Craven House Capital PLC Loan Agreement with LMFA (6213Y)
03 January 2020 - 6:00PM
UK Regulatory
TIDMCRV
RNS Number : 6213Y
Craven House Capital PLC
03 January 2020
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")
Loan Agreement with LMFA
The Company announces that its 100% owned subsidiary, Craven
House Capital North America LLC ("CRVNA"), has entered into a loan
agreement with LM Funding America Inc. ("LMFA"). The Company is a
26% shareholder of LMFA.
Under the terms of the loan agreement CRVNA will borrow $1.5m
from LMFA (the "LMFA loan"). The proceeds from the LMFA loan will
provide liquidity for investment purposes in advance of the
repayment of the $3.6m convertible loan due from LMFA to CRVNA (the
"CRVNA loan"), which remains outstanding. In response to
discussions with LMFA regarding extension of the maturity date of
the CRVNA loan, CRVNA have agreed to extend the maturity date of
the CRVNA loan from January 16, 2020 to April 15, 2021. In order to
accommodate this CRVNA requested a partial repayment of $1.5m
against the CRVNA loan, however, at the request of LMFA this has
been structured as separate loan facility in the form of the LMFA
loan which provides additional benefit to CRVNA as the LMFA loan is
repayable in shares of LMFA at a premium to the current market
price of LMFA.
The LMFA loan is repayable on April 15, 2020 with interest
payable at a rate of 6% p.a. The LMFA loan is repayable in cash or,
alternatively, the principal and all accrued interest can be repaid
via the transfer of 640,000 shares in LMFA from CRVNA to LMFA.
Ends
For further information please contact:
Craven House Capital Plc Tel: 0203 286 8130
Mark Pajak
www.Cravenhousecapital.com
SI Capital Tel: 01483 413500
Broker
Nick Emerson
www.sicapital.co.uk
SPARK Advisory Partners Limited Tel: 0203 368 3550
Nominated Adviser
Matt Davis/Mark Brady
www.Sparkadvisorypartners.com
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.
END
AGRFFFSVLEIFIII
(END) Dow Jones Newswires
January 03, 2020 02:00 ET (07:00 GMT)
Craven House Capital (LSE:CRV)
Historical Stock Chart
From Apr 2024 to May 2024
Craven House Capital (LSE:CRV)
Historical Stock Chart
From May 2023 to May 2024