Trading Update, Change of Auditor & 2020 Results

RNS Number : 6874B

Craven House Capital PLC

09 October 2020

 

Craven House Capital plc

("Craven House" or the "Company")

Trading update, Change of Auditor and 2020 Results Delay

Craven House Capital plc ("Craven" or the "Company"), the AIM quoted investment company, today provides the following trading update:

The restructuring and payment of special dividend in specie approved by shareholders at the General Meeting on the 22 May 2019 were successfully completed prior to Craven's year end on the 30 May 2019.

As a result, the Company's year-end position, as presented in the Annual Report and Accounts, is not expected to be materially different to the pro-forma forecast balance sheet provided in the shareholder circular dated 1 May 2020. Since the period end the Company has not made any further investments or completed any other corporate transactions. Craven's ongoing overhead and operating expenses continue to be very limited.

The Company's current investment portfolio continues to comprise minority shareholdings in a portfolio of e-commerce businesses which the Board believes continue to perform in line with the expectations of the Board and the Investment Manager.

Change of auditors

RBK Business Advisers ("RBK") has notified the Company of its intention to step down as the Company's auditor. RBK has confirmed to the Company that there are no matters connected with its cessation as auditor or otherwise that it considers should be brought to the attention of the Board or shareholders of the Company.

RBK has confirmed that they will remain as the Company's auditors until a new auditor is appointed.

The Board is in advanced discussions in relation to the appointment of a new auditor. However these discussions have confirmed that, in light of the widespread repercussions of COVID-19, the audit of the Company's financial statements for the year to 31 May 2020 is unlikely to be complete by 30 November 2020, the Company's Annual Audited Accounts Reporting Deadline.

For this reason, with the consent of AIM Regulation and in light of the automatic extension already granted by Companies House, the announcement of the Company's final results and publication of the 2020 Annual Report and Accounts may be slightly delayed.  However, the Company will publish and file the 2020 financial statements as soon as possible and no later than 28 February 2021.

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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/James Keeshan www.Sparkadvisorypartners.com	Tel: [phone]

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.

 

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