Last checked at 15 May 2015 17:53
15 May 2015
Craven House Capital Plc ("Craven House" or the "Company")
Disposal of investment
The Company announces that it has executed an agreement to assign the mortgage it holds over the Green Isle Conference and Leisure Hotel ("Green Isle") for a cash consideration equal to the mortgage amount of €1,500,000 to Viridian Hotel Group Ltd ("Viridian"). The 4% yielding mortgage provided Craven House with a monthly income of €5,000; the loan was due to be repaid in November 2016. The Company's investment in Green Isle was originally acquired for €700,000.
The consideration is to be paid in two instalments of €1,000,000 on 15 May 2015 and €500,000 on or before 14 November 2016. The agreement contains an option in favour of Viridian to put the mortgage investment at par back on the Company in the first 90 days following completion.
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For further information please contact:
Craven House Capital Plc Alexandra Eavis Non-Executive Director and Company Secretary www.Cravenhousecapital.com
| Tel: 07590 831 323
|
SPARK Advisory Partners Limited Nominated Adviser Matt Davis/Mark Brady http://www.Sparkadvisorypartners.com |
Tel: 0203 368 3550
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