4th Dec 2008 08:00
4 December 2008
Raven Mount Group plc ("Raven Mount" or the "Company")
Transaction in Own Shares, Total Voting Rights and Holding in Company
Raven Mount announces that, in accordance with the terms of the general authority to make market purchases of its own shares granted to it by shareholders of the Company on 28 October 2008, the Company acquired for cash in the market 196,000 ordinary shares of 0.1 pence each in the capital of the Company ("Ordinary Shares") on 3 December 2008 at a price of 10 pence per Ordinary Share. The purchased shares will be held as treasury shares.
Following the above transaction, and in accordance with the Disclosure and Transparency Rules, the Company confirms that its issued share capital consists of 108,670,588 Ordinary Shares (excluding 5,728,729 Ordinary Shares held as treasury shares), with each Ordinary Share carrying the right to one vote. Therefore the total number of voting rights in Raven Mount is 108,670,588.
The above figure of 108,670,588 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their voting rights in, or a change in their voting rights in, the Company under the Disclosure and Transparency Rules.
As a result of the above transaction, the revised holdings of the directors of Raven Mount and persons connected to them are as follows:
|
Director/connected person |
Holding |
Percentage |
|
Anton Bilton |
26,359,007 |
24.26% |
|
Bim Sandhu |
8,015,544 |
7.38% |
|
Glyn Hirsch |
250,000 |
0.23% |
|
James Hyslop |
222,000 |
0.20% |
|
Rory Macnamara |
217,666 |
0.20% |
|
Robert Ware |
275,000 |
0.25% |
|
Mark Kirkland |
17,000 |
0.02% |
|
Pardeep Sandhu* |
1,500,000 |
1.38% |
|
Santon Capital Plc* |
1,625,000 |
1.50% |
|
Santon Investments Limited* |
2,125,000 |
1.96% |
|
Godfrey Bilton Life Interest Settlement Trust* |
1,449,415 |
1.33% |
|
Bilton Family Discretionary Settlement Trust* |
2,600,000 |
2.39% |
|
Hillside Management Services Limited* |
500,000 |
0.46% |
|
MS Sandhu Life Interest Settlement Trust* |
726,384 |
0.67% |
|
Sandhu Family Discretionary Settlement Trust* |
2,415,634 |
2.22% |
|
DK Sandhu Discretionary Settlement Trust* |
900,000 |
0.83% |
|
Tenon (IOM) Limited as trustee of the Trust** |
2,376,000 |
2.19% |
|
The Sandhu Charitable Foundation *** |
1,150,000 |
1.06% |
|
The Bilton Charitable Foundation *** |
600,000 |
0.55% |
*Further information relating to these persons and entities (including those marked with "**" and "***" ), as well as the Concert Party Group (as defined), can be found in the Company's AIM Admission Document dated 31 October 2008, available on the Raven Mount website: www.theravengroup.co.uk
**Anton Bilton, Bim Sandhu, Mark Kirkland and Glyn Hirsch are potential beneficiaries of the Raven Mount Employee Benefit Trust (the "RM EBT"), a discretionary trust established for the benefit of employees and former employees of Raven Mount and their spouses, widows, widowers and dependents.
*** Bim Sandhu is a trustee of the Sandhu Charitable Foundation and Anton Bilton is a trustee of the Bilton Charitable Foundation
Enquiries:
|
Raven Mount Group plc Bim Sandhu, Chief Executive Mark Kirkland, Finance Director |
020 7235 0422 |
|
Oriel Securities Limited Joint Broker Michael Shaw |
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
www.ravenrussia.com
Related Shares:
RAV.L