17th May 2016 08:46
LONDON (Alliance News) - Raven Russia Ltd on Tuesday said it is seeking to raise a minimum of GBP105.5 million through the issue of convertible redeemable preference shares.
The convertible shares would be listed in the Channel Islands Securities Exchange and convertible at 55.00 pence per share, a significant premium to the company's current share price. Raven shares were untraded on Tuesday morning, having last traded at 33.00 pence.
Raven said it has secured a dual listing in the Channel Islands for its ordinary shares as well, and those shares started trading on Tuesday.
The funds raised by the company will be used to back any acquisition opportunities and will improve Raven's debt profile, it said. Raven is a property investment company focused on commercial real estate in Russia.
By Sam Unsted; [email protected]; @SamUAtAlliance
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