9th Jan 2009 09:00
RAVEN RUSSIA LIMITED
("Raven Russia") or (the "Company")
Share Buy-Back Programme to fund the Employee Benefit Trust
Raven Russia Limited announces that its subsidiary, Raven Russia (Guernsey) 2 Limited, purchased 4,470,888 ordinary shares at an average price of 28 pence per share on 8 January 2009. The highest price and lowest price paid for the purchased shares was 28 pence.
The number of ordinary shares purchased represented 0.9 per cent. of the voting rights attributable to the total ordinary shares in issue prior to such purchase.
Following the above purchase, the Company's subsidiary, Raven Russia (Guernsey) 2 Limited, holds 5 million shares. Following the above purchase the number of ordinary shares in issue is unchanged.
This purchase concludes the share buy-back programme (the "Buy-back Programme") which was announced on 23 December 2008. The purpose of the Buy-back Programme was to buy up to 5 million shares to fund the new Employee Benefit Trust (the "EBT") which is being set up pursuant to the Company's recent internalisation. Those shares purchased will be held by one of the Company's subsidiaries, for subsequent transfer to the EBT.
As per the circular on the internalisation of its external property adviser dated 30 July 2008 (the "Circular"), these EBT shares will be used to retain and incentivise key senior employees below board level by awarding them future contingent entitlements to ordinary shares dependent on their continued employment. Rather than issuing 5 million new shares as proposed in the Circular, the Board believes that the share buy back is in the best interests of Raven Russia's shareholders, and will be NAV per share enhancing.
Enquiries
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Raven Russia Limited |
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Anton Bilton / Glyn Hirsch |
Tel: +44 (0)1481 712 955 |
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Bell Pottinger Corporate & Financial |
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Mike Davies / Andrew Benbow |
Tel: +44 (0)20 7861 3232 |
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Numis Securities Limited |
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Nick Westlake (NOMAD) / Rupert Krefting |
Tel: +44 (0)20 7260 1000 |
Related Shares:
RAV.L