TIDMCRV
RNS Number : 6087C
Craven House Capital PLC
23 February 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
Craven House Capital PLC
("Craven House" or the "Company")
Unaudited Interim Report for the period ended 30 November
2021
CRAVEN HOUSE CAPITAL PLC
INVESTMENT MANAGER'S REPORT FOR THE SIX MONTH PERIODED
30 NOVEMBER 2021
Statement by the Investment Manager
The Company's investment portfolio comprises minority
shareholdings in five Swedish-managed eCommerce businesses. The
valuations of the respective entities have remained unchanged
during the period and are as follows
Investment Value at 30 Nov 2021 Value at 31 May 2021
Shares in Garimon Limited $1,600,000 $1,600,000
Shares in Rosedog Limited $1,600,000 $1,600,000
Shares in Honeydog Limited $1,600,000 $1,600,000
Shares in Bio Vitos Medical Limited $1,600,000
$1,600,000
The investee companies have each demonstrated positive progress
during the period however remain at an early stage of business
development.
Desmond Holdings Ltd
Investment Manager to Craven House Capital Plc
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/James Keeshan
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.
3
CRAVEN HOUSE CAPITAL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
Six months ended Year Ended
30 Nov 2021 30 Nov 2020 31 May 2021
Note (Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
CONTINUING OPERATIONS
Changes in fair value - - (1,600)
Administrative expenses (78) (119) (208)
Exceptional costs 2 - - (623)
OPERATING LOSS (78) (119) (2,431)
------------ ------------ ------------
LOSS BEFORE INCOME TAX (78) (119) (2,431)
Income tax 3 - - -
------------ ------------ ------------
LOSS FOR THE PERIOD (78) (119) (2,431)
============ ============ ============
Earnings per share expressed
In cents per share:
Basic and diluted 6 (2.02) (3.08) (62.92)
4
CRAVEN HOUSE CAPITAL PLC
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2021
Six months ended Year Ended
30 Nov 2021 30 Nov 2020 31 May 2021
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
ASSETS
NON-CURRENT ASSETS
Investments at fair value
through
profit or loss 4 6,400 8,000 6,400
------------ ------------ --------------
6,400 8,000 6,400
------------ ------------ --------------
CURRENT ASSETS
Trade and other receivables 16 28 38
Cash and cash equivalents 1 3 5
------------ ------------ --------------
17 31 43
------------ ------------ --------------
TOTAL ASSETS 6,417 8,031 6,443
============ ============ ==============
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 5 3,802 3,802 3,802
Share premium 11,153 11,153 11,153
Accumulated deficit (9,666) (7,276) (9,588)
------------ ------------ --------------
TOTAL EQUITY 5,289 7,679 5,367
------------ ------------ --------------
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 86 352 87
NON-CURRENT LIABILITIES
Other payables 1,042 - 989
------------ ------------ --------------
TOTAL LIABILITIES 1,128 352 1,076
------------ ------------ --------------
TOTAL EQUITY AND LIABILITIES 6,417 8,031 6,443
============ ============ ==============
5
CRAVEN HOUSE CAPITAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
Called
up share Share premium Accumulated
capital $'000 deficit Total
$'000 $'000 $'000
Balance at 1 June
2020 3,802 11,153 (7,157) 7,798
Changes in equity
Issue of share capital - - - -
---------- ---------------- -------------- --------
Transactions with
owners 3,802 11,153 (7,157) 7,798
---------- ---------------- -------------- --------
Loss for the period - - (119) (119)
Balance at 30 November
2020 3,802 11,153 (7,276) 7,679
---------- ---------------- -------------- --------
Changes in equity
Issue of share capital - - - -
---------- ---------------- -------------- --------
Transactions with
owners 3,802 11,153 (7,276) 7,679
---------- ---------------- -------------- --------
Loss for the period - - (2,312) (2,312)
Balance at 31 May
2021 3,802 11,153 (9,588) 5,367
---------- ---------------- -------------- --------
Changes in equity
Issue of share capital - - - -
---------- ---------------- -------------- --------
Transactions with
owners 3,802 11,153 (9,588) 5,367
---------- ---------------- -------------- --------
Loss for the period - - (78) (78)
Balance at 30 November
2021 3,802 11,153 (9,666) 5,289
---------- ---------------- -------------- --------
CRAVEN HOUSE CAPITAL PLC
STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
Six months ended Year Ended
30 Nov 2021 30 Nov 2020 31 May 2021
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
Cash flows from operating activities
Loss before income tax (78) (119) (2,431)
