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Pin to quick picksCraven House Capital Regulatory News (CRV)

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Craven House Capital - Reduction in Capital Update

Wed, 12th Dec 2018 08:00

RNS Number : 2298K
Craven House Capital PLC
12 December 2018

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.


Craven House Capital plc


("Craven House" or the "Company")


Reduction in Capital Update



The Company provides the following update in relation to the previously announced plans to apply to the High Court to undertake a Reduction in Capital:


The Court application has taken longer than originally anticipated and is now at an advanced stage, however the Directors have determined that it would be beneficial to utilise the current process to cancel the 155,958,824 deferred shares, made up of 77,979,412 deferred shares of £0.09 each in the capital of the Company with the 77,979,412 deferred shares of £0.009 each in the capital of the Company ("Deferred Shares").


These Deferred Shares are of negligible value to deferred shareholders and, under the articles of association of the Company, can be cancelled at any time for no consideration, via a Reduction in Capital.


A resolution proposing the cancellation of the Deferred Shares will be put to shareholders at a General Meeting to be held immediately after the upcoming Annual General Meeting. To ensure clarity is provided to the Court, the special resolutions previously passed on 24 August 2018 will be repeated in order for them to be voted on simultaneously.


The Company will therefore today post a Circular and Notice of General Meeting ("GM") to shareholders of the Company. The GM will be held at 10.45am on 4 January 2019, at 60 Cannon St, London, EC4N 6JP.


In the event that the resolutions proposed at the GM are approved by shareholders, the Court application will be updated and it is anticipated that the Capital Reduction will be approved by the Court by the end of January 2019.




~ Ends ~



For further information please contact:


Craven House Capital Plc

Mark Pajak



Tel:   0203 286 8130



SI Capital


Nick Emerson


Tel: 01483 413500


SPARK Advisory Partners Limited

Nominated Adviser

Matt Davis/Mark Brady



Tel:   0203 368 3550




About Craven House Capital:


The Company's Investing Policy is to invest in or acquire a portfolio of companies, partnerships, joint ventures, businesses or other assets globally in any geographic jurisdiction. The company will invest in both developed and developing markets providing long term patient capital and is often involved in special situations, restructuring, expansion and turn around investments in crisis and transitioning economies.



This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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