30th Nov 2006 07:01
Raven Mount plc30 November 2006 RAVEN MOUNT PLC 30 November 2006 Transfer of shares in Raven Russia Limited ("Raven Russia") to the Group'sPension Scheme The Group has agreed to transfer to the Swan Hill Pension Scheme, the Group'sclosed final salary pension scheme, 1,415,177 shares in Raven Russia at a priceof 113.06p totalling £1.6 million by value. This contribution is being made inaddition to the current agreed annual deficit contribution of £1.57 million,which was paid in January 2006. As at 31 December 2005, the FRS 17 deficit was£8.7million pre-tax (£6.09 million on a post-tax basis). The totalcontributions made during the year therefore total £3.17 million and, all otherthings being equal, the FRS 17 deficit should reduce to £5.53 million on apre-tax basis (£3.87 million on a post-tax basis) as at the year end. The FRS17 deficit will be recalculated as at 31 December 2006, adjusting for all othervariables, for incorporation in the annual report and accounts. The nextactuarial valuation of the Scheme will take place as at 5 April 2008 and thiswill determine future deficit payments, if any. Following the transfer the Group's shareholding in Raven Russia is reduced to10,683,324 shares representing approximately 2.5% of the issued share capital ofRaven Russia. The Group acts as the property fund manager to Raven Russia. Bim Sandhu, CEO of Raven Mount, commented: 'I am very pleased that we are in a position to make this additionalcontribution to the Scheme and it demