Acquisition of insurance broker in United States

RNS Number : 0730Q

Craven House Capital PLC

01 June 2018

 

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")

Acquisition of insurance broker in United States

The Company today announces that it has acquired the entire share capital of IIU Inc. ("IIU") for $2,500,000 in cash.

Through its subsidiaries based in the United States, IIU sells global medical insurance products for international travelers, specialising in policies covering high-risk destinations and emerging markets. All policies are fully underwritten with no claim risk remaining with IIU.

The adjusted pre-tax income of the business being acquired for the full year 2017 was $500,105.

The Company also announces that it has agreed the early repayment of the $2,500,000 convertible loan made to Xenod Tour Oikod Epeix Afon Daktylidi AE ("Xenod"), the Greek holding company whose sole asset is the Hotel Yiannakiny, as announced on 30 August 2016.

The proceeds of the repayment of the Xenod loan were used to fund the acquisition of IIU.

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 For further information please contact:

Craven House Capital Plc

Mark Pajak

www.Cravenhousecapital.com

Tel:   [phone]

SI Capital

Broker

Nick Emerson

www.sicapital.co.uk

Tel: [phone]

SPARK Advisory Partners Limited

Nominated Adviser

Matt Davis/Mark Brady

www.Sparkadvisorypartners.com

Tel:   [phone]

About Craven House Capital:

The Company's Investing Policy is to invest in or acquire a portfolio of companies, partnerships, joint ventures, businesses or other assets globally in any geographic jurisdiction. The company will invest in both developed and developing markets providing long term patient capital and is often involved in special situations, restructuring, expansion and turn around investments in crisis and transitioning economies.

 

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