2nd Jan 2008 10:30
Raven Mount plc02 January 2008 2 January 2008 Raven Mount plc ('Raven Mount' or the 'Company') Issue of Shares Raven Property Holdings - final consideration On 25 October 2007, the Board of Raven Mount announced that it has receivedplanning on its Brackley and Coln (Phase II) properties. As a result, andpursuant to the acquisition by the Company of the entire share capital of RavenProperty Holdings PLC ('RPH'), as approved by shareholders at the EGM on 13December 2004, the Company confirms that it has issued 1,175,302 Ordinary Sharesrepresenting additional and final consideration of £1.1 million payable to thevendors of RPH. The additional consideration is payable wholly in new Ordinary Shares, issued on31 December 2007 at 96.79p per Ordinary Share, being the average share price forthe 3 month period to 31 December 2007 following which the total number ofOrdinary Shares in issue will be 112,021,317. This additional consideration takes the total amount payable up to the maximumconsideration of £39.9 million under the terms of the acquisition of RPH. Nofurther consideration is payable in respect of RPH. Post the issue of these new Ordinary Shares, Anton Bilton and Bim Sandhu have adirect or indirect (through trusts) interest in 29,008,422 (25.90%) and12,307,562 (10.99%) Ordinary Shares respectively. In addition, Santon CapitalPlc (which is wholly owned by Anton Bilton and Bim Sandhu equally) and itssubsidiary Santon Investments Ltd retain an interest in 7,750,000 (6.92%) RavenMount Ordinary Shares of 0.1p each. The combined holding together with theirinterest in Santon Capital Plc is 49,065,984 (43.80%). Application has been made for 1,175,302 Ordinary Shares of 0.1p each of RavenMount to be admitted to trading on the Alternative Investment Market of theLondon Stock Exchange ('AIM'). It is expected that the new Ordinary Shares willbe admitted to trading on AIM on 7th January 2008. Mark Kirkland - Finance Director commented: 'The acquisition of RPH has proved to be a very successful acquisition for theCompany and all future planning gains on work in progress acquired as part ofthe RPH acquisition will now accrue to all shareholders'. Enquiries: Raven Mount plc Mark Kirkland Finance Director 0207 235 0422 Shore Capital Pascal Keane 0207 408 4090 Notes for Editors: Raven Mount is an AIM quoted company whose principal areas of operation areproperty fund management, property development and the development and operationof Independent Living facilities. Raven Mount was founded in November 2003 by Anton Bilton (Executive Chairman),Bim Sandhu (Chief Executive) and Glyn Hirsch (Executive Deputy Chairman) andtook control of Swan Hill Group PLC, the housebuilder, in December 2003 in ahostile takeover supported by Swan Hill's four largest shareholders. In December 2004, shareholders approved the reversal of Anton Bilton and BimSandhu's private residential development group, Raven Property Holdings plc, fora total consideration of up to £39.9 million payable in Raven Mount shares andbegan a strategic reinvention of the business. In July 2005, Raven Mount subscribed £10 million towards the £153 millionflotation of Raven Russia Limited ('Raven Russia') on AIM. Raven Russia wasformed at Raven Mount's instigation as a vehicle for institutional shareholdersto invest in the Russian property market with an initial focus on the Warehouseproperty market in the Moscow and St Petersburg regions. Raven Mount's whollyowned subsidiary, Raven Russia Property Management Limited, acts as the propertyadviser to Raven Russia. In April 2006, Raven Russia raised a further £310million through the placing of 270 million shares at £1.15 per share. Raven Mount is actively involved in the development and management ofIndependent Living facilities for the elderly through its Audley brand in whichit has a 75% interest with the remaining 25% being owned by the management team. Audley has commenced development on four separate schemes, representing a totalof 408 individual units, at St. Elphins (Matlock, 127 units), Mote House(Maidstone, 87 units), Inglewood (Berkshire, 96 units), and Ilkley (Yorkshire,98 units). Audley owns and manages existing facilities at Willicombe Park(Tunbridge Wells, 67 units), Flete House (Devon, 30 units) and manages HollinsHall (Harrogate, 171 units), totalling 168 units under management. In addition, Raven Mount continues to investigate suitable resort/second homeopportunities, both in the UK and internationally. Raven Mount has outlineplanning consent, in a joint venture with John Hitchcox and Yoo Limited,comprising a hotel and 160 second homes in 650 acres at Coln in the Cotswolds,of which it currently has detailed consent for 52 units. The principal shareholders of Raven Mount are Anton Bilton and Bim Sandhu, whosecombined interests currently equate to 43.8% of the issued share capital. Othermajor shareholders are Schroder Investment Management (12.3%), SilchesterInternational Investors (6.8%), Deutsche Bank AG London (5.6%), Laxey (3.4%) andMan Financial (3.2%). www.theravengroup.co.uk www.audleylife.co.uk www.thelakesbyyoo.com www.ravenrussia.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RAV.L