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https://view.news.eu.nasdaq.com/view?id=beb64e06a86548dd2f92c16c791f81787&lang=sv&src=micro
https://www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE135098
"John
Check link:
www.stormvik.com"
Hi iosbyios, i wasn't sure what you wanted me to see?
Hi iosbyios,
It would be interesting to have more info about the source of the new funds.
Given these are very low working capital companies, the funds raised should last maybe a year??
https://www.stormvik.com/tvzinos.php
https://www.stormvik.com/onebas.php
John
Check link:
www.stormvik.com
ONe.bas is currently held within Stormfjord.
On the 24th November 2021, CRV totally wrote off the value of its holding in one.bas!
1. The fundraising in the three companies was on the same day. It suggests - but doesn't prove - one funder bought the shares.
2. Given the tiny amounts raised, the funds almost certainly represent working capital. None of the three companies generate any cash.
3. The funder could have spent the same amount of cash and bought CRV shares. This would have given giving him/her/it a percentage of the three companies far in excess of the tiny amounts acquired in the underlying companies at eye-watering valuations. (Obviously, CRV is pretty illiquid, but even given the inevitable premium you'd have to pay to buy large numbers of CRV shares it would still have made obvious sense to buy CRV.
4.So it's possibly some sort of related person purchase to keep the three companies afloat.
So I'm inclined to take the purchases with a pinch of salt as a guide to valuing CRV.
I do believe the shares are undervalued, but not as massively as the implied valuation of CRV suggests.
The fact remains that the companies are still pre-revenue. Even the much vaunted omega-3 company which already had its products listed on Amazon has sold nothing to date.
This is a very interesting update.
Stormfjord, Rosedog and Biovitos have simultaneously raised $100k, $70k and $13k by issuing shares.
These give implied valuations of $28m, $28M and $10m respectively for the three companies.
CRV now owns respectively 25.5%, 28.6% and 24.5% in these companies.
The implied value of CRV's holdings in the three companies is about $17.6m or 14.6m sterling. This is roughly 20 times the current share price of CRV.
https://www.londonstockexchange.com/news-article/CRV/portfolio-update/15861973
Thanks for the link, Iosbyios.
The current market cap of Hemcheck is about 786,500 pounds sterling. Bio-Vitos owns 88.3% of Hemcheck and Craven owns 24.5% of Bio-Vitos. So Craven's share of Hemcheck is worth 170k pounds sterling.
PS Have you any idea why the Omega 3 business has sold nothing to date?
There is nothing in the interims that hasn't already already announced.
We are still pre-revenue. We still are not flogging any supplements on Amazon. No explanation at all of what's gone wrong there.
And Craven industrial Holdings is still propping up Craven Capital with loans to cover the very small running costs.
https://www.nasdaqomxnordic.com/aktier/microsite?Instrument=SSE135098
https://www.londonstockexchange.com/news-article/CRV/interim-results/15853692
The investee companies have each demonstrated positive progress during the period however remain at a 'pre-revenue' stage of business development. As previously disclosed on 15 November 2022, the onebas.com domain was transferred out of Garimon during the period into a new entity (Stormfjord Ltd). Stormfjord Ltd subsequently raised $520,000 of arms-length financing, which valued the domain at $5,000,000. The proceeds of the financing were used to upgrade the functionality and capacity of the websites as well as launch a PR / advertising campaign across key target markets.
After the end of the period, BioVitos Ltd reported that it had entered into a conditional agreement (the "Agreement") to undertake a reverse takeover of Hemcheck Sweden AB, a company listed on the Nasdaq Stockholm (as announced on 8 February 2023). As part of the Agreement and subject to approval by Hemcheck's shareholders at an EGM to be convened at a date still to be confirmed, Hemcheck will create a new subsidiary ("NewCo") and transfer all current business and assets of Hemcheck to this new subsidiary. Under the terms of the Agreement, Bio Vitos has agreed to provide Hemcheck with SEK1.23 million in cash, within 14 days after the approval of the transaction by Hemcheck's shareholders.
Bio Vitos will then pay a further SEK4 million in cash, to Hemcheck, within thirty days following the distribution of shares in NewCo to Hemcheck shareholders.
In addition Bio Vitos has agreed to provide Hemcheck with its IP rights (patents or patent applications) in respect of an active substance Iron Succinate (Succifer and used in a marketed product Inofer). In exchange, Bio Vitos will receive 259,654,000 shares in Hemcheck, amounting to circa 88.3% of Hemcheck's share capital.
Desmond Holdings Ltd
Investment Manager to Craven House Capital Plc
So as this comunique makes clear and as the figures discussed earlier show, Hemcheck was distressed. This faciitated the reverse takeover by Bio-Vitos.
https://www.placera.se/placera/pressmeddelanden/2023/02/14/hemcheck-bok****skommunik-for-hemcheck-sweden-ab.html
Google translated from SWE to ENG:
We have already been clear before the summer that a structural deal was a goal and since we did not manage to raise the capital required to take the company to the next level, the cost reductions have been a consequence of this. Although in principle all costs have been reduced, the income does not exceed the costs and the goal is to be able to achieve a structural deal so that all the work we have put in is taken forward in a good way. If this is not successful, the company risks running out of money and having to be delisted in order to further reduce costs. By signing the conditional agreement with Bio Vitos Medical Limited at the beginning of February, we have taken a first step in securing financing for the business. If the deal goes through, it means that the shareholders get a share in the new company and at the same time retain ownership in Hemcheck's current operations. We are also continuing the work to achieve a possible structural deal regarding current operations.
