Craven House signs 5 Non-binding Option Agreements

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™", 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"

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For further information please contact:

Craven House Capital Plc Mark Pajak www.Cravenhousecapital.com	Tel:  [phone]
SI Capital Broker Nick Emerson www.sicapital.co.uk	Tel: [phone]
SPARK Advisory Partners Limited Nominated Adviser Matt Davis/Mark Brady www.Sparkadvisorypartners.com Financial Adviser to the companies under Option:	Tel:  [phone]
Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck [e-mail] Brinsley Holman [e-mail]	Tel: [phone] Tel: [phone]

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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