24th Feb 2020 12:47
(Alliance News) - Craven House Capital PLC said Monday it has signed non-binding option agreements with five private companies for the acquisition of a 30% stake in each firm for USD1.6 million.
The companies in which the London-based investment firm holds options in are: Garimon Ltd, the owner of online media magazine Magazinos.com, Onebas.com Ltd - owner of a music-focused search engine and Swedish music services provider IZYRadio Ltd.
The other two companies are Rosedog Ltd - owner of vitamins marketer Pro Vitos and YRRO Ltd, the owner of primary care services provider North Doctor.
Each option must be exercised before May 20, and the consideration paid through the issue of new Craven House shares to the sellers for USD10.00 each.
Should Craven House exercise option for all five companies, it will pay USD8.0 million through the issue of 800,000 shares in total.
"We are pleased to announce this agreement, which provides the company with the opportunity to acquire meaningful shareholdings in five exciting e-commerce businesses benefitting from excellent platforms, strategies and management teams based in Sweden. We look forward to reporting further news regarding these prospective acquisitions in due course," said Non-Executive Director Mark Pajak.
Shares in Craven House Capital were untraded on Monday, last quoted at USD4.41 in London.
By Dayo Laniyan; [email protected]
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