Last checked at 20 Mar 2018 07:00
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")
Update: DLC Holdings and Qeton
DLC Holdings Corp ("DLC")
Further to the announcement made by the Company on 23 August 2017 which announced the proposed transfer of its shareholdings in Ceniako Ltd and Craven House Industries Ltd to Toronto Stock Exchange ("TSX") listed DLC Holdings Corp, Craven House provides the following update.
As previously stated, the proposed transfer requires approval by the TSX. The Board of DLC continues to liaise with the TSX in order to satisfy outstanding queries prior to approval being received. As is standard practice in transactions of this nature, the shares of DLC will remain suspended until completion. Craven House is highly confident that all outstanding queries will be resolved in the near term. Further announcements will be made regarding DLC as appropriate.
Qeton Ltd ("Qeton")
The Company also provides clarification on the valuation of its investment in Qeton, a joint venture company focusing on the export of mobile phones, tablet computers and accessories into emerging market. As announced in the Company's Interims on 28 February 2018, Craven House's 50% holding in Qeton was valued at $1,769,248.
This was based on an earnings multiple of 5x EBITDA. During the 11 months to 30 November 2017, Qeton reported EBITDA of €595,000 on turnover of €1.4m (Source: unaudited Qeton Management accounts).
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For further information please contact:
Craven House Capital Plc Mark Pajak www.Cravenhousecapital.com
| Tel: 0203 286 8130
|
SI Capital Broker Nick Emerson www.sicapital.co.uk | Tel: 01483 413500 |
SPARK Advisory Partners Limited Nominated Adviser Matt Davis/Mark Brady www.Sparkadvisorypartners.com |
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.