3rd Apr 2007 07:01
Raven Mount plc03 April 2007 RAVEN MOUNT PLC ('RAVEN MOUNT') ISSUE OF SHARES The Board of Raven Mount announces the issue of a further 2,744,021 Ordinaryshares pursuant to the acquisition of the entire share capital of Raven PropertyHoldings PLC ('RPH'), as approved by shareholders at the EGM on 13 December2004, following which the total number of Ordinary shares in issue will be110,846,015. The Additional Consideration of £4,456,565 represents additional considerationpayable in respect of Mote Park under the terms of the Acquisition Agreement.The Additional Consideration is payable wholly in Ordinary shares issued at162.41 pence per Ordinary share, being the average share price in the threemonth period to 31 December 2006. Post the issue of these new Ordinary shares, Anton Bilton and Bim Sandhu have adirect or indirect (through trusts) interest in 28,224,966 (25.46%) and13,265,716 (11.97%) Ordinary shares respectively. In addition, Santon CapitalPlc (which is wholly owned by Anton Bilton and Bim Sandhu equally) and itssubsidiary Santon Investments Ltd retain an interest in 7,750,000 (6.99%) RavenMount Ordinary shares of 0.1p each. The combined holding together with theirinterest in Santon Capital Plc is 49,240,682 (44.42%) Ordinary shares. The maximum consideration, payable in Ordinary shares, for RPH is £39.9 million.The total consideration paid to date, including the above payment of £4.46million, is £38.76 million. A further amount of approximately £1.14 million,payable in Ordinary shares, could be due to Anton Bilton and Bim Sandhu(directly or indirectly), depending on the successful outcome of variousproperty transactions, including Coln (further phases) and Brackley, up to 31 December 2007. Application is being made for 2,744,021 Ordinary shares of 0.1p each of RavenMount to be admitted to trading on the Alternative Investment Market of theLondon Stock Exchange ('AIM'). It is expected that the new Ordinary shares willbe admitted to trading on AIM on 11th April 2007. Mark Kirkland - Finance Director commented:- "Following the issue of shares in relation to the Mote property and business Iam pleased to note that there is further consideration of only £1.14moutstanding to the vendors of Raven Property Holdings plc ("RPH"), Anton Biltonand Bim Sandhu and related Trusts of which they are Trustees, before the maximumamount payable by the Company under the terms of the December 2004 AcquisitionAgreement is reached. The acquisition of RPH from Anton and Bim has proved to be a very successfulacquisition for the original shareholders of the Swan Hill Group plc, whichRaven Mount plc took over in December, 2003, as well as subsequent shareholders.We still expect to realise significant uplifts in value on assets (notably Coln)acquired as part of the RPH acquisition as well as benefiting from the newbusiness streams being created by the former RPH management team." Enquiries: Mark Kirkland Group Finance Director 0207 235 0422 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 44.42% 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%). www.ravenmount.co.uk (http://www.theravengroup.co.uk/) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
RAV.L