https://hemcheck.se/pressmeddelanden/bok****skommunike-for-hemcheck-sweden-ab-2/
https://hemcheck.se/pressmeddelanden/bok****skommunike-for-hemcheck-sweden-ab-2/
Google translated from SWE to ENG:
We have already been clear before the summer that a structural deal was a goal and since we did not manage to raise the capital required to take the company to the next level, the cost reductions have been a consequence of this. Although in principle all costs have been reduced, the income does not exceed the costs and the goal is to be able to achieve a structural deal so that all the work we have put in is taken forward in a good way. If this is not successful, the company risks running out of money and having to be delisted in order to further reduce costs. By signing the conditional agreement with Bio Vitos Medical Limited at the beginning of February, we have taken a first step in securing financing for the business. If the deal goes through, it means that the shareholders get a share in the new company and at the same time retain ownership in Hemcheck's current operations. We are also continuing the work to achieve a possible structural deal regarding current operations.
This represents another move by an investee company of Craven away from web-based businesses.
To be welcomed in my view.
! pound = 12.62 krone (SEK)
So Bio-vitos have paid a total of 5.23m SEK for 88.3% of Hemcheck. They've also ceded the IP rights to Iron Succinate to Hemcheck.
But given that Bio-vitos will own 88.3% of Hemcheck, they've actually only ceded 11.7% of the IP rights to the previous owners of Hemcheck.
Hemcheck is currently worth 9.97m krone. So Bio-vitos get stock worth currently about 8.8m SEK.
So this values the 11.7% of the IP rights to Iron Succinate at SEK 3.57m krone. So according to this deal, if it was fair, IP rights to Iron Succinate are worth about 2.4m sterling. (Craven's share is about 0.6m sterling. This again suggests that Craven as a whole is under-valued.)
In itself, this does look a fair deal to me. However, Hemcheck has minimal turnover, 3.52m krone in 2021. 278k sterling. And is heavily loss-making.
Dealer Bob, I appreciate your optimism regarding the dealer network across Europe and the US. But a company doing such tiny business is not going to have any substantial dealer network.
https://www.londonstockexchange.com/news-article/CRV/investee-company-update-bio-vitos/15828378
https://mb.cision.com/Main/16884/3710632/1832822.pdf
Hemcheck have distribution network across Europe and the States so a ready made outlet for Bio Vinos products
Early days but hopefully a good foundation
About Hemcheck
Hemcheck Sweden AB, founded in 2010, produces and commercializes a patented CE-marked concept for point of care hemolysis detection. The concept consists of disposable tests as well as readers that can very quickly, directly upon sampling, identify hemolysed blood samples in vacuum tubes and blood gas syringes. Hemolysis, ruptured red blood cells, is the most common reason globally why blood samples cannot be analyzed accurately and is also a biomarker for acute medical conditions. Hemcheck’s goal is to contribute to improved healthcare by offering user-friendly solutions for the detection of hemolysed blood samples in direct connection with blood sampling near the patient. By doing so, Hemcheck can contribute to increased patient safety, more efficient processes and lower costs. The company is listed on the Nasdaq First North Growth Market.
FNCA Sweden AB, 08-528 00 399, info@fnca, is the Certified Adviser to the company.
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Craven House Capital Share News - CRV
Current Price
$0.205
0.00 0.0%
Bid Price Offer Price
0.16 0.25
High Price Low Price Open Price
Shares Traded Last Trade Market Cap (m)
0.00 00:00:00 1
Craven House Capital PLC Investee company update: Bio Vitos
Intraday Craven House Capital Chart
Intraday Craven House Capital Chart
08/02/2023 7:00am
UK Regulatory (RNS & others)
TIDMCRV
RNS Number : 2316P
Craven House Capital PLC
08 February 2023
8 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018.
Craven House Capital plc
("Craven House" or the "Company")
Investee company update: Bio Vitos
The Board of Craven House notes the announcement released earlier today by Hemcheck Sweden AB ("Hemcheck") and is pleased to announce that its 24.5% owned investee compan y Bio Vitos has today entered into an agreement with Hemcheck , a company listed on the Nasdaq Stockholm (the "Agreement"). As part of the Agreement and subject to approval by Hemcheck's shareholders at an EGM to be convened at a date still to be confirmed, Hemcheck will create a new subsidiary ("NewCo") and transfer all current business and assets of Hemcheck to this new subsidiary. Under the terms of the Agreement, Bio Vitos has agreed to provide Hemcheck with SEK1.23 million in cash, within 14 days after the approval of the transaction by Hemcheck's shareholders.
Bio Vitos will then pay a further SEK4 million in cash, to Hemcheck, within thirty days following the distribution of shares in NewCo to Hemcheck shareholders.
In addition Bio Vitos has agreed to provide Hemcheck with its IP rights (patents or patent applications) in respect of an active substance Iron Succinate (Succifer and used in a marketed product Inofer). In exchange, Bio Vitos will receive 259,654,000 shares in Hemcheck, amounting to circa 88.3% of Hemcheck's share capital.
Craven House's holding in Bio Vitos will remain unchanged.