27th Nov 2008 07:00
27 November 2008
Raven Mount Group plc ("Raven Mount" or the "Company")
Completion of sale of Raven Russia Property Management Limited ("RRPM") and Raven Russia Property Advisors Limited ("RRPA") to Raven Russia Limited ("Raven Russia")
The Company is pleased to announce that the scheme of arrangement in relation to the sale of RRPM to Raven Russia (the "Scheme") has now become effective. The Court granted an order confirming the Scheme at a hearing held on 25 November 2008.
As a result of the Scheme becoming effective, Raven Mount Shareholders will receive in aggregate 64 million new Raven Russia ordinary shares pro rata to their shareholdings in Raven Mount Limited as at 10 October 2008.
In addition, the Company has completed the sale of RRPA to Raven Russia for a consideration of £15 million in cash and 16 million new Raven Russia ordinary shares.
Admission of the new Raven Russia ordinary shares is expected to occur at 8.00 a.m. on 28 November 2008.
Enquiries:
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Raven Mount Group plc
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020 7235 0422
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Bim Sandhu, Chief Executive
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Mark Kirkland, Finance Director
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Shore Capital and Corporate Limited
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020 7408 4090
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Nominated Adviser and Joint Broker
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Guy Peters
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Pascal Keane
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Oriel Securities Limited
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020 7710 7600
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Joint Broker
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Michael Shaw
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Notes for Editors:
Raven Mount Limited ("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 Company 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 Company, Raven Property Holdings plc, for a total consideration of £39.9 million paid 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.
In May 2008, Raven Mount announced the sale of the Swan Hill Pension Scheme (the "Scheme") to the Pension Insurance Corporation Limited. In the terms of the sale Raven Mount agreed to pay an additional £7.25 million to the Scheme. The sum was payable in two tranches, £2 million immediately and £5.25 million plus interest payable in January 2009. Following completion of the transaction the Company has no further exposure to the pension liabilities of the Scheme. The Scheme was the defined benefit pension fund of Swan Hill Group plc which was acquired by Raven Mount in December 2003.
In July 2008, Raven Mount announced the proposed disposal of Raven Mount's Russian property fund management business to Raven Russia. This transaction, which has been approved by Raven Mount shareholders, is due to complete on 26 November 2008.
Raven Mount was actively involved in the development and management of Independent Living facilities for the elderly through its 75% interest in the Audley brand. 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 WillicombePark (Tunbridge Wells, 67 units), Flete House (Devon, 30 units) and manages Hollins Hall (Harrogate, 71 units), totaling 168 units under management.
In October 2008, Raven Mount announced the disposal of its interest in Audley for £15.0 million to a special purpose vehicle owned by the Moorfield Real Estate Fund II, the investment fund of Moorfield Group Limited ("Moorfield"). In addition, as part of the transaction, Moorfield agreed to take an assignment of the Company's Waterman's Business Park, Staines office lease.
Raven Mount has mainstream property residential schemes at Lewes, Brackley and Sheffield as well as the development of second homes projects through its joint venture in the Cotswolds, The Lakes and potentially, subject to planning, in Grand Bahama.
www.theravengroup.co.uk
www.thelakesbyyoo.com
www.ravenrussia.com
Related Shares:
RAV.L