Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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A simple summary of the Final results is that the value of Craven Capital's investments in all the investee companies, except Biovitos Ltd, have been written down to zero.
All the web-based businesses have zero revenue and improbable business models and have made scant progress towards generating revenue, let alone profit.
The original thesis for investing in these web start up companies Companies contradicted the professed deep value philosophy of Craven House. And were in themselves poor ideas. None of them have got anywhere nor are likely to do so.
Honeydog, the 25% owner of the entity which owns the licence to manufacture and distribute the chemotherapy drug, SI-053, known as Temodex, has also been written down to zero.
Temodex has to pass through a series of regulatory testing hoops before it comes to market. The chances are these will not go well. Writing Honeydog down to zero is pre-emptive, but over-states the case. There is some value is Honeydog, in my view.
Bio-Vitos still has demonstrable value as the RTO into Hemcheck gives a quotable price on the Swedish stock exchange. . Bio-Vitos market cap is currently worth about 520k sterling. Craven own 24.5% of Bio-vitos. So CRV's share there is worth around 130k.
Bio-Vitos's omega oil business has been moved into a new entity, "Rosemonkey". Given that the business falls into a crowded field with intense competition, it doesn't surprise me that they've never actually managed to sell anything. No explanation ever given by CRV or the relevant investee company. The value of this investment is surely zero too.
So the Amigo deal fell through.
When the possible deal was first announced, this produced a brief spike in the share price.
In reality, the deal added no economic value to the underlying businesses, but would have allowed CRV to exit those investments.
The real problem here is that the relevant underlying businesses are very early stage, probably doomed to failure and therefore have scant economic value.
Well, it's currently worth 9.21m krone, which is about 680k sterling.
CRV holds around 22% from memory. So CRV's share is worth around 149k sterling.
Be Interesting to see what the New Co is worth , when on the Swedish Exchange .
Illumination comes very slowly with this BOD
Outstanding
Hemcheck Sweden AB
Press release
Notice of Extraordinary General Meeting in Hemcheck Sweden AB (publ)
The shareholders of Hemcheck Sweden AB, org.nr 556811-5272 ("Hemcheck" or the "Company"), are hereby summoned to the Extraordinary General Meeting to be held on Friday 24 November 2023 at 11:00 a.m. at Nanna Svartz väg 2 in Solna, Sweden. Registration for the meeting will commence at 10.30 a.m.
Exercise of voting rights at the meeting
Shareholders who wish to participate in the Annual General Meeting must
be recorded in the share register maintained by Euroclear Sweden AB on Thursday 16 November 2023, and
notify the Company of their intention to participate in the general meeting in accordance with the instructions set out in the section "Notification of attendance for participation in person or by proxy" in such time that the notification is received by the Company no later than Monday 20 November 2023.
Nominee-registered sharesr
Shareholders whose shares are registered in the name of a nominee must, in order to exercise their voting rights, notify the Company of their intention to participate in the Annual General Meeting and request to temporarily register the shares in their own name in the share register maintained by Euroclear. Such registration must be completed no later than Monday 20 November 2023 and shareholders must therefore inform their nominees well in advance of this day. Voting registration that has been requested by the shareholder at such time that the registration has been completed by the nominee no later than Monday 20 November 2023 will be taken into account in the preparation of the share register.
Notice of attendance for attendance in person or by proxy
Shareholders who wish to participate in the general meeting in person or by proxy must notify the Company of their intention to attend the meeting no later than Monday 20 November 2023 either:
by e-mail to info@hemcheck.com, or
by mail to Hemcheck Sweden AB, Nanna Svartz väg 4, 171 65 Solna, Stockholm (mark the envelope "EGM 2023").
The notification shall state name or company name, personal identification number or corporate registration number, address, telephone number and, where applicable, the number of assistants (maximum two).
Shareholders who do not wish to attend in person may exercise their rights at the meeting through a proxy with a written, signed and dated power of attorney. If the power of attorney is issued by a legal entity, a copy of the certificate of registration or equivalent document of authority for the legal entity must be attached.
In order to facilitate the entrance to the general meeting, powers of attorney, certificates of registration and other documents of authority should be received by the Company at the address Hemcheck Sweden AB, Nanna Svartz väg 4, SE-171 65 Solna, Stockholm (mark the envelope "EGM 2023") well in advance of the general meeting and preferably no later than Monday 20 November 2023.
P
Https://view.news.eu.nasdaq.com/view?id=bd8b6954aad29239377b5e90a588c9298&lang=sv&src=micro
Https://view.news.eu.nasdaq.com/view?id=bd8b6954aad29239377b5e90a588c9298&lang=sv&src=micro
Https://view.news.eu.nasdaq.com/view?id=b4306375b6781c0ac169cad7a03f1b897&lang=en&src=micro
HI bbr 391,
there is no equity left in Amigo. Any funds left are going to creditors.
It does have a Main Market listing, which will allow this RTO, if it goes ahead.
The $28m valuation was on a vey small issue of shares, almost certainly to an existing shareholder. Such a small amount at such an exaggerated valuation suggest that these were funds to stave off the companies running out of cash. T
The various companies currently have no viable "growth strategy". They have no sales whatsoever.
For example, CRV said almost two years ago now that Bio-Vitos would soon commence sales on Amazon. So far no products have been sold. No explanation given by anybody, let alone CRV.
Notice a typo should be 28,000,000
Looking back at a recent portfolio update Stormfjord Ltd and Rosedog both raise funds at a valuation of $2800000 so you would assume any conversion to shares would be based on these valuation otherwise the investors would not be too happy.
A few observations
If CRV are willing to selling their 29% then assume the remaining parties are also willing to sale and achieve a main London listing
Looking back at a recent portfolio update Stormfjord Ltd and Rosedog both raise funds at a valuation of $2800000 so you would assume any conversion to shares would be based on these valuation otherwise the investors would not be too happy.
One would hope the e commerce companies have a growth strategy upon listing which will be announced once any agreements have been reached, interesting times !
We also have the Hemcheck listing and their plans to expand the Bio Vitos portfolio which again could provide a good return
Just have to wait as this all unfolds
Extract of previous portfolio update below
The Company has been informed that Stormfjord, the owner of www.onebas.com raised $100,000 on 1st March 2023 at a valuation of $28,000,000.
Craven House originally acquired a 29.9% stake in Onebas.com Ltd (the previous legal entity under which the domain Onebas.com was owned) on 13 March 2020 for a consideration of $1,600,000 via a share subscription for 800,000 ordinary shares in the Company priced at $10.00 per share. This valued Onebas.com Ltd at $5.35m.
Following completion of the fundraising, Craven House's holding of 29,900,000 shares represents 25.5% of Stomfjord.
Rosedog Ltd ("Rosedog")
The Company has been informed that Rosedog, the owner of www.tvzinos.com raised $70,000 on 1st March 2023 at a valuation of $28,000,000.
Craven House originally acquired a 29.9% stake in Rosedog on 13 March 2020 for a consideration of $1,600,000 via a share subscription for 800,000 ordinary shares in the Company priced at $10.00 per share. This valued Rosedog Ltd at $5.35m.
Following completion of the fundraising, Craven House's holding of 29,900,000 shares represents 28.6% of Rosedog.
Thanks CJ
I personally this is a great uptick for Craven .
As you mention Amigo was huge in comparison .
Hopefully that means the residue of Amigo has a bit of value to be extracted .
Time One supposes will tell All .
Best of
Outstanding
It's not a "result" yet, because the parties are still in negotiation, as the RNS from CRV itself points out.
As you might not be aware, it's worth pointing out that shareholders in Amigo Holdings are being totally wiped out in the "orderly wind up". Amigo, a temporarily profitable company, was destroyed by more than two hundred million pounds worth of unexpected liabilities to former clients, who made justifiable complaints about the lending process.
Oh dear, that really doesn't give confidence in the capacity of the phoenix Amigo, risen from the shareholder value destruction of old Amigo.
CRV will be significant shareholders in the new Amigo. Given that payment for Garimon and Honeydog will be in Amigo shares, this would provide an opportunity for CRV to exit its investments in Garimon and Honeydog and get some liquidity on the balances sheet. that would be a real positive.
However, given the underlying assets at Garimon and Honeydog - absorbing cash, no revenue - I can't see the potential new Amigo having more than a derisory market cap.
Hi bbr 391,
I imagine you are referring to this news.
Amigo Holdings PLC (Amigo), a provider of mid-cost credit in the UK that is currently in an orderly solvent wind down, today announces that it has entered into an exclusivity agreement with Craven House Capital plc and others, ending 14 December 2023, to enable them and the Company to further explore transactions which could result in:
- Amigo (or a company in its group) acquiring the early stage businesses of music streaming service ONE Bas.com; worldwide digital magazine platform Magazinos; film streaming service TV Zinos, and payments provider Payzinos (together the "Assets") in return for newly issued shares in Amigo; and
- a cash subscription, expected to be at least £5m, for newly issued shares in the Company (together the "Proposed Transactions").
Result
Outstanding
We'll just have to wait and see....
Hi John
I dont think CRV are so invold into this RTO
CRV wrote:
the prior approval application submitted to Nasdaq Stockholm, by Hemcheck, has not been approved by Nasdaq
A more correct announcment would be :
the prior approval application submitted to Nasdaq Stockholm, by Hemcheck, has not " jet " been approved by Nasdaq ;)
It is a huge differen between those two text.........:)
hi iosbyios,
yes, i'm very well, thank you. yourself?
this is the crucial point in the rns from craven capital:
the board of craven house notes the announcement released earlier today by hemcheck sweden ab ("hemcheck"). further to its investee company update released at 7:00am on 8 february 2023, which outlined that its investee company bio vitos was being acquired in a ************** transaction by nasdaq listed hemcheck, craven house now announces that whilst the acquisition by hemcheck has now been completed and approved by hemcheck shareholders, the prior approval application submitted to nasdaq stockholm, by hemcheck, has not been approved by nasdaq. hemcheck and bio vitos have therefore entered into a supplementary agreement that will enable current operations to remain in operation whilst an updated re-listing application is submitted by hemcheck to nasdaq.
so i wonder what the chances are of the re-application succeeding?
Hi John
Well ?
I speak and understand Swedish ;)
Regarding Bio Vitos
They has Not been rejected, they are still waiting to be approved which is common in an RTO's at Nasdaq Stockholm as Nasdaq Stockholm does Not like RTO listings
https://view.news.eu.nasdaq.com/view?id=bde3bf8134360e98527b4a25bbefb5315&lang=sv&src=micro
See Google translation under:
HEMCHECK
Hemcheck extends the subscription period in the deal with Bio Vitos and sets the preliminary issue date to August 28 (Cision)
2023-07-11 11:30
The board of Hemcheck has, in accordance with the terms of the Annual General Meeting's decision, decided to extend the subscription period in the deal with Bio Vitos until 31 August 2023, i.e. the time when new shares can be issued to Bio Vitos. At the same time, a preliminary issue date is set for August 28, when the new shares are supposed to be booked. The record date for the distribution of Hemcheck Holding AB will occur a few days before this, tentatively August 25.
The process with Nasdaq continues and should a final decision from Nasdaq come later, the board reserves the right to change the preliminary dates above.
For further information, contact:
Hemcheck Sweden AB (publ)
Joen Averstad, acting CEO
Recent RNS: Hemcheck's application to list on Nasdaq Stockholm has been rejected by NASDAQ. No reason given.
They are re-applying.
I'm happy to forward the accounts to anyone who wants them.
Would obviously need an e-mail.
Part 2
The principal assets of DLC are potential agricultural plots in Brazil and Argentina. These remain unexploited.
There is also the macadamia processing facility in South Africa, valued at about $300k. This too must be dormant.
There is more detail about the loans between the various Craven House stable of companies in the latest three monthly DLC filing to end March 2023.
"The Company - i.e. DLC - has loans of $171,600 (December 31, 2022 - $169,936) due to a company controlled by the Company’s CEO (“Related Party Loans”) which bear interest at a rate of 6%, are due in 2024 (extended by two years during the year ended December 31, 2021) and are unsecured. As at March 31, 2023, the Company has loans of $275,753 (December
31, 2022 - $271,133) due to a company controlled by the Company’s CEO which accrues interest at a rate of 6%, maturing
in 2025.
The Company entered into a loan facility, under which the Company was provided with a loan from KwikBuild Corporation
Ltd (“KwikBuild”), a subsidiary of Craven Industrial Holdings PLC (“KwikBuild Loan”). The KwikBuild Loan holds a senior
secured position on the assets of the Company, bears an interest rate of 5% and has a term of five years ending April,
2025 with interest and principal due at maturity. This is a related party transaction as the Company has directors in
common with Craven Industrial Holdings PLC.
So DLC is being propped up with loans from Desmond Holdings (majority controlled by Mark P) and from Craven Industrial. I believe the latter explains the interest receivable on the Craven Industrial Holdings balance sheet mentioned in my previous post.
As is to be expected, there's no detail on activity here, apart from the losses achieved on sale of quoted securities....
Full year Results to end May 2022.
These were lodged with the Irish authorities late April 2023., so nearly eleven months after period end.
There is a loss of $1,975,000.
This reflects market declines in the value of DLC shares on the date of the accounts and quoted shares held by Craven House North America;: together these total a loss of $997k.
Then there's a write down of value of unquoted assets of $936K. Unfortunately, there's no detail given of how that sum is made up.
Nor is any detail given of the various loans between related parties and subsidiaries.
Nor is any detail given of the activity of the subsidiaries.
Overall, the repost is totally inadequate for any shareholder hoping to read it as a source of information as to what's happening in the Company. This is a very unfortunate side effect of de-listing and the reduced requirement for reporting. This will undoubtedly impact for the worse on how the Company is run.
Is there any positive? Well, admin costs were kept very low at $98K. So dividends on the quoted shares - mostly US energy shares I think - should more than cover that cost.
There's also a $56k interest receivable. Given the Company has only a couple of $K on the balance sheet, this must be a loan to a subsidiary or Craven House Holdings.
The accounts are prepared on a going concern basis: That seems correct in view of the above. So CRH will limp on for another year.
The justification given for de-listing was to cut costs and escape onerous AIM regulation on new deals.
There have been no new deals since de-listing. And no indication that any deals have even been considered.
The best thing would be to realise the various assets and return capital to shareholders. Very unlikely to happen.