27th Nov 2008 07:00
27 November 2008
Raven Russia Limited
("Raven Russia" or the "Company")
Completion of Internalisation and Director Appointments
Following the Company's EGM announcement on 29 August 2008, the board of Raven Russia is pleased to announce that the internalisation of its external property adviser is now complete (the "Internalisation").
The Company is also pleased to confirm the appointment of Glyn Hirsch, as Executive Director and Chief Executive Officer, and Anton Bilton, as Executive Deputy Chairman, as stated in the Circular dated 30 July 2008.
Glyn Hirsch (47) qualified as a Chartered Accountant with Peat, Marwick Mitchell & Co in 1985. Until 1995 he worked in the corporate finance department of UBS (formerly Phillips & Drew), latterly as an Executive Director specialising in UK smaller companies. From 1995 until 2001 he was Chief Executive of CLS Holdings plc, the listed property investment company. He is a former Director of Citadel Holdings plc, the specialist French property investor and former Chairman of Property Fund Management plc, the listed property fund management business. Glyn is also a non-executive director of a number of public and private companies, including Liontrust Asset Management plc.
Anton Bilton (44) is currently executive Chairman of RPML and Raven Mount. He has been a founder and director of three other companies that have floated on AIM.
As consideration for the Internalisation, the Company is required to pay £15 million in cash, subject to an adjustment primarily to take into account the accrued management fee, and to issue 80 million new shares, which will be issued on 27 November 2008. The Company has applied for these shares to be admitted to AIM and they are expected to be admitted on 28 November 2008. Following such issue, the Company's issued share capital will be 512.6 million.
Richard Jewson, Chairman of Raven Russia, commented:
"We are delighted to announce the successful completion of the Internalisation of our external property advisor and believe that this will add significant value to the shareholders of Raven Russia, both in terms of significant cost savings and increased efficiency and focus."
All definitions contained herein are as set out in the Circular.
The full list of Anton's current directorships is as follows:
A & A Interiors & Furnishings Limited
Misereavere Limited
Raven Mount Limited
Raven Mount Group Plc
Raven Property Group Plc
Raven Property Holdings Plc
Raven Russia Property Management Limited
Raven Tower Limited
Santon Capital Plc
Santon Close Nominees Ltd
Santon Developments Plc
Santon Management Ltd
Santon Putney Limited
The Guaranteed Investment Property Company Limited
The full list of Anton's previous directorships in the last five years is as follows:
Capital Reversions Plc
Avanti Capital Plc
ZTC Telecommunications Plc
Warner Bros. Studio Stores Limited
Angela Flowers Gallery Plc
Santon UK Limited
Swan Hill Staff Pension Trust Limited
Bilton House Investments Limited
Hamlin Developments Limited
Raven Audley Court Plc
The full list of Glyn's current directorships is as follows:
Emisan Limited
Liontrust Asset Management Plc
Proventec Plc
Raven Mount Plc
Raven Property Group Plc
Swan Hill Staff Pension Trust Limited
Medavinci Plc
Misereavere Limited
The full list of Glyn's previous directorships in the last five years is as follows:
Raven Audley Court Plc
Glotel Limited
Property Fund Management Limited
The Io Group Limited
International Brand Licensing Plc
Santon UK Limited
Brook Street Consulting Limited
Anton Bilton has direct and indirect holdings totalling 20,751,681 ordinary shares of 1 pence each in the Company, representing approximately 4.05% the Company's issued share capital post Internalisation.
Glyn Hirsch owns 139,863 ordinary shares of 1 pence each in the Company, representing approximately 0.03% the Company's issued share capital post Internalisation.
Save as set out in this announcement, there is no further information relating to either Glyn Hirsch or Anton Bilton required to be disclosed pursuant to rule 17 of the AIM Rules.
- ends -
Further enquiries:
Raven Russia Limited
Richard Jewson, Chairman Tel: +44 (0) 1603 757 909
Bell Pottinger Corporate & Financial
Charles Cook Tel: +44 (0) 20 7861 3232
Mike Davies
Andrew Benbow
Numis Securities Limited
Financial Adviser, Nominated Adviser and Joint Broker
Nick Westlake (Nomad) Tel: + 44 (0) 20 7260 1000
Nick Harland
Rupert Krefting
Related Shares:
RAV.L