Craven House Capital PLC Craven House increases stake in LM Funding America (4097B)
June 06 2019 - 6:22AM
UK Regulatory
TIDMCRV
RNS Number : 4097B
Craven House Capital PLC
06 June 2019
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Craven House Capital plc
("Craven House" or the "Company")
Craven House increases stake in LM Funding America Inc.
The Company confirms that it has acquired a further 71,282
shares in LM Funding America Inc. ("LMFA"), taking its total
holding to 711,282 shares representing 22.7% of the issued share
capital of LMFA.
As announced on 17 January 2019, the Company issued a
convertible promissory note for the balance of the consideration in
relation to its sale of IIU Inc., to LMFA (the "Transaction") for
approximately $3.6 million ("Convertible Note"). The Convertible
Note is due and payable 360 days following the completion of the
Transaction. The Convertible Note is to be redeemed at Craven
House's option in cash or, subject to LMFA shareholder approval in
a general meeting, in common stock of LMFA at a conversion price of
$2.41 per share. The Convertible Note will be due for redemption at
any time on or after the first meeting of shareholders of LMFA to
occur in 2019.
If the entire principal value of the Convertible Note is
converted into shares, Craven House will obtain 1,486,714 shares in
LMFA taking its holding to 2,197,996 shares representing 47.6% of
the issued share capital based on 3,134,261 LFMA common shares
being in issue on conversion.
Ends
For further information please contact:
Craven House Capital Plc Tel: 0203 286 8130
Mark Pajak
www.Cravenhousecapital.com
SI Capital Tel: 01483 413500
Broker
Nick Emerson
www.sicapital.co.uk
SPARK Advisory Partners Limited Tel: 0203 368 3550
Nominated Adviser
Matt Davis/Mark Brady
www.Sparkadvisorypartners.com
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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