RNS Number : 9932H
Craven House Capital PLC
09 December 2020
Certain information contained within this Announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this Announcement, this information is now
considered to be in the public domain.
Craven House Capital plc
Investee Company Update: YRRO Ltd
Craven House Capital plc ("Craven" or the "Company"), the AIM
quoted investment company, is pleased to reproduce the following
announcement issued today by Black Sea Property AS ("BSP"), with
regards to it entering into an option agreement to acquire certain
business assets from YRRO Ltd ("Yrro"), an investee company
specialising in the distribution and sale of dietary supplements,
in which Craven has a 29.99% stake in.
For the six month period to 31 January 2020, YRRO, which was
incorporated in July 2019, showed a loss of GBP25,883 and a net
asset value at 31 January 2020 of GBP53,678.
"Black Sea Property as: Enters into option agreement to acquire
Omega 3 and Collagen business
Black Sea Property AS ("BSP" or the "Company") hereby announces
that it has entered into an option agreement (the "Option" and the
"Option Agreement") to acquire certain business assets from YRRO
Ltd ("Yrro"), a company incorporated in the UK and managed in
Sweden, specialising in the distribution and sale of dietary
The Option provides BSP with the right, but not an obligation,
to acquire at any time during the next six months the following
brand names and all associated rights, including the benefit of
sales, from Yrro:
-- Omega 3, North Norway
- Omega 3 NORTH NORWAY is a 100 % Omega 3 salmon oil.
- Omega 3 NORTH NORWAY has a theme inspired by the North of Norway.
- Further information is available at www.biovitos.com
-- Royal Norwegian Fish Oil(TM)
- Royal Norwegian Fish Oil is a lifestyle brand of seven
different Omega 3 products, with added vitamins and minerals,
targeting specific lifestyle groups.
-- Functional Omega 3
- Functional Omega 3 is a brand of 12 different Omega 3
products, also with added vitamins and minerals, focusing on
different physical and mental functions.
-- Nor Can Oil
- Yrro owns Nor Can Oil.com, a business importing and in the
process of establishing sales prescription medical cannabis in
Denmark. This company is applying for a licence from the Danish
Medicines Agency to import, distribute and sell Omega 3 added with
medical cannabis to Danish patients.
- Nor Can Oil will also sell Omega 3 with added CBD oil.
- Further information is available at: www.norcanoil.com
-- Ocean Skin Lab
- Ocean Skin Lab is a brand of different Marine Collagen products adding vitamins, minerals
- Ocean Skin Lab will sell by subscription, as well as directly
via B2B and as "private label" products
- Further information is available at www.oceanskinlab.com
Yrro is a registered professional seller on all Amazon platforms
and will use these platforms to accelerate its Omega 3 distribution
worldwide. Yrro will list seven different Omega 3 brands on Amazon
in Germany, the UK, Sweden and, subsequently, in the US.
Egil Melkevik, chairman of the Company, comments: "In a time
with significant uncertainty in the global tourism markets, this
Option provides the Company and its shareholders with a potential
for additional value creation and diversification of its investment
in Black Sea Property. We look forward to following the development
of Yrro in the coming six months, while continuing our work with
the development of the Sunrise Gardens Hotel".
Cato Crogh, CEO of Yrro, comments: "As CEO and founder of Yrro,
I see the potential transaction with Black Sea Property as
strategically important for Yrro, and I am confident that it can
offer the potential for a great boost in organic growth for our
Omega 3 and health business. Going forward, we shall also look into
opportunities for growth through acquisition, both in established
and new markets for our product segment."
Under the terms of the Option Agreement, the purchase price for
the assets will be NOK 130,000,000. The consideration payable upon
exercise of the Option is to be settled by the issuance of new
consideration shares in BSP to the shareholders of Yrro, whereby
the shareholders of Yrro will receive an amount of shares in the
Company corresponding to 85% of the outstanding shares in the
Company following the Option exercise. The existing shareholders of
BSP will consequently hold 15% of the shares in the combined
No option premium is payable by BSP for entering into the Option
Agreement with the shareholders of Yrro. The Option may be
exercised at the sole discretion of BSP. During the option period
of six months, BSP will carry out a customary due diligence review
to assess the benefits of exercising the Option. The consummation
of any acquisition of business assets following exercise of the
Option will be subject to, inter alia, the parties entering into a
definitive agreement; and to approval by the shareholders of the
Company for the issuance of the consideration shares.
If the Option is exercised, the current activities of the
Company (i.e., ownership and development of the Sunrise Gardens
Hotel in Aheloy, Bulgaria) will be divested into a new corporate
Further announcements will be made in due course.
For further information please contact:
Craven House Capital Plc Tel: 0203 286 8130
SI Capital Tel: 01483 413500
SPARK Advisory Partners Limited Tel: 0203 368 3550
Matt Davis/James Keeshan
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
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(END) Dow Jones Newswires
December 09, 2020 02:00 ET (07:00 GMT)
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