13th Oct 2008 07:00
Raven Mount plc
13 October 2008
Raven Mount plc ("Raven Mount" or the "Company")
Suspension and Cancellation
The Company's shares have been suspended with effect from today, pending Court approval of the scheme of arrangement (the "Scheme") relating to the disposal of Raven Mount's Russian Property Fund Management Business. As stated in the Company's announcement dated 22 September 2008, the Company's shares will be cancelled on AIM upon the Scheme becoming effective, subject to Court approval of the Scheme, on 15 October 2008.
A further announcement will be issued later today regarding Court approval of the Scheme.
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
Related Shares:
RAV.L