6th Jun 2019 13:26
LONDON (Alliance News) - Craven House Capital PLC on Thursday said it acquired a further 71,282 shares in the LM Funding America Inc.
The investment company said its total holding in LM Funding Africa was 711,282 shares, or 23%.
In mid-January, Craven House issued a convertible promissory note for the balance of the consideration in relation to its sale of IIU Inc to LM Funding Africa for USD3.6 million.
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 in LM Funding Africa shares at a conversion price of USD2.41 per share.
If the entire value of the convertible note is converted into shares, Craven House will obtain 1.5 million shares in LM Funding Africa, it said, taking its holding to 2.2 million shares representing 48% stake.
Craven House shares were untraded on Thursday, last closing at USD2.90 each.
Related Shares:
Craven House Capital