REG - Craven House Capital - Investee Companies’ Update: Garimon and Honeydog

Craven House CapitalAnnouncement

16/11/2023 09:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231116:nRSP6920Ta&default-theme=true

RNS Number : 6920T  Craven House Capital PLC  16 November 2023

16 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: Garimon and Honeydog

Craven House Capital plc ("Craven House" or the "Company"), the AIM quoted
investment company notes the announcement released today by Amigo Holdings PLC
("Amigo") in relation to its investee companies Garimon Limited ("Garimon"),
and Honeydog Ltd ("Honeydog").

Craven House owns 29.9% of Garimon,  and 29.9% of Honeydog.

As per the announcement below, the Exclusivity Agreement has been terminated
with immediate effect. Consequently, all work on the Proposed Transaction
identified in the market update dated 17 October 2023 has ceased.

The full text of which is set out below:

"16 November 2023

Amigo Holdings PLC

 

("Amigo" or the "Company")

 

Termination of Potential Transaction and Request for Lifting of Temporary
Suspension

 

Amigo Holdings PLC, a provider of mid-cost credit in the UK that is
currently in an orderly solvent wind down, today announces that the
exclusivity agreement signed on 17 October 2023 by the Company, various
individuals and Craven House Capital PLC (the "Exclusivity Agreement") has
been terminated with immediate effect at the request of the various
individuals. Consequently, all work on the Proposed Transaction identified in
the market update dated 17 October 2023 has ceased.

 

Danny Malone, CEO of Amigo, commented: "This is disappointing news as the
transaction, in the form of a reverse takeover of Amigo, offered a solution
that could have provided a future for shareholders, offering some small value
that wouldn't be available otherwise.  As we continue the orderly wind-down
of our lending business, we remain open to assessing other viable options that
could be beneficial for our shareholders, our people and wider stakeholders."

 

At the request of the Company, the FCA suspended the Company's listing on the
Premium segment of the Official List and trading on the Main Market of
the London Stock Exchange from 7.30am on 17 October 2023. The temporary
suspension was requested because of the lack of information about the Proposed
Transaction, which could have prevented the smooth operation of the market in
the shares of the Company. Further to the termination of the Proposed
Transaction, the Company will request the FCA to lift the temporary suspension
of its listing for its ordinary shares of 0.25p each on the Premium Segment of
the Official List, at the earliest opportunity.

 

Since the Group started the orderly wind down of the lending business, the
Company has been and continues to be open to any expression of interest from
third parties in all or any assets of the business. However, as noted
previously, should a viable alternative solution not emerge, there will be no
value remaining in the Company for shareholders and the Company will need, in
the near future to convene a separate General Meeting, in which shareholder
approval will be sought to delist the Company from the London Stock
Exchange and to enter the Company into a Members Voluntary Liquidation.

 

The Scheme of Arrangement and the wind down of Amigo's historic lending
business continue to their existing timetable.

 

 

 Further announcements will be made in due course.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014. The person responsible for this
announcement is Roger Bennett, Company Secretary.

Notes to editors:

Media enquiries

Ed Hooper                           07783 387713

or

Amigoloans@lansons.com (mailto:Amigoloans@lansons.com)

About Amigo Loans

Amigo is a public limited company registered in England and Wales with
registered number 10024479. The Amigo Shares are listed on the Official List
of the London Stock Exchange. On 23 March 2023 Amigo announced that it has
ceased offering new loans, with immediate effect, and would start the orderly
solvent wind-down of the business. Amigo provided guarantor loans in
the UK from 2005 to 2020 and unsecured loans under the RewardRate brand
from October 2022, offering access to mid‐cost credit to those who were
unable to borrow from traditional lenders due to their credit histories.
Amigo's back book of loans is in the process of being run off with all net
proceeds due to creditors under a Court approved Scheme of Arrangement. Amigo
Loans Ltd and Amigo Management Services Ltd are authorised and regulated in
the UK by the Financial Conduct Authority."

 

For further information please contact:

 Craven House Capital Plc                                                Tel: 0203 286 8130

 Mark Pajak

 www.Cravenhousecapital.com (http://www.cravenhousecapital.com/)

 SI Capital                                                              Tel: 01483 413500

 Broker

 Nick Emerson

 www.sicapital.co.uk (http://www.sicapital.co.uk/)

 SPARK Advisory Partners Limited                                         Tel: 0203 368 3550

 Nominated Adviser

 Matt Davis/James Keeshan

 www.Sparkadvisorypartners.com (http://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.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDGPGCUGUPWUBQ