Craven House Capital PLC Craven House and GEM sign SPA valued at up to £30m (4074E)
November 04 2015 - 2:00AM
UK Regulatory
TIDMCRV
RNS Number : 4074E
Craven House Capital PLC
04 November 2015
4 November 2015
Craven House Capital plc ("Craven House" or the "Company")
Craven House Capital and GEM Global Yield Fund Sign Stock
Purchase Agreement valued at up to GBP30 million
Craven House Capital (AIM:CRV) is pleased to announce that it
has entered into a stock purchase agreement with GEM Global Yield
Fund, a member of the New York based Global Emerging Markets Group
("GEM"). Under the terms of the facility GEM will fund Craven House
with up to GBP30 million through a structured stock subscription
agreement. Under the terms of the agreement, funds are provided
from GEM, with limited restrictions, at Craven House Capital's
discretion through the issuance of new Ordinary shares in Craven
House. The facility is designed to provide equity capital on an
as-needed basis in support of future transactions and to provide
additional capital to existing portfolio companies.
Craven House Chairman, Mark Pajak, explained, "This agreement
provides Craven House with significant permanent capital to support
future acquisitions. Having fresh capital available will speed the
rate at which Craven House can continue to build value for
shareholders over the long term. As with all previous issuances of
new Ordinary shares, we do not envisage issuing new shares below
1.25 pence per share. We now have a strong financing partner in
GEM. We look forward to working with them in seeking
transformational acquisitions for the Company and are currently
evaluating a number of opportunities; there are no guarantees that
any of these will be completed, but further announcements will be
made as appropriate."
Ends
For further information please contact:
Craven House Capital Plc Tel: 07590 831 323
Alexandra Eavis
Non-Executive Director
and Company Secretary
www.Cravenhousecapital.com
SPARK Advisory Partners Tel: 0203 368 3550
Limited
Nominated Adviser
Matt Davis/Mark Brady
www.Sparkadvisorypartners.com
About Craven House Capital
Craven House Capital (AIM:CRV) is an investment company seeking
deep value opportunities across the globe. It seeks to create
long-term shareholder value on a per share basis by deploying
patient capital. Craven House seeks to acquire real assets and
operating companies that capable of generating steady cash
flows.
About GEM Group
The Global Emerging Markets Group, www.gemny.com, is a $3.4 BN
alternative investment group having completed 365 transactions in
65 countries. The firm manages a diverse set of investment vehicles
across the world. GEM's funds include: CITIC/GEM Fund; Kinderhook
Industries; GEM Global Yield Fund; and GEM India.
This information is provided by RNS
The company news service from the London Stock Exchange
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