TIDMCRV

RNS Number : 5095E

Craven House Capital PLC

08 May 2017

8 May 2017

Craven House Capital Plc

("Craven House" or the "Company")

$6,000,000 Revolving credit facility to 7Mobile Ltd.

The Company today announces that its subsidiary, Craven House Angola Lda. has provided a $6,000,000 revolving credit facility (the "Facility") to 7Mobile Ltd. ("7Mobile"), one of the largest mobile phone and tablet wholesalers in Angola. The Facility has a two-year term and benefits from a senior, secured position. The Facility bears an attractive interest rate and establishes an important strategic relationship between Craven and 7Mobile.

Founded in 2013, 7Mobile distributes phones under the '7Mobile' Brand targeting the lowest price points in the market in an effort to provide Angolans access to necessary communication equipment. With its manufacturing partners in China, 7Mobile is able to offer high quality products benefiting from an industry-leading 13-month guarantee. Today 7Mobile manufactures a feature mobile phone for under $6, an Android phone for under $23, and an Android tablet for under $35. In 2015, GFK, a leading independent market research company, reported 7 Mobile's Detroit model as the 3rd most sold handset in the Angolan market.

Currently 7 Mobile continues to be one of the fasted growing brands in the market, selling phones into over 400 points of sale in Angola and has also distributed phones in neighboring markets including Mozambique, Zimbabwe, and Tanzania.

Craven House believes there is significant pent up demand for critical consumer electronics in a number of African jurisdictions given the current shortage of foreign currency necessary to import goods. This access to additional capital will enable 7Mobile to grow market share and increase their product offering while other market participants are forced to reduce their orders of imported handsets and tablets.

Ends

For further information please contact:

 
 Craven House Capital              Tel: 0203 286 8130 
  Plc 
  Mark Pajak 
  www.Cravenhousecapital.com 
 SI Capital                        Tel: 01483 413500 
  Broker 
  Nick Emerson 
  www.sicapital.co.uk 
 
   SPARK Advisory Partners           Tel: 0203 368 3550 
   Limited 
   Nominated Adviser 
   Matt Davis/Mark Brady 
   www.Sparkadvisorypartners.com

About Craven House Capital:

Craven House Capital is a frontier and emerging market focused merchant bank seeking value oriented long term investments. Craven House invests in all segments of the capital structure in partnership with local entrepreneurs and the local business community. Craven House provides long term patient capital and is often involved in restructuring, expansion and turn around investments in crisis and transitioning economies.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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