12th May 2008 15:30
Raven Mount plc ("Raven Mount" or the "Company")
Result of AGM
12 May 2008
The Board of Raven Mount announces that all resolutions were approved by shareholders today at the Annual General Meeting of the Company including a resolution to approve a waiver granted by the Panel on Takeovers and Mergers (referred to in a circular to shareholders dated 14 April 2008 (the "Circular")) of any requirement under Rule 9 of the City Code on Takeovers and Mergers for the Concert Party (as defined in the Circular) or any member of the Concert Party individually or collectively, to make a general offer to the shareholders of the Company arising as a result of any share purchase under the share purchase authority granted by resolution 11 set out in the notice of AGM (the "Waiver Resolution"). The Waiver Resolution, which was approved by independent shareholders on a poll, facilitates the possible exercise by the Company of a share buyback authority approved by shareholders at AGM held today (the "Share Purchase Authority").
The voting on the Waiver Resolution was as follows:
|
Resolution |
Votes for |
% of votes for |
Votes against |
Total votes cast |
|
12 |
33,114,620 |
80.30 |
8,123,837 |
41,238,457 |
Anton Bilton and Bim Sandhu, both directors of the Company, together with their related parties (being, the Concert Party) are deemed to be acting in concert by the Panel on Takeovers and Mergers.
The aggregate shareholding which the Concert Party may own assuming (a) the full exercise of the Share Purchase Authority, (b) the issue of new Ordinary Shares pursuant to all of the Concert Party Options (each as more fully described in the Circular), and (c) the issue of new Ordinary Shares pursuant to the conversion of convertible ordinary shares held by Anton Bilton and Bim Sandhu is:
56,205,126 Ordinary Shares or 62.01 per cent. of the then issued share capital of the Company if the exercise of convertible ordinary shares is based on the lowest closing middle market price in the last 12 months (prior to the issue of the Circular) of 70.25 pence per share; or
58,624,218 Ordinary Shares or 64.68 per cent. of the then issued share capital of the Company if the exercise of convertible ordinary shares is based on the highest closing middle market price in the last 12 months (prior to the issue of the Circular) of 161 pence per share.
Enquiries:
Raven Mount plc 020 7235 0422
Mark Kirkland Finance Director
Shore Capital and Corporate Limited 020 7408 4090
Pascal Keane
Notes for Editors:
Raven Mount is an AIM quoted company whose principal areas of operation are property fund management, property development and the development and operation of 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) and took control of Swan Hill Group 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 group, Raven Property Holdings plc, for a total consideration of up to £39.9 million payable in Raven Mount shares and 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, acts 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.
Raven Mount is actively involved in the development and management of Independent Living facilities for the elderly through its Audley brand in which it has a 75% interest with the remaining 25% being owned by the management team.
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), totalling 168 units under management.
In addition, Raven Mount continues to investigate suitable resort/second home opportunities, both in the UK and internationally. Raven Mount has outline planning 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 83 units.
www.theravengroup.co.uk
www.audleylife.co.uk
www.thelakesbyyoo.com
www.ravenrussia.com
Related Shares:
RAV.L