Craven House Capital PLC Update on Brazilian Land Investments (2696G)
25 Mayo 2017 - 8:34AM
UK Regulatory
TIDMCRV
RNS Number : 2696G
Craven House Capital PLC
25 May 2017
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 on Brazilian Land Investments
The Company today reports that it has received updated
valuations from Oeste Bahia Imóveis and Celso Frederico de Melo
Pessanha, being independent expert third-party valuers, on two of
its investments in Bahia, Brazil.
Via its subsidiaries, the Company owns a minority stake in a
1,973 hectare land holding in Caravelas, situated in the state of
Bahia, Brazil. The land benefits from circa two kilometres of
beachfront facing the South Atlantic ocean and was acquired in
September 2012. This asset is held on Craven House's balance sheet
at its acquisition value of $1,293,020. The recent professional
appraisal values the Company's shareholding in this property at
$3,798,600.
The Company, via its subsidiaries, owns a second substantial
ocean-front land parcel also in Bahia, Brazil. The land holding is
comprised of 500 hectares with c.7.5 kilometres of waterfront. This
was acquired for $3,100,000 in December 2016 and has now been
valued at $4,980,730.
The value of these holdings has therefore been appraised at a
combined value of just under $8.8 million. While these assets are
intended to be a long term holding and remain valued on the
Company's balance sheet at their original acquisition value of $4.4
million, the Board and Investment Manager are exploring options to
consolidate these assets and unlock their value for the benefit of
shareholders.
Ends
For further information please contact:
Craven House Capital Tel: 0203 286 8130
Plc
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/Mark Brady
www.Sparkadvisorypartners.com
About Craven House Capital:
Craven House Capital is a frontier and emerging market focused
merchant bank seeking value oriented long term investments. Craven
House invests in all segments of the capital structure in
partnership with local entrepreneurs and the local business
community. Craven House provides long term patient capital and is
often involved in restructuring, expansion and turn around
investments in crisis and transitioning economies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 25, 2017 09:34 ET (13:34 GMT)
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