Craven House Capital surges on GBP30m financing agreement

Craven House Capital surged after the company said it has entered into a £30m financing agreement with New York-based Global Emerging Markets Group.

Under the terms of the agreement, GEM will provide Craven with the funds through a structured stock subscription agreement with the Global Yield Fund.

Craven said the facility is designed to provide equity capital on an as-needed basis to support future transactions and provide additional capital to existing portfolio companies.

Chairman Mark Pajak said: “Having fresh capital available will speed the rate at which Craven House can continue to build value for shareholders over the long term.

“We now have a strong financing partner in GEM. We look forward to working with them in seeking transformational acquisitions for the company and are currently evaluating a number of opportunities; there are no guarantees that any of these will be completed, but further announcements will be made as appropriate."

At 0950 GMT, shares were up 47% at 0.70p.