3rd Oct 2014 12:38
LONDON (Alliance News) - Raven Russia Ltd Friday said it will buy 25.1 million shares at 75 pence each under its tender offer, meaning it will pay GBP18.9 million to shareholders in exchange for the shares.
Tenders for up to, and including, the entitlement of one share for every 30 shares at 75 pence per share will be met in full. Tenders received for surplus shares will be met at the rate of 0.009092772 shares for each surplus share tendered over and above the tender offer entitlement of one for 30, rounded down to the nearest whole share.
Of the 25.1 million shares purchased under the tender offer, 8.1 million will be held as treasury shares and the remainder will be cancelled.
Raven Russia had originally estimated it would spend GBP18.8 million on buying shares from shareholders under the offer, but the number of shares it will buy has increased by 19,688 shares due to the exercise warrants.
Raven Russia was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants.
Raven Russia shares were Friday quoted up 2.0% at 65.25 pence.
By Samuel Agini; [email protected]; @samuelagini
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