29th Aug 2008 07:00
29 August 2008
Result of Raven Russia EGM
Raven Mount plc ("Raven Mount" or the "Company")
Raven Mount notes the announcement by Raven Russia Limited ("Raven Russia") today that all resolutions required to effect the acquisition of the Company's Russian Property Fund Management Business ("Russian PFM Business") as set out in the extraordinary general meeting notice appended to the Raven Russia's circular to its shareholders issued on 30 July 2008 were duly passed at the extraordinary general meeting held on 28 August 2008 with 99.99 per cent. of shareholders, who voted, voting in favour of the resolutions.
Following the passing of these resolutions the disposal of Raven Mount's Russian PFM Business remains subject to shareholder approval at the Raven Mount Court Meeting and the Raven Mount General Meeting. A circular to shareholders and the extraordinary general meeting notice is expected to be sent shortly.
Bim Sandhu, Chief Executive of Raven Mount commented:
"We are delighted by the overwhelming level of support shown by Raven Russia shareholders for the internalisation of the property advisory agreement. We expect to be in a position to post documentation to our own shareholders, in order to seek their support for the proposals, within the next 10 days."
Enquiries:
Raven Mount plc 020 7235 0422
Bim Sandhu, Chief Executive
Mark Kirkland, Finance Director
Shore Capital and Corporate Limited 020 7408 4090
Nominated Adviser and Joint Broker
Guy Peters
Pascal Keane
Oriel Securities Limited 020 7710 7600
Joint Broker
Malcolm Strang
Michael Shaw
29 August 2008
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 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.LRAV.L