29th Dec 2008 07:00
29 December 2008
Raven Mount Group plc ("Raven Mount" or the "Company")
Share Buyback Programme
Raven Mount announces that it has put in place with immediate effect an irrevocable, non-discretionary share repurchase programme to purchase up to 18,269,134 ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares"), 16.81% of the Company's current ordinary issued share capital (excluding shares held in treasury).
The programme will last from today up until the close of business on the earlier of (a) five business days following the announcement of the Company's preliminary results for the year ended 31 December 2008; and (b) 31 March 2009 and will be managed by Oriel Securities Limited, which will make its trading decisions in relation to the Company's securities independently of, and uninfluenced by, the Company.
The shares will be purchased on-market on the London Stock Exchange within certain pre-set parameters and in accordance with the terms of the general authority to make market purchases of its own shares granted to the Company by its shareholders on 28 October 2008. The purchased shares will be held in treasury.
Any purchase of shares made by Raven Mount following commencement of the buyback programme will be notified to a Regulatory Information Service in accordance with the AIM Rules for Companies.
Raven Mount's major shareholders, Anton Bilton and Bim Sandhu, their connected persons and the Concert Party (as defined in the Company's admission document dated 31 October 2008 as updated by the Company's announcement of 17 December 2008) will not participate in the buyback.
Raven Mount confirms that it currently has no unpublished price sensitive information.
Enquiries:
|
Raven Mount Group plc Mark Kirkland, Finance Director |
020 7235 0422 |
|
Oriel Securities Limited Joint Broker Michael Shaw Neil Langford |
020 7710 7600 |
|
Shore Capital and Corporate Limited Nominated Adviser and Joint Broker Guy Peters Pascal Keane |
020 7408 4090 |
Notes for Editors:
Raven Mount Limited 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 Company 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 Company, Raven Property Holdings plc, for a total consideration of £39.9 million paid in Raven Mount shares, who then 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, acted at that time 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.
In May 2008, Raven Mount announced the sale of the Swan Hill Pension Scheme (the "Scheme") to the Pension Insurance Corporation Limited. In the terms of the sale Raven Mount agreed to pay an additional £7.25 million to the Scheme. The sum was payable in two tranches, £2 million immediately and £5.25 million plus interest payable in January 2009. Following completion of the transaction the Company has no further exposure to the pension liabilities of the Scheme. The Scheme was the defined benefit pension fund of Swan Hill Group plc which was acquired by Raven Mount in December 2003.
In July 2008, Raven Mount announced the proposed disposal of Raven Mount's Russian property fund management business to Raven Russia. This transaction, which has been approved by Raven Mount shareholders, completed on 26 November 2008.
Raven Mount was actively involved in the development and management of Independent Living facilities for the elderly through its 75% interest in the Audley brand. 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), totaling 168 units under management.
In October 2008, Raven Mount announced the disposal of its interest in Audley for £15.0 million to a special purpose vehicle owned by the Moorfield Real Estate Fund II, the investment fund of Moorfield Group Limited ("Moorfield"). In addition, as part of the transaction, Moorfield agreed to take an assignment of the Company's Waterman's Business Park, Staines office lease.
Raven Mount has mainstream property residential schemes at Lewes, Brackley and Sheffield as well as the development of second homes projects through its joint venture in the Cotswolds, The Lakes and potentially, subject to planning, in Grand Bahama.
www.theravengroup.co.uk
www.thelakesbyyoo.com
Related Shares:
RAV.L