CRAVEN HOUSE CAPITAL PLC
INVESTMENT MANAGER'S REPORT FOR THE SIX MONTH PERIOD
ENDED
30
NOVEMBER 2024
Statement by the Investment Manager
The Company's investment portfolio
comprises shareholdings in two quoted early-stage pharmaceutical
companies listed in Stockholm and ongoing minority shareholdings in
five private Swedish-managed businesses operating in the eCommerce
and pharmaceutical sectors. These private investee companies remain
at a 'pre-revenue' stage of business development and their
respective valuations have been maintained at zero. The valuations
of Craven's portfolio at the end of the period are as follows:
|
Investment
|
Value at 30 Nov
2024
|
Value at 31 May 2024
|
|
|
|
|
|
|
|
Shares in Bio Vitos Pharma
AB
|
$235,003
|
-
|
|
|
Shares in Quia Pharma AB
Shares in Bio Vitos Medical
Limited
|
$361,138
-
|
-
$515,000
|
|
|
As previously disclosed, RoseMonkey
Ltd (in which Craven is a 24.4% shareholder) was awarded
1,416,007,811 shares in QuiaPeg Pharma AB in the prior period.
During the current period, RoseMonkey distributed a proportionate
amount of those shares to Craven House. Craven House therefore
received 345,505,096 shares representing 23.2% of QuiaPeg. There
was no other material activity during the current
period.
Desmond Holdings Ltd
Investment Manager to Craven House Capital Plc
CRAVEN HOUSE CAPITAL
PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
|
|
|
|
Six months
ended
|
|
Year
Ended
|
|
|
|
|
30 Nov 2024
|
|
30 Nov 2023
|
|
31 May
2024
|
|
|
Note
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
$'000
|
|
$'000
|
|
$'000
|
|
|
|
|
|
|
|
|
|
|
CONTINUING OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in fair value
|
|
|
109
|
|
-
|
|
(621)
|
|
Administrative expenses
|
|
|
(72)
|
|
(77)
|
|
(197)
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT/(LOSS)
|
|
|
37
|
|
(77)
|
|
(818)
|
|
Interest expense
|
|
|
(39)
|
|
(37)
|
|
(75)
|
|
LOSS BEFORE INCOME TAX
|
|
|
(2)
|
|
(114)
|
|
(893)
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
2
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
LOSS FOR THE PERIOD
|
|
|
(2)
|
|
(114)
|
|
(893)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share expressed
|
|
|
|
|
|
|
|
|
In
cents per share:
|
|
|
|
|
|
|
|
|
Basic and diluted
|
5
|
|
(0.05)
|
|
(2.95)
|
|
(23.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRAVEN HOUSE
CAPITAL PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2024
|
|
|
|
Six months
ended
|
|
Year
Ended
|
|
|
|
|
30 Nov 2024
|
|
30 Nov 2023
|
|
31 May
2024
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
Note
|
|
$'000
|
|
$'000
|
|
$'000
|
|
ASSETS
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS
|
|
|
|
|
|
|
|
|
Investments at fair value
through
|
|
|
|
|
|
|
|
|
profit or loss
|
3
|
|
596
|
|
1,136
|
|
515
|
|
|
|
|
596
|
|
1,136
|
|
515
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
|
|
24
|
|
25
|
|
29
|
|
Cash and cash equivalents
|
|
|
28
|
|
-
|
|
2
|
|
|
|
|
52
|
|
25
|
|
31
|
|
TOTAL ASSETS
|
|
|
648
|
|
1,161
|
|
546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Called up share capital
|
4
|
|
3,802
|
|
3,802
|
|
3,802
|
|
Share premium
|
|
|
11,153
|
|
11,153
|
|
11,153
|
|
Accumulated deficit
|
|
|
(16,234)
|
|
(15,453)
|
|
(16,232)
|
|
TOTAL EQUITY
|
|
|
(1,279)
|
|
(498)
|
|
(1,277)
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
305
|
|
114
|
|
241
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
Other payables
|
|
|
1,622
|
|
1,545
|
|
1,582
|
|
TOTAL LIABILITIES
|
|
|
1,927
|
|
1,659
|
|
1,823
|
|
TOTAL EQUITY AND LIABILITIES
|
|
|
648
|
|
1,161
|
|
546
|
|
|
|
|
|
|
|
|
|
|
|
CRAVEN HOUSE CAPITAL
PLC
STATEMENT OF CHANGES IN EQUITY
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
|
|
Called up share
capital
$'000
|
|
Share
premium
$'000
|
|
|
Accumulated
deficit
$'000
|
Total
$'000
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 June
2023
|
3,802
|
|
11,153
|
|
|
(15,339)
|
(384)
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
|
(114)
|
(114)
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 November 2023
|
3,802
|
|
11,153
|
|
|
(15,453)
|
(498)
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
|
(779)
|
(779)
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 May
2024
|
3,802
|
|
11,153
|
|
|
(16,232)
|
(1,277)
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
|
-
|
|
-
|
|
|
(2)
|
(2)
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 November
2024
|
3,802
|
|
11,153
|
|
|
(16,234)
|
(1,279)
|
CRAVEN HOUSE CAPITAL PLC
STATEMENT OF CASH FLOWS
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
|
|
|
|
Six months
ended
|
|
Year
Ended
|
|
|
|
|
30 Nov 2024
|
|
30 Nov 2023
|
|