Adjustments for non-cash items
Fair value movement arising on
investments - - 1,600
Decrease in trade and other receivables 22 18 8
(Decrease)/increase in trade and
other payables (1) 98 (167)
------------ ------------ ------------
Net cash used in operating activities (57) (3) (990)
Cash flows from financing activities
Loans received 53 - 989
------------ ------------ ------------
Net cash from financing activities 53 - 989
Net decrease in cash and cash
equivalents (4) (3) (1)
Cash and cash equivalents at the
beginning
of the period 5 6 6
Cash and cash equivalents at the
end of the period 1 3 5
============ ============ ============
7
CRAVEN HOUSE CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
1. ACCOUNTING POLICIES
General Information
Craven House Capital Plc is a company incorporated in the United
Kingdom under the Companies Act 2006. The address of the registered
office is given on the company information page. The Company is
listed on the AIM Market of the London Stock Exchange (ticker:
CRV).
The next annual financial statements of Craven House Capital Plc
will be prepared in accordance with applicable International
Financial Reporting Standards (IFRS) as adopted for use by the
European Union. Accordingly, the interim financial information in
this report has been prepared using accounting policies consistent
with IFRS. IFRS are subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the
International Financial Reporting Interpretations Committee (IFRIC)
and there is an on-going process of review and endorsement by the
European Commission. The financial information has been prepared on
the basis of the IFRS that the directors expect to be applicable as
at 31 May 2022.
The financial information has been prepared under the historical
cost convention, except to the extent varied for fair value
adjustments required by accounting standards, and in accordance
with applicable International Financial Reporting Standards (IFRS)
as adopted for use by the European Union. The principal accounting
policies have been applied to all periods presented.
This financial information is unaudited and does not constitute
statutory financial statements within the meaning of Section 434 of
the Companies Act 2006. The financial statements of the Company for
the year ended 31 May 2021, which were prepared in accordance with
IFRS as adopted for use by the European Union, have been reported
on by the Company's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not
include any statement under Section 498 of the Companies Act
2006.
This financial information is presented in United States dollar,
rounded to the nearest $'000.
The directors do not propose the issuance of a dividend.
The interim financial information for the six months ended 30
November 2021 was approved by the directors on 22 February
2022.
Going concern
The directors consider that the Company is well placed to manage
its business risks successfully and have a reasonable expectation
that the Company has adequate resources to continue in operational
existence for the foreseeable future. Thus, they continue to adopt
the going concern basis of accounting in preparing the financial
information.
8
CRAVEN HOUSE CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION - continued
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
2. Exceptional costs
Six months ended Year Ended
30 Nov 2021 30 Nov 2020 31 May
2021
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
One-off legal expenses - - 623
- - 623
---------------------- ------------------- -----------
3. Taxation
No tax charges arose in the period or in comparative periods as
a result of losses incurred.
4. Investments at fair value through profit or loss
Unquoted
equity investments
$'000 Total
$'000
As at 1 June 2021 and 30 November
2021 6,400 6,400
-------------------- --------
The value of Investments represents the Company's acquisitions
during 2020 of a 29.9% interest in the below-named four UK
entities. These are all unquoted investments and have therefore
been measured on a Level 3 basis as no observable market data is
available. Further information on each investment holding is as
follows;
Shares in Garimon Limited are valued at $1,600,000 representing
a 29.9% holding. This shareholding has been valued on a Price of
Recent Investment basis which the directors consider represents the
best indication of the fair value at the year end. Garimon Limited
is the owner of "Magazinos.com", the world's largest-by-content
on-line media magazine and periodical content provision service.
