Craven House Capital Share Price (CRV)

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.

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