18th Feb 2020 09:41
(Alliance News) - Craven House Capital PLC on Tuesday said it has raised USD2.0 million through a placing with a new undisclosed investor.
The investor subscribed for 200,000 shares at USD10 per share, more than twice Craven House's USD4.60 closing price on Monday. On Tuesday morning, Craven House's shares were up 26% at USD5.82.
Craven House noted that while the subscription price is a sharp premium to Monday's close, it is only a 1.1% premium to the firm's May 31 net asset value per share of USD9.89.
Craven House said the placing proceeds will go towards further investments and be used "for working capital purposes".
The placing shares make up 7.05 of Craven House's existing issued share capital and are set to be admitted to trading on Monday next week.
By Anna Farley; [email protected]
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