The management of Magazinos are currently evaluating options
available to broaden Magazinos' shareholder base by means of IPO
and/or partnering with a major industry investor.
Shares in Honeydog Limited are valued at $1,600,000 representing
a 29.9% holding. This shareholding has been valued on a Price of
Recent Investment basis which the directors consider represents the
best indication of the fair value at the year end. During the
period this entity became the 25% owner of the entity which owns
the licence to manufacture and distribute the chemotherapy drug,
Temodex, which is used in the treatment of brain tumours.
9
CRAVEN HOUSE CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION - continued
FOR THE SIX MONTH PERIODED 30 NOVEMBER 2021
4. Investments at fair value through profit or loss (continued)
Shares in Rosedog Limited are valued at $1,600,000 representing
a 29.9% holding. This shareholding has been valued on a Price of
Recent Investment basis which the directors consider represents
the best indication of the fair value at the year end. Rosedog Limited
is the owner of TV Zinos (www.tvzinos.com), a website which offers
a number of free-to-view television channels.
Shares in Bio Vitos Medical Limited are valued at $1,600,000 representing
a 29.9% holding. This shareholding has been valued on a Price of
Recent Investment basis which the directors consider represents
the best indication of the fair value at the year end. Bio Vitos
Medical Limited is the owner of all Omega-3 brands previously owned
by 'Rosedog Limited' in addition to its range of collagen products
marketed under the "Ocean Skin Lab" brand. During the course of
2021, it has expanded its product offering and now has a portfolio
of over 40 different Omega-3 supplements. It has also entered into
an agreement with Double Bond Pharmaceuticals to acquire its license
to market its patented drug 'Inofer' which is used in the treatment
of heart disease.
The businesses of all of the above portfolio investments are presently
loss-making although their cost bases are low and there is minimal
committed future expenditure, meaning that the extent and timing
of the Company's further investment in the businesses are highly
controllable. The Company and the incumbent management teams of
the investee companies will continue to work together with the aim
that these businesses become financially self-sustaining and generating
surpluses within the short- to medium-term and to crystallise additional
capital value for shareholders through strategic, third-party partnerships
.
5. Called up share capital
Authorised, issued and fully paid share capital as at 30 November
2021 is as follows:
Number Class: Nominal 30 Nov 31 May
Value 2021 2021
(Unaudited) (Audited)
$'000 $'000
3,863,590 Ordinary $1.00 3,802 3,802
3,802 3,802
------------ ------------
The aggregate nominal values of the ordinary shares include exchange
differences arising from the translation of shares at historic rates
and the translation at the rate prevailing at the date of the change
in functional currency.
10
CRAVEN HOUSE CAPITAL PLC
NOTES TO THE FINANCIAL INFORMATION - continued
FOR THE SIX MONTH PERIOD ENDED 30 NOVEMBER 2021
6. Earnings per share
The calculation of basic earnings per share is based on the loss
attributable to the equity holders of $78,000 divided by the
weighted average number of shares in issue during the period of
3,863,590 (six months ended 30 November 2020: loss of $119,000 and
3,863,590 shares; year ended 31 May 2021: loss of $2,431,000 and
3,863,590 shares).
7. Related party disclosures
Craven Industrial Holdings Plc
During the period, Craven Industrial Holdings Plc paid costs on
behalf of and advanced loans to the Company. At the period end, the
outstanding balance due to Craven Industrial Holdings Plc was
$1,042,196. Despite the common director in Mr M J Pajak, the board
of Craven House Capital Plc do not believe that Craven House
Capital Plc or Craven Industrial Holdings Plc are able to exert
control or influence over each other and neither are accustomed to
act in accordance with instructions from the other.
8. Events after the reporting period
None.
11
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