19 October 2016
Craven House Capital plc
("Craven House" or the "Company")
Additional $1,965,000 Convertible Loan to FMCD Ltd
The Company today announces that it has provided a $1,965,000 convertible loan (the "Loan") to FMCD Ltd ("FMCD"), a company specialising in the import, distribution and sale of lubricants and food products into Angola. The Loan has a term of one year, and carries an interest rate of 5%. Upon maturity, the Loan will be repaid, renewed or is convertible for up to 13% of the equity in FMCD at the discretion of Craven House.
The Loan is an additional facility to that provided to FMCD as announced on the 30th September 2016. In total, the convertible loans provided to FMCD now equal $3,465,000 and are convertible for up to 23% of the equity in FMCD. The loans benefit from a senior secured position; with a security package including four hectares of leasehold land in the Angolan enclave of Cabinda. This additional facility has been provided to FMCD in response to increased levels of customer demand and will allow FMCD to increase its stock levels and further expand its order book.
FMCD has distribution agreements in place with Chevron and Caltex and its registered clients include Sonangol, Maersk Drilling, Sonatide, Halliburton, Robert Hudson, PlusPetrol, Eni, Chevron, Hercules, and KCA.
FMCD's geographic focus is in Cabinda, which benefits from some of the most productive oil fields in the world. Hence there is significant demand for lubricants and food products to support the upstream sector.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information please contact:
Craven House Capital Plc
Tel: 020 7002 1027
Tel: 01483 413500
SPARK Advisory Partners Limited
Matt Davis/Mark Brady
Tel: 0203 368 3550
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