2nd Jul 2007 12:04
Raven Mount plc02 July 2007 RAVEN MOUNT PLC ("Raven Mount" or the "Company") Purchase of shares in Raven Russia Limited ("Raven Russia") The board of Raven Mount announces the purchase of a total of 224,644 Ordinaryshares in Raven Russia at a price of 106p per Ordinary share. Following thesepurchases, the Raven Mount Group holds a total of 12,130,809 Ordinary sharesrepresenting 2.8% of the issued share capital of Raven Russia. Rather than electing for the scrip dividend alternative, the Company haspurchased shares in the market equivalent to the dividend receivable. Raven Mount, through its wholly owned subsidiary Raven Russia PropertyManagement Limited, acts as property adviser to Raven Russia. Bim Sandhu, CEO said: "This further increase in our shareholding reflects our confidence in andcommitment to Russia. We believe Russia is the most exciting real estateinvestment market in the world today and with Raven Russia having completed,committed to or agreed to co invest in development projects with a projected endvalue of $1.75bn, at yields of circa 13%, Raven Mount is very well positioned tobenefit." Enquiries: Mark Kirkland, Group Finance Director, 01784 464351 Guy Peters, Shore Capital & Corporate Limited, 020 7408 4090 Notes for Editors: Raven Mount is an AIM listed 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 £40 million payable in Raven Mount shares andbegan a strategic reinvention of the business. In July 2005, Raven Mount subscribed £10 million towards the £153 million (153million shares) flotation of Raven Russia Limited ('Raven Russia') on AIM. RavenRussia was formed at Raven Mount's instigation as a vehicle for institutionalshareholders to invest in the Russian property market with an initial focus onthe Warehouse property market in the Moscow and St Petersburg regions. RavenMount's wholly owned subsidiary, Raven Russia Property Management Limited, actsas the property adviser to Raven Russia. In April 2006, Raven Russia raised afurther £310 million through the placing of 270 million shares at £1.15 each. 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.In 2006, Audley obtained planning permission on four separate schemes in 2006,representing a total of 408 individual units, at St. Elphins (Matlock), MoteHouse (Maidstone), Inglewood (Berkshire) and Ilkley (Yorkshire). Audley managesexisting facilities at Willicombe Park (Tunbridge Wells), Hollins Hall(Harrogate) and Flete House (Devon). Audley currently manages 168 units. In addition, Raven Mount is actively pursuing second home resort basedopportunities, both in the UK and internationally. Raven Mount currently hasoutline planning committee consent, in a joint venture with John Hitchcox andYoo Limited, comprising a hotel and 160 second homes in 500 acres in theCotswold, as well as other potential projects in the Caribbean, Brazil and theMediterranean region. The principle shareholders of Raven Mount are Anton Bilton and Bim Sandhu, whosecombined interests equate to 43.2% of the issued share capital. Other majorshareholders are Schroder Investment Management (12.7%), SilchesterInternational Investors (6.9%), Deutsche Bank AG London (5.7%), Laxey (3.4%) andMan Financial (3.2%). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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