RE: CRV17 May 2016 17:18
Wed, 18th Mar 2015 13:00
RNS Number : 7908H
Craven House Capital PLC
18 March 2015
18 March 2015
Craven House Capital Plc ("Craven House" or "the Company")
Issue of Equity
The Company today announces that as disclosed in the announcement on 27 February 2015 of the Company's interim results for the period ended 30 November 2014, under the terms of the management services agreement (the "Management Services Agreement") entered into with Desmond Holdings Ltd ("Desmond"), the Company's Investment Manager, Desmond has been awarded a performance fee of £88,429 for the period ended 30 November 2014.
On 2 August 2011, the Company announced the terms of their Management Services Agreement with Desmond. Under this agreement, the Company agreed to pay Desmond, as Investment Manager, an annual performance fee equal to 20% of the increase in the Net Asset Value of the Company, subject to a hurdle rate of at least 5% (the "Performance Fee"). These conditions have been fulfilled, and the Company has calculated Desmond's Performance fee accordingly.
This Performance Fee will be paid by the issue of 7,074,315 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to Desmond, at a price of 1.25 pence per Ordinary Share.