TIDMCRV
RNS Number : 9544U
Craven House Capital PLC
28 November 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE
UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018.
Craven House Capital plc
("Craven House" or the "Company")
Investee Companies' Update
Craven House Capital plc ("Craven House" or the "Company"), the
AIM quoted investment company, provides the following update
regarding its investee companies following a review completed today
of the Company's investment portfolio in preparation of the
publication of its Annual Report and Accounts for the year to May
2023.
Garimon Limited - 29.9% shareholding
As at end May 2023 Garimon's assets comprised ownership of the
domain www.magazinos.com, a platform for digital magazine
distribution, with over 10,000 magazines freely available for
readers. Limited progress was demonstrated in relation to
development and growth of this domain during the year. Despite the
potential future value of this investment, the fair value has been
impaired to zero due to the current absence of tangible arm's
length or market-based valuation metrics.
Stormfjord Limited - 25.5% shareholding
As previously announced the www.onebas.com domain was
transferred out of Garimon during the period and into a new entity,
Stormfjord Ltd. Stormfjord subsequently raised $520,000 of
arms-length financing, which valued the domain at $5,000,000. The
proceeds of the financing were used to upgrade the functionality
and capacity of the websites as well as launch a PR / advertising
campaign across key target markets.
A subsequent round of fundraising was completed in March 2023,
raising $100,000 (announced on March 3, 2023) at a valuation of
$28,000,000. Craven did not participate in either fundraising.
Despite the potential future value of this investment, the fair
value has been impaired to zero due to the current absence of
tangible arm's length or market-based valuation metrics.
Bio Vitos Medical Limited - 24.5% shareholding
Bio Vitos has two principal assets;
In the prior year Bio Vitos acquired the licence to market a
patented heart drug 'Succifer' (also marketed as 'Inofer'), from
Double Bond Pharmaceutical AB. The drug has been demonstrated to
improve iron uptake in patients with chronic heart conditions
As publicly disclosed, after the end of the period BioVitos
completed its transaction with Hemcheck Sweden AB (a Swedish
medical technology company, listed on the Stockholm Stock Exchange)
whereby BioVitos has completed an RTO into Hemcheck in a
transaction which will value Succifer at $5,000,000. As a result
BioVitos will be issued 259,654,000 shares in Hemcheck.
Craven House remains a 24.5% shareholder in BioVitos and will
receive a pro-rata distribution of Hemcheck shares shortly after
they are awarded to BioVitos (anticipated in December 2023). As a
result Craven received c.63,615,230 shares in Hemcheck which have a
current market value of c. 12 million Swedish Kroner / $1.136m US
Dollars, which the board believes accurately reflects the current
fair value for this investment.
The dietary / Omega-3 supplement products owned by BioVitos in
the prior period have now been transferred to a new entity,
Rosemonkey Ltd, in which Craven is a shareholder.
Rosedog Limited - 28.6% shareholder
Rosedog is the owner of TV Zinos (www.tvzinos.com), a website
which offers a number of free-to-view television channels.
As publicly announced on March 3, 2023, Rosedog raised $70,000
on 1st March 2023 at a valuation of $28,000,000. Following
completion of the fundraising, Craven House's holding of 29,900,000
shares represents 28.6% of Rosedog. Despite the potential future
value of this investment, the fair value has been impaired to zero
due to the current absence of tangible arm's length or market-based
valuation metrics.
Honeydog Ltd - 29.9% shareholder
Honey dog the 25% owner of the entity which owns the licence to
manufacture and distribute the chemotherapy drug, SI-053 /
'Temodex' which is used in the treatment of brain tumours, offering
significant increases in survival rates. Preparation for the
finalisation of clinical trials is ongoing. Despite the potential
future value of this investment, the fair value has been impaired
to zero due to the current absence of tangible arm's length or
market-based valuation metrics.
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 Tel: 0203 368 3550
Limited
Nominated Adviser
Matt Davis
www.Sparkadvisorypartners.com
About Craven House Capital:
The Company's Investing Policy is primarily to invest in or
acquire a portfolio of companies, partnerships, joint ventures,
businesses or other assets participating in the e-Commerce
sector.
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END
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