17th Dec 2008 07:00
17 December 2008
Raven Mount Group plc ("Raven Mount" or the "Company")
Directors' shareholdings
The Company was informed on 16 December 2008 that on that date Santon Capital plc ("Santon Capital"), a company that is owned 50/50 by Anton Bilton and Bim Sandhu (Executive Chairman and Chief Executive Officer, respectively, of Raven Mount) and Santon Investments Limited ("Santon Investments"), a subsidiary of Santon Capital, sold, in aggregate, 3,750,000 Raven Mount Ordinary Shares at a price of 17.973 pence per share. These shares were purchased at a price of 18 pence per share as follows:
|
Seller |
Shares sold |
Purchaser |
Shares purchased |
|
Santon Capital |
1,625,000 |
The Organon SIPP re Anton Bilton* |
1,875,000 |
|
Santon Investments |
2,125,000 |
The Santon Pension Fund** |
1,875,000 |
|
Total |
3,750,000 |
3,750,000 |
\* The Organon SIPP re Anton Bilton is a Self Invested Personal Pension of which Anton Bilton is a trustee and beneficiary.
*\* The Santon Pension Fund is a Small Self Administered Scheme of which Bim Sandhu is a trustee and a beneficiary.
The underlying total beneficial interests in the Company of each of Anton Bilton and Bim Sandhu remain unchanged as a result of the above transfers. The Panel Executive has confirmed, on an ex parte basis, that these dealings have no Code consequences.
The holdings of the Concert Party Group, as defined and set out in the Company's AIM Admission document dated 31 October 2008, are now as follows:
|
Anton Bilton |
26,359,007 |
24.26% |
|
Godfrey Bilton Life Interest Settlement Trust |
1,449,415 |
1.33% |
|
Bilton Family Discretionary Settlement Trust |
2,600,000 |
2.39% |
|
Organon SIPP re Anton Bilton |
1,875,000 |
1.73% |
|
The Bilton Charitable Foundation |
600,000 |
0.55% |
|
32,883,422 |
30.26% |
|
Bimaljit Sandhu |
8,015,544 |
7.38% |
|
The Santon Pension Fund |
1,875,000 |
1.73% |
|
Pardeep Sandhu |
1,500,000 |
1.38% |
|
Hillside Management Services Limited |
500,000 |
0.46% |
|
MS Sandhu life Interest Settlement Trust |
726,384 |
0.67% |
|
Sandhu Family Discretionary Settlement Trust |
2,415,634 |
2.22% |
|
DK Sandhu Discretionary Settlement Trust |
900,000 |
0.83% |
|
Sidhu Family Discretionary Settlement Trust |
450,000 |
0.41% |
|
The Sandhu Charitable Foundation |
1,150,000 |
1.06% |
|
Close family of Bim Sandhu |
850,000 |
0.78% |
|
18,382,562 |
16.92% |
|
|
Raven Mount Employee Benefit Trust # |
2,376,000 |
2.19% |
# Anton Bilton and Bim Sandhu are potential beneficiaries of the Raven Mount Employee Benefit Trust, a discretionary trust established for the benefit of employees and former employees of Raven Mount and their spouses, widows, widowers and dependents.
Shareholdings based on 108,670,588 shares in issue, excluding 5,728,729 shares held in Treasury.
Enquiries:
|
Raven Mount Group plc Bim Sandhu, Chief Executive Mark Kirkland, Finance Director |
020 7235 0422 |
|
Shore Capital and Corporate Limited Nominated Adviser and Joint Broker Guy Peters Pascal Keane |
020 7408 4090 |
|
Oriel Securities Limited Joint Broker Michael Shaw |
020 7710 7600 |
Notes for Editors:
Raven Mount Limited 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, who then 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, acted at that time 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, completed 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 Willicombe Park (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
Related Shares:
RAV.L