Clarke Mark Treharne	020 7776 6550

www.cravenhousecapital.com 

 

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