Year-end Update and Financial Calendar

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")

Year-end Update and Financial Calendar

Craven House Capital (AIM:CRV) is pleased to announce the following unaudited year-end investment update covering the year ending 31 May 2019.

Highlights

·     Directors estimate that Net Asset Value ("NAV") per share has increased by 17% to $9.99 per share in the six-month period from November 2018 to May 2019.

·   Changes in valuations reflect the previously announced repositioning of capital allocation and current investment focus in North America.

The table below sets out the latest estimate of the appropriate carrying value of the Company's investments as at 31 May 2019 in comparison to the values as of the latest published financial statements of the Company.

Portfolio update

The valuation of the Company's shareholding in Craven Industrial Holdings Plc ("CIH"), its principal wholly-owned investment holding company, has increased from $23.9m to $27.6m. This reflects the change in the respective value of subsidiary holdings as follows;

DLC Holdings Corp. (TSXV:DLC) - 68% owned by CRV

DLC is a Toronto Stock Exchange listed agricultural investment company with holdings in Brazil and South Africa. The valuation ascribed to CIH's shareholding in DLC in CRV's financial statements reflects the latest published share price of DLC's shares as of 31 May multiplied by the number of shares owned by CIH.

The valuation of DLC has increased due to an increase in the share price of DLC between Nov 18 and May 19.

Qeton Ltd ("Qeton") - 50% owned by CRV.

Qeton Ltd is a joint venture company focusing on the distribution of mobile phones, tablet computers and accessories into emerging markets.

The valuation of Qeton during the past six-month period has reduced from $1.55m to $0.650m reflecting a reduction in the earnings of Qeton during the period, with shares in Qeton valued at a multiple to net earnings based on the prior 12 months of trading. Whilst earnings have reduced, Qeton remains profitable and has a positive trading outlook.

Craven House Angola LDA ("CHA") - 100% owned by CRV.

Craven House Angola continued to provide local currency financing to Angolan subsidiaries of US and European companies in the consumer electronic and energy sectors. The carrying value of CHA's loan portfolio reduced from $8.9m to $7.9m during the six-month period to May 2019, reflecting the repayment of a portion of the outstanding loan facilities, in accordance with the terms of repayment. The proceeds of the repayments were passed to the parent company and utilized for general working capital purposes and for investment into Craven House's North American subsidiary.

Craven House Capital North America LLC ("CHNA") - 100% owned by CRV

The valuation of Craven's US investment holding company, CHNA, increased from $4.5m to $7.9m during the six months to May 2019. The majority of this increase reflects the successful sale of CHNA's wholly owned insurance business to LM Funding America Inc. ("LMFA") a NASDAQ listed entity as announced in January 2019. As of May 2019, CHNA owns c.25% of the common shares of LMFA and holds c.$3.6m in convertible notes in LMFA. CHNA also benefits from an equity portfolio valued at c.$3.5m, on a mark-to-market basis, as of May 2019.

 Kwikbuild Corporation Ltd. - 97% owned by CRV

There was little change in the valuation of Kwikbuild during the six-month period to the end of May 2019. The slight reduction in carrying value is the result of exchange rate movements and operating costs; the valuation of the underlying South African assets remained unchanged during this period. We continue with the process of liquidating our remaining holdings in South Africa.

Net Asset Value

As of the end of May 2019 the Directors estimate that the combined value of the other assets and liabilities of the Company represent a total liability of c.$2.6m. Of total liabilities of c.$3.6m, the majority (c.$2.4m) comprise intercompany loans or are due to related parties.

The approximate Net Asset Value of the Company therefore stood at c.$25.0m as of May 2019, equating to an NAV per share of $9.99 (vs. $8.57 as of November 2018). This estimate is prior to calculation of any performance fees due to the Investment Manager, which will be finalized following completion of the year-end audit.

Share buyback Update

The High Court has approved the reduction in share capital which is now subject to final formalities before being completed.

Financial Calendar

In order to provide shareholders with more regular information regarding the Company's investments, the Directors have decided to amend Craven House's reporting cycle to include, in addition to its interim and preliminary results, two further portfolio updates. These portfolio updates will occur shortly after the May year-end and November interim period in July and December respectively. This RNS forms the first of these new portfolio updates.

Going forward, the Company intends to follow the below financial timetable:

In addition to the above financial reporting calendar the Company will, in accordance with its obligations under the AIM Rules for Companies, make additional updates of matters which it considers appropriate.  This may or may not include additional NAV updates.

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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.