13th Oct 2008 16:45
RNS Number : 7431F
Raven Mount plc
13 October 2008
Raven Mount plc
13 October 2008
Raven Mount plc (“Raven Mount” or the “Company”)
Update in relation to the disposal of Raven Mount's Russian Property Fund Management Business to Raven Russia Limited (the “Disposal”) and restructuring of Raven Mount (the “Rorganisation”).
Court Confirms Reduction of Capital
The Company is pleased to announce that, at a hearing held earlier today, the Court granted an order confirming the reduction of capital provided for by the scheme of arrangement (the “Scheme”).
The Scheme was sanctioned by the Court at a hearing held earlier today. This followed the approval of the Scheme by the requisite majorities of Raven Mount shareholders at the Court Meeting and the Raven Mount GM held on 22 September 2008.
The Scheme will become effective on the delivery by Raven Mount to the Registrar of Companies of a copy of the Scheme Order and, in relation to the Reduction of Capital, the registration of such Scheme Order by the Registrar of Companies, it is expected that the Scheme will become effective on 14 October 2008.
It is therefore expected that the admission of Raven Mount shares (“Scheme Shares”) to AIM will be cancelled with effect from 7.00 am on 15 October 2008 following the Scheme becoming effective. Once the Scheme is effective, all Scheme Shares will be cancelled and New Raven Mount Shares will be issued to Raven Mount Holdings as provided for in the Scheme. Raven Mount Holdings will allot and issue to Raven Mount shareholders, one Raven Mount Holdings Ordinary Share credited as fully paid in respect of each Scheme Share then held by such persons.
Once the cancellation has taken effect, the Company's shareholders will no longer be able to effect transactions in the Company's shares. Each remaining step of the Reorganisation and Disposal is currently scheduled to take place on the dates set out on page 10 of the circular, entitled “Expected timetable of principal events” (the “Timetable”), sent to shareholders of the Company on 5 September 2008 (the “Circular”). Once such step has taken place (or if there is any variation to the Timetable), a confirmation or update, as the case may be, will be posted on the Company’s website, www.theravengroup.co.uk on the link entitled “Investors”. Further details concerning the Disposal and the Reorganisation can be found in the Circular (a copy of which is also available to view on the Company’s website on the same link).
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
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.
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.thelakesbyyoo.com
www.ravenrussia.com
This information is provided by RNS
The company news service from the London Stock Exchange
Related Shares:
RAV.L