3rd Oct 2005 07:00
Raven Mount plc03 October 2005 RAVEN MOUNT PLC ("RAVEN MOUNT") ISSUE OF SHARES The Board of Raven Mount announces the issue of a further 20,652,932 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 be106,260,781. The Additional Consideration payable under the Acquisition Agreement has beencertified at £14.01 million following the receipt of planning on High RoydsHospital, Leeds; Clifton Hall, Nottingham; Sheffield Phase 2; and Baxters,Lewes; as well as the realisation of certain assets referred to in theAcquisition Agreement. The Additional Consideration is payable wholly inOrdinary shares issued at the average share price in the three month period to30 September 2005. Post the issue of these new Ordinary shares, Santon Capital Plc (formerly TheRaven Property Group PLC) and its subsidiary Santon Investments Ltd (formerlyRavenheath Ltd) retain an interest in 7,750,000 Raven Mount Ordinary shares of0.1p each. Anton Bilton and Bim Sandhu have a 66.7% and 33.3% interestrespectively in Santon Capital Plc. Anton Bilton and Bim Sandhu also have adirect or indirect (through trusts) interests in a further 25,518,413 (24.01%)and 12,762,035 (12.01%) Ordinary shares respectively. Their combined holdingtogether with their interest in Santon Capital Plc is 46,030,448 (43.32%)Ordinary shares. The maximum consideration, payable in Ordinary shares, for RPH was £39.9million. £12.5 million was paid on completion of the purchase in December 2004(the Fair Value of which as at 31 December 2004 was £10.8 million), £6.1 millionwas paid in March 2005 and together with the above payment of £14.0 million, thetotal consideration paid to date is £32.6 million. This compares to a likelyFair Value of the assets to be acquired for the purposes of calculating thegoodwill figure of £31.5 million as set out in the 2004 Report and Accounts. Asnoted in the Interim Statement the directors will next be reviewing the value ofthe remaining assets acquired at the year-end. A further maximum amount ofapproximately £7.3 million (previously stated as £9.0 million in theannouncement on 19 September 2005), payable in Ordinary shares, could be due toAnton Bilton and Bim Sandhu (directly or indirectly), depending on thesuccessful outcome of various property transactions, which have been acquired. Application has been made for 20,652,932 Ordinary shares of 0.1 pence each ofRaven Mount to be admitted to trading on the Alternative Investment Market ofthe London Stock Exchange ("AIM"). It is expected that the new ordinary shareswill be admitted to trading on AIM on 6 October 2005. Enquiries: Andre Confavreux Company Secretary 01784 464351 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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