5th Sep 2016 06:57
LONDON (Alliance News) - Craven House Capital PLC on Monday said it has acquired a parcel of residential development land in Cafayate in Argentina for USD365,000.
The investment company said the entire consideration for the 7,060 square foot plot will be paid from the proceeds of a simultaneous share subscription by the unnamed seller of the plot for 29,000 shares in Craven House at USD12.50 per share. This amounts to an aggregate subscription of USD365,000.
The shares are expected to be admitted to trading on Friday, taking Craven House's issued share capital to 2.1 million shares.
"Cafayate is a truly unique and extremely attractive community in an increasingly popular part of Argentina's wine country," said Acting Chairman Mark Pajak.
"We are delighted to have secured this development plot and to once again have secured an excellent asset utilising the company's shares as an acquisition currency, with the shares issued at a premium to the current market price. We are currently evaluating further land acquisitions in the region," Pajak added.
By Hannah Boland; [email protected]; @Hannaheboland
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