Craven House Capital PLC Notice of General Meeting and Migration from AIM (2769C)
June 27 2016 - 1:00AM
UK Regulatory
TIDMCRV
RNS Number : 2769C
Craven House Capital PLC
27 June 2016
27 June 2016
Craven House Capital plc ("Craven House Capital" or the
"Company")
Notice of General Meeting
Migration from AIM to the Specialist Fund Segment
Commitments for up to $150 million in new equity
Notice of General Meeting and Migration
Craven House Capital (AIM: CRV) announces that it intends to
cancel its quotation on the AIM and is seeking admission to the
Specialist Fund Segment of the Main Market of the London Stock
Exchange ("SFS"). The Board considers that the SFS represents a
more mature and suitable market for the Company and intends to
issue a circular to shareholders (the "Circular") today, containing
a notice of a General Meeting ("GM") to be convened on 20 July
2016.
The resolutions to be put to shareholders at the GM will
propose, inter alia, to cancel the Company's AIM quotation (subject
to the successful admission to the SFS), to approve the migration
to the SFS and to approve a simultaneous offer for a subscription
of new shares to raise additional capital for the Company.
Resolutions will also be proposed to adopt new Articles of
Association and to undertake a share reorganisation such that the
Company's shares will be redenominated in US dollars, reduced in
nominal value by a small percentage and subsequently consolidated
so that the shares each have a nominal value of US$1.00. The board
believes that a consolidated share register and a quotation in US
dollars is more suitable for international institutional and other
investors and more reflective of our global portfolio, the majority
of which is valued in US dollars.
If approved, it is expected that the Company's AIM quotation
will be cancelled and the shares will commence trading on the SFS
on 1 August 2016. A detailed timetable will be provided in the
Circular.
Recent fundraising
The Company also announces that it has entered into conditional
agreements with an investor for subscriptions of up to US$150
million in new ordinary shares, at 1.25p per share on a
pre-consolidation basis. The Company intends that such investments
would be made after the migration to the SFS over the next six
months conditional on regulatory approval and execution of binding
subscription agreements. There can be no guarantee that any capital
investment in the Company will be made and further updates will be
provided to the market in due course.
The Company has recently undertaken equity fundraisings on a
private placement basis, as set out in the Company's announcements
dated 17 May and 16 June 2016. The Board hopes to conclude further
share issues on the same basis before the date of the GM. In the
event of such further placings of shares, the Company will continue
to make appropriate announcements.
Ends
For further information please contact:
Craven House Capital Plc Tel: 020 7002 1027
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 (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.
This information is provided by RNS
The company news service from the London Stock Exchange
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