13th Mar 2020 09:40
(Alliance News) - Craven House Capital PLC on Friday said it will exercise its options to acquire considerable 30% stakes in five different companies for USD1.6 million each, totalling USD8 million.
The London-based investment firm will acquire 29.9% stakes in each of online media magazine Magazinos.com owner Garimon Ltd, music-focused search engine owner Onebas.com Ltd, and Swedish music services provider IZYRadio Ltd. The other two companies are Rosedog Ltd, owner of vitamins marketer Pro Vitos, and YRRO Ltd, owner of primary care services provider North Doctor.
All five companies are loss making.
For the six month period to the end of January, Garimon recorded a loss of GBP55,393 with net asset value at period end at GBP160,299.
For the three month period to the end of January, Onebas reported a loss of GBP36,478 and net asset value of GBP117,617.
For the four month period to the end of January, IZYRadio showed loss of GBP22,838 and net asset value of GBP63,499 at the end of the period.
Rosedog reported loss of GBP24,143 for the six months to the end of January and a net asset value of GBP56,650 at period end.
For the six-month period to January end, YRRO Ltd showed a loss of GBP25,883 and a net asset value at period end of GBP53,678.
The acquisitions were made by Craven House from the proceeds of a subscription to Craven House shares by the sellers at USD10 per share. Following the issue of 800,000 new shares, the five sellers - Simon Hohenthal, Jesper Carlsoo, Cato Crogh, Richard Wall and Harald Strokkenes - each will hold 160,000 Craven House shares, a 4.1% stake each.
Craven House was untraded on Friday morning in London, last quoted at USD3.80 each.
"We are pleased to announce completion of these transactions which provide the company with meaningful shareholdings in five exciting e-commerce businesses. We look forward to announcing future growth plans for these companies in due course," said Non-Executive Director Mark Pajak.
By Ife Taiwo; [email protected]
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