26th Jan 2021 11:46
(Alliance News) - Raven Property Group Ltd on Tuesday announces that Invesco Asset Management Ltd has agreed to sell all its Raven shares back to the company.
The property investment company specialising in commercial property in Russia said 156.7 million shares will be bought back from Invescos at 21.6 pence each.
Raven additionally said 100.0 million shares will be acquired by a newly formed joint venture vehicle, comprising of the company and the company's executive directors and certain senior executives - who were unnamed.
The joint venture, called referred to as RH, will be established as a 50:50 joint venture capitalised through the transfer to RH of up to 53.0 million ordinary shares in the Raven by the executive management and an equal value of cash by the Raven.
Raven said this will assist the company in securing a loan facility from VTB Bank, part of which will be made available to RH to finance the joint venture's purchase of shares.
Raven is currently finalising the credit approved loan facility agreement with VTB Bank.
Raven announced the placing of up to 46.8 million shares at 21.6p each with investors via its broker, Nplus1 Singer Capital Markets Ltd.
Quilter PLC's investment platform Quilter Investors Ltd, London-based Schroders Investment Management Ltd and Galloway Ltd have inked agreements with Nplus1 to purchase 35.3 million, 9.3 million and 2.3 million shares, respectively, accounting for all the shares being placed.
The placing shares will be sold by Invesco.
Raven shares were down 3.8% at 25.70 pence in London on Monday.
By Greg Roxburgh; [email protected]
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