8th Oct 2007 14:51
Raven Mount plc08 October 2007 Raven Mount plc ("Raven Mount" or the "Company") Result of EGM 8 October 2007 The Board of Raven Mount announces that both resolutions were approved byindependent shareholders on a poll at an Extraordinary General Meeting of theCompany held today. The resolutions regarded two Panel waiver resolutions inrelation to (a) the possible exercise by the Company of a share buybackauthority approved by shareholders at Raven Mount's Annual General Meeting heldon 14 May 2007 ("Share Purchase Authority"), and (b) the possible future issueof new Ordinary Shares pursuant to a total of 3,157,142 share options granted toAnton Bilton and Bim Sandhu, both directors of Raven Mount (the "Concert PartyOptions"). Anton Bilton and Bim Sandhu (and their related parties) (the "ConcertParty") are deemed to be acting in concert by the Panel on Takeovers andMergers. The voting on the resolutions was as follows: % of votes for Votes against Total votes cast Resolution Votes for1 32,376,521 91.2 3,116,757 35,493,2782 32,378,521 91.2 3,120,757 35,499,278 The aggregate shareholding which the Concert Party may own assuming (a) the fullexercise of the Share Purchase Authority, (b) the issue of new Ordinary Sharespursuant to all of the Concert Party Options (each as more fully described inthe circular to shareholders dated 20 September 2007), and (c) the issue of newOrdinary Shares pursuant to the conversion of convertible ordinary shares heldby Anton Bilton and Bim Sandhu is: - 58,898,621 Ordinary Shares or 61.6 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 of 115 pence per share; or - 60,683,763 Ordinary Shares or 61.93 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 of 182 pence per share. Enquiries:Raven Mount plc 020 7235 0422Mark Kirkland Finance Director Shore Capital and Corporate Limited 020 7408 4090Guy Peters/Pascal Keane Notes for Editors:Raven Mount is an AIM listed 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 £40 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 (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. Audley has commenced development on four separate schemes, representing a totalof 408 individual units, at St. Elphins (Matlock), Mote House (Maidstone),Inglewood (Berkshire) and Ilkley (Yorkshire). Audley manages existing facilitiesat Willicombe Park (Tunbridge Wells), Flete House (Devon) and Hollins Hall(Harrogate), totaling 168 units under management. In addition, Raven Mount continues to investigate suitable resort/second homeopportunities, 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 650 acres in theCotswolds. The principal 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 (12.5%), 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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