25th Oct 2007 11:35
Raven Mount plc25 October 2007 Raven Mount plc ('Raven Mount' or 'the Company') 25 October 2007 Raven Property Holdings - final consideration payable The Board of Raven Mount announces that it has received planning on its Brackleyand Coln (Phase II) properties. As a result, and pursuant to the acquisition bythe Company of the entire share capital of Raven Property Holdings PLC ('RPH'),as approved by shareholders at the EGM on 13 December 2004, additional and finalconsideration of £1.1 million will be payable to the vendors of RPH on 31December 2007. This additional consideration represents £0.2 million payable in respect ofBrackley and £0.9 million payable in respect of Coln (Phase II) and takes thetotal amount payable up to the maximum consideration of £39.9 million under theterms of the acquisition of RPH. The additional consideration will be payablewholly in new Raven Mount ordinary shares, which will be issued on 31 December2007 at the average share price for the 3 month period ending on that date. No further consideration is payable in respect of RPH. A further announcement will be made following the issue of such new sharesstating the number of shares issued and the resulting holdings of Anton Biltonand Bim Sandhu. Mark Kirkland - Finance Director commented:- "We are delighted to have received planning on Coln (Phase II), comprising 484-bed units, where reservations in the short period since gaining planning havebeen strong. 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 plcMark Kirkland Group Finance Director 0207 235 0422 Shore CapitalGuy Peters 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 43.2% of the issued share capital. Othermajor shareholders are Schroder Investment Management (12.5%), SilchesterInternational Investors (6.9%), Deutsche Bank AG London (5.7%), Laxey (3.4%) andMan Financial (3.2%). www.theravengroup.co.ukwww.audleylife.co.ukwww.thelakesbyyoo.comwww.ravenrussia.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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