10th Jun 2019 17:52
LONDON (Alliance News) - Merchant bank Craven House Capital PLC said Monday it had increased its stake in LM Funding America Inc to 25%.
Craven House acquired a further 63,027 shares in LMFA, taking its holding to 774,309 in the firm. This is equivalent to a 25% stake in the firm.
The total consideration of the additional acquisition was not disclosed.
Craven House also explained that should a USD3.6 million convertible note issued as part of the acquisition by LMFA of IIU Inc in January all be converted into shares it would receive 1.5 million further new shares in the firm.
Should all of the note be converted to stock rather than cash, Craven would hold 2.3 million shares which would be equivalent to a 49% stake in the firm.
Shares in Craven House closed 6.7% higher at USD3.20 on Monday.
Related Shares:
Craven House Capital