6th Oct 2008 17:07
6 October 2008
Exercise of Convertible Shares
Raven Mount plc ("Raven Mount" or the "Company")
As part of the initial structuring of Raven Mount, the Company issued 6,000 convertible ordinary shares of £1 each in the capital of Raven Mount ("Convertible Shares") to the Raven Mount Employee Benefit Trust (the "Trust").
Anton Bilton, Bim Sandhu, Glyn Hirsch and Mark Kirkland (the "Directors") are interested in those shares in their capacity as potential beneficiaries under the Trust. The Convertible Shares convert into ordinary shares in the Company ("Ordinary Shares") at the election of Tenon (IOM) Limited, the trustee ("Trustee") of the Trust by reference to a formula set out in Raven Mount's articles of association ("Articles"). All Convertible Shares that have not been converted prior to the fifth anniversary of the admission of Raven Mount to AIM (17 December 2008), would convert into 396 Ordinary Shares on that date.
As part of the proposed disposal of Raven Mount's Russian property fund management business, announced on 9 July 2008 (the "Transaction"), the Company has made an amendment to the Articles to permit the conversion of the Convertible Shares at this rate following such amendments without having to wait until 17 December 2008.
Following the approval of the Transaction by Raven Mount shareholders on 22 September 2008 and the consent of the Trustee having been obtained, the Convertible Shares have converted into 2,376,000 new Ordinary Shares. This will allow the Trust to participate in the Transaction as a holder of Raven Mount Ordinary Shares. Following the conversion of the Convertible Shares the 2,376,000 new Ordinary Shares will represent 2.08 per cent. of the enlarged issued share capital of the Company. The Directors are interested in those shares in their capacity as potential beneficiaries under the Trust.
Application has been made today for the 2,376,000 new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 10 October 2008.
As a result of the issue of the new Ordinary Shares, the issued share capital now comprises 114,397,317 Ordinary Shares. There are no shares in treasury and there is no other class of share in issue which has voting rights. Consequently the Company's total number of voting rights is 114,397,317 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the FSA's Disclosure and Transparency Rules.
Enquiries:
Raven Mount plc 020 7235 0422
Bim Sandhu, Chief Executive
Mark Kirkland, Finance Director
Shore Capital and Corporate Limited 020 7408 4090
Nominated Adviser and Joint BrokerGuy PetersPascal Keane
Oriel Securities Limited 020 7710 7600
Joint Broker
Malcolm Strang
Michael Shaw
Notes for Editors:
Raven Mount is an AIM quoted company whose principal areas of operation are property fund management, property development and the development and operation of 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) and took control of Swan Hill Group PLC, the housebuilder, in December 2003 in a hostile takeover supported by Swan Hill's four largest shareholders.
In December 2004, shareholders approved the reversal of Anton Bilton and Bim Sandhu's private residential development group, Raven Property Holdings plc, for a total consideration of up to £39.9 million payable in Raven Mount shares and began a strategic reinvention of the business.
In July 2005, Raven Mount subscribed £10 million towards the £153 million flotation of Raven Russia Limited ('Raven Russia') on AIM. Raven Russia was formed at Raven Mount's instigation as a vehicle for institutional shareholders to invest in the Russian property market with an initial focus on the Warehouse property market in the Moscow and St Petersburg regions. Raven Mount's wholly owned subsidiary, Raven Russia Property Management Limited, acts as the property adviser to Raven Russia. In April 2006, Raven Russia raised a further £310 million through the placing of 270 million shares at £1.15 per share.
Raven Mount is actively involved in the development and management of Independent Living facilities for the elderly through its Audley brand in which it has a 75% interest with the remaining 25% being owned by the management team.
Audley has commenced development on four separate schemes, representing a total of 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 Hollins Hall (Harrogate, 71 units), totalling 168 units under management.
In addition, Raven Mount continues to investigate suitable resort/second home opportunities, both in the UK and internationally. Raven Mount has outline planning consent, in a joint venture with John Hitchcox and Yoo Limited, comprising second homes in 650 acres at Coln in the Cotswolds, of which it currently has detailed consent for 83 units.
www.theravengroup.co.uk
www.audleylife.co.uk
www.thelakesbyyoo.com
www.ravenrussia.com
Related Shares:
RAV.L