15th Jun 2016 17:18
LONDON (Alliance News) - Raven Russia Ltd Wednesday said it has purchased and cancelled over 10.2 million shares as part of the tender offer launched in March.
The property investment company offered to buy one in every 40 shares held by way of a tender offer priced at 40.0 pence. The 10.2 million shares represent just under 60% of the maximum amount of shares Raven Russia would have acquired under the deal, which closed on Tuesday.
The company has paid a total of GBP4.1 million for those shares, out of a possible maximum of GBP6.9 million.
The result of the tender offer was posted alongside the results of the annual general meeting, with all resolutions being passed, and 99.98% of the votes cast were in favour of the tender offer.
Raven Russia shares closed flat on Wednesday at 33.25 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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