31 May
2024
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
$'000
|
|
$'000
|
|
$'000
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
Loss before income tax
Adjustments for non-cash items
Fair value adjustment arising on
investments
Decrease in trade and other
receivables
Increase in trade and other
payables
Interest expense
|
|
|
(2)
(109)
5
65
39
|
|
(114)
-
13
5
37
|
|
(893)
621
9
132
75
|
|
Net
cash used in operating activities
|
|
|
(2)
|
|
(59)
|
|
(56)
|
|
Cash flows from investing activities
Disposal of investments
|
|
|
28
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net
cash flows from investing activities
|
|
|
28
|
|
-
|
|
-
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Loans received
|
|
|
-
|
|
55
|
|
54
|
|
Net
cash flows from financing activities
|
|
|
-
|
|
55
|
|
54
|
|
|
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
|
|
26
|
|
(4)
|
|
(2)
|
|
Cash and cash equivalents at the beginning
|
|
|
|
|
|
|
|
|
of
the period
|
|
|
2
|
|
4
|
|
4
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the
period
|
|
|
28
|
|
-
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CRAVEN HOUSE
CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
1. ACCOUNTING POLICIES
General
Information
Craven House Capital Plc is a
company incorporated in the United Kingdom under the Companies Act
2006. The address of the registered office is given on the company
information page. The Company is listed on the AIM Market of the
London Stock Exchange (ticker: CRV).
The next annual financial statements
of Craven House Capital Plc will be prepared in accordance with
International Financial Reporting Standards and IFRIC
interpretations and with those parts of the Companies Act 2006
applicable to companies reporting under UK adopted international
standards. Accordingly, the interim financial information in this
report has been prepared using accounting policies consistent with
IFRS. IFRS are subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC)
and there is an on-going process of review and endorsement by the
European Commission. The financial information has been prepared on
the basis of the IFRS that the directors expect to be applicable as
at 31 May 2025.
The financial information has been
prepared under the historical cost convention, except to the extent
varied for fair value adjustments required by accounting standards,
and in accordance with International Financial Reporting Standards
and IFRIC interpretations and with those parts of the Companies Act
2006 applicable to companies reporting under UK adopted
international standards. The principal accounting policies have
been applied to all periods presented.
This financial information is
unaudited and does not constitute statutory financial statements
within the meaning of Section 434 of the Companies Act 2006. The
financial statements of the Company for the year ended 31 May 2024,
which were prepared in accordance with International Financial
Reporting Standards and IFRIC interpretations and with those parts
of the Companies Act 2006 applicable to companies reporting under
UK adopted international standards, have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The
report of the auditors was unqualified and did not include any
statement under Section 498 of the Companies Act 2006.
This financial information is
presented in United States dollar, rounded to the nearest
$'000.
The directors do not propose the
issuance of a dividend.
The interim financial information
for the six months ended 30 November 2024 was approved by the
directors on 26 February 2025.
Going concern
The directors consider that the
Company is well placed to manage its business risks successfully
and have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial information.
CRAVEN HOUSE
CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION -
continued
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
2.
Taxation
No tax charges arose in the period
or in comparative periods as a result of losses
incurred.
3. Investments at fair value
through profit or loss
|
|
|
|
|
|
|
Equity
investments
$'000
|
Total
$'000
|
|
|
|
|
|
|
|
|
|
|
As at 1 June 2024
|
|
|
|
|
|
515
|
515
|
|
Disposals
Fair value movement
|
|
|
|
|
|
(28)
109
|
(28)
109
|
|
As at 30 November2024
|
|
|
|
|
|
596
|
596
|
|
|
|
|
|
|
|
|
|
The value of Investments represents
the Company's holdings in two quoted, early-stage pharmaceutical
companies, listed in Stockholm. Both of these holdings are valued
on a mark-to-market basis as follows:
341,405,096 shares in Quia Pharma
AB, which had a share price of EUR 0.001 as at 30 November 2024
resulting in a total valuation of USD $361,138.
4,052,046 shares in Bio Vitos Pharma
AB, which had a share price of SEK 0.632 as at 30 November 2024
resulting in a total valuation of USD $235,003.
The company retains its holdings in
the below-named five privately owned UK entities which are all
unquoted and have therefore been measured on a Level 3 basis as no
observable market data is available. Further information on each
investment holding is as follows;
Shares in Garimon Limited are valued at $nil
representing a 29.9% holding. Garimon Limited is the owner of
"Magazinos.com", an on-line media magazine and periodical content
provision service. Despite the potential future value of this
investment, the fair value has been impaired to zero due to the
current absence of tangible arm's length or market-based valuation
metrics.
Shares in Stormfjord Limited are
valued at $nil representing a 25.5% holding. Stormfjord is the
owner of the domain www.onebas.com,
an optimised search engine providing a portal to music content
freely circulating online. Despite the potential future value of
this investment, the fair value has been impaired to zero due to
the current absence of tangible arm's length or market-based
valuation metrics.
CRAVEN
HOUSE CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION -
continued
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
|
3.
Investments at fair value through profit or loss
(continued)
Shares in Honeydog
Limited are valued at $nil
representing a 29.9% holding. Honeydog Limited is the
25% owner of the entity which owns the licence to
manufacture and distribute the chemotherapy drug, Temodex, which is
used in the treatment of brain tumours. Despite the potential future value of this investment, the
fair value has been impaired to zero due to the current absence of
tangible arm's length or market-based valuation metrics.
Shares in Rosedog Limited are valued
at $nil representing a 28.6% holding, unchanged from the prior
year. Rosedog Limited is the owner of TV Zinos (www.tvzinos.com), a
website which offers a number of free-to-view television channels.
Despite the potential future value of this investment, the fair
value has been impaired to zero due to the current absence of
tangible arm's length or market-based valuation metrics.
Shares in Bio Vitos Medical Limited
are valued at $nil representing a 24.5% holding. Bio Vitos is the
owner of the licence to market a patented heart drug 'Succifer'
(also marketed as 'Inofer'). The drug has been demonstrated to
improve iron uptake in patients with chronic heart
conditions.
The businesses of all of the above
portfolio investments are presently loss-making although their cost
bases are low and there is minimal committed future expenditure,
meaning that the extent and timing of the Company's further
investment in the businesses are highly controllable. The Company
and the incumbent management teams of the investee companies will
continue to work together with the aim that these businesses become
financially self-sustaining and generating surpluses within the
short- to medium-term and to crystallise additional capital value
for shareholders through strategic, third-party
partnerships.
4. Called up share capital
Authorised, issued and fully paid
share capital as at 30 November 2024 is as follows:
|
Number
|
Class:
|
Nominal
|
30 Nov
|
31
May
|
|
|
|
|
Value
|
2024
|
2024
|
|
|
|
|
(Unaudited)
|
(Audited)
|
|
|
|
|
$'000
|
$'000
|
|
|
|
|
|
|
|
3,863,590
|
Ordinary
|
$1.00
|
3,802
|
3,802
|
|
|
|
|
3,802
|
3,802
|
|
|
|
|
|
|
The aggregate nominal values of the
ordinary shares include exchange differences arising from the
translation of shares at historic rates and the translation at the
rate prevailing at the date of the change in functional
currency.
|
CRAVEN HOUSE
CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION -
continued
FOR
THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2024
The calculation of basic earnings
per share is based on the loss attributable to the equity holders
of $2,000 divided by the weighted average number of shares in issue
during the period of 3,863,590
(six months ended 30 November 2023: loss of
$114,000 and 3,863,590 shares; year ended 31 May 2024: loss of
$893,000 and 3,863,590 shares).
6. Related party disclosures
Craven Industrial Holdings Plc
At the period end, the outstanding
balance due to Craven Industrial Holdings Plc was $1,622,000.
Despite the common director in Mr M J Pajak, the board of Craven
House Capital Plc do not believe that Craven House Capital Plc
or Craven Industrial Holdings Plc are able to exert
control or influence over each other and neither are accustomed to
act in accordance with instructions from the other.
7.
Events after the reporting period
None.
For further information please
contact:
About Craven House Capital:
The Company's Investing Policy is
primarily to invest in or acquire a portfolio of companies,
partnerships, joint ventures, businesses or other assets
participating in the e-Commerce sector.
