25th Oct 2019 16:50
25 October 2019
Raven Property Group Limited ("Raven" or the "Company")
Smaller Related Party Transaction
Raven Property Group Limited has agreed to purchase 10 million of the Company's own shares from Invesco Asset Management Limited ("IAML") under the Company's existing buy-back authority. The purchase is being executed at 40 pence per ordinary share (the "Transaction Price"), resulting in a total consideration of £4 million (the "Buy Back"). The Buy Back shares will subsequently be cancelled.
IAML falls under the definition of a "related party" under the Listing Rules, as it is a substantial shareholder in the Company. The Buy Back is therefore deemed to be a "smaller related party transaction" within Listing Rule 11.1.10R.
N+1 Singer, the Company's sponsor, has provided written confirmation to the Board of the Company that the terms of the Buy Back are fair and reasonable so far as the shareholders of the Company are concerned.
Following this, the Company will have 501,349,072 ordinary shares in issue.
Enquiries
Raven Property Group Limited Anton Bilton Glyn Hirsch
| Tel: + 44 (0) 1481 712955 |
Novella Communications (public relations adviser) Tim Robertson Fergus Young
| Tel: +44 (0) 203 151 7008 |
N+1 Singer (UK joint broker) Corporate Finance - James Maxwell / James Moat Sales - Alan Geeves / James Waterlow
| Tel: +44 (0) 20 7496 3000 |
Numis Securities Limited (UK joint broker) Alex Ham / Jamie Loughborough / Alasdair Abram
| Tel: + 44 (0) 207 260 1000 |
Renaissance Capital (South African broker) Yvette Labuschagne
| Tel: +27 (11) 750 1448 |
Renaissance Capital (Russian broker) David Pipia
| Tel: + 7 495 258 7770 |
Ravenscroft (TISE sponsor) Emma Ozanne
| Tel: + 44 (0) 1481 729100 |
About Raven Property Group
Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares and preference shares are listed on the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing Authority and the Official List of The International Stock Exchange ("TISE"). Its Ordinary Shares also have a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.theravenpropertygroup.com
Related Shares:
RAV.L