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Craven House completes purchase of IIU from LM Funding America
StockMarketWire.com
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Craven House said it had completed the purchase of medical insurance broker IIU from LM Funding America.
Craven House North America (CRVNA), the company's subsidiary, previously sold IIU to LMFA in January 2019 for a total purchase price of approximately $5.1m, $3.6m of which was paid through the issuance by LMFA of a convertible note.
As part of its purchase of IIU, CRVNA said it would cancel the convertible note along with any principal and accrued interest payments.
IIU reported a loss for the 12 months to 31 December 2019 of $36,700 and net assets of $1.02m.
At 9:34am: (LON:CRV) Craven House Capital PLC ORD USD1.00 share price was 0p at 2.5p
Story provided by StockMarketWire.com
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