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Be a positive bit of news if they do actually get some buy backs started. Unsure how many they will be able to pick up on the open market but I'm quite unfamiliar with these situations.
Craven House Capital Plc
("Craven House" or the "Company")
Notice of General Meeting
The Company announces that it has today posted a Circular and Notice of General Meeting ("GM") to shareholders of the Company. The GM will be held at 3.00pm on 24 August 2018, at 60 Cannon St, London, EC4N 6JP.
The General Meeting is being held for the purpose of considering and, if thought fit, approving a resolution to grant the Company the general and unconditional authority to purchase and cancel its own ordinary common shares ("Ordinary Shares") within the meaning of Section 693 of the Companies Act 2006 (the "Share Buy-Back").
The Company's share price continues to trade at a significant discount to the Company's most recently published Net Asset Value per share. Management have therefore determined that it is in the best interests of shareholders that the Company be provided the flexibility to buy its own shares as it continues to seek to allocate capital in the most efficient manner.
The Company is therefore seeking shareholder approval to authorise the directors of the Company to buy up to $5,000,000 of Craven House Ordinary shares, up to a maximum price of up to $10.00 per share, as funds become available, for the purpose of cancelling the shares.
The Directors and Investment Manager have confirmed that they do not intend to sell any shares to the Company should the Company utilise the buyback authority.
What's going on here then? No trades all day or SP change but Price Monitoring RNS. I notice on L2 that there are 6 orders(aside from named MMs) on there. I think normally there's 1 or 0.
What are limits like TC? It seem like anything could be happening?
I think without actually sitting and considering your question TC two factors immediately jump to my mind. Firstly the secretive nature of the BOD and the way everything is done with smoke and mirrors makes it hard to just blindly believe in the valuations we are given when it's often hard to get any information to verify it. Secondly I do believe that our assets are greater by some margin than the current share price reflects. However potential investors need a value creation event to show how these values will be realised. You mention a few investments there that will obviously have value. However some of these we haven't heard about for several years and some have just been bought with no mention at all of the purpose. It's all very well saying investors should be patient which I agree with. However as there are absolutely no timeframes we are working towards that time for a transformative event could be a week, a year, 5 years or never away. Most other investments in AIM I'm sure will have specified targets to aim for. The majority will fail to achieve them, that's the nature of the market however it at least allows investors to establish potential time and share price targets. Also as a side notes fiascos like the court case and failed move to the standard market will hardly inspire confidence that there is a grand plan. The positive I cling to is the big money investors. We could really do with another placing at a premium.
No material impact, damp squib indeed. Very disappointing news after all this build up and I fear there could be a few sells. In response to recent press reports, the Company confirms that litigation regarding Panda Waste, with which it was involved in Ireland, has now been settled. The details of the settlement are subject to a confidentiality agreement; however the Company confirms that the outcome of the settlement has no material impact on Craven House.
Who confirmed this, was it CRV themselves or SI? Really is terrible if we are left waiting to find an amount until interims next February. No obvious news to wait for now, just waiting to see if anything out of the blue develops which isn't exactly looking imminent.
How are the limits looking now TC? As usual my L2 is down so I can't see current prices but I see $5.20 was just paid for 200 shares. The 2 separate trades totalling 186 shares just before that was me rounding up my holding. The 200 buy wasn't me however.
I just wondered whether anyone has any insight into the attempted placing from a few weeks ago. I have never seen a similar situation before so can anyone comment on what could be going on? I assumed that if CRV were at the point of trying to get the new shares issued this was irreversible once the document was submitted. It's now been a few weeks since Karina provided us with that document so I'm surprised we have not had a successful placing since after the form was re-submitted with the error corrected.
Quite interesting news on South Africa and USA there. I believe I'm right in saying Vos is based in SA. Does this then not throw out the long held theory(be me and regulars here) about CRV eventually acquiring VOS? If so that's one possible idea behind the proposed placing out of the window(I assume there's been no further news on that Karina?)
I guess the daily SP movements don't matter too much at this stage. Just a waiting game for this (supposed imminent) placing and the Panda case. I've no idea when we will hear anything on either but surely a matter of weeks not months now. If either are positive this should go ballistic.
Very good to see renewed discussion and interest here. Just to be sure, are these new shares definitely imminently (I assume within the next week) being issued? If so and there's no doubt then I'm very confident of a significant SP increase because all evidence suggests the placing will be at $12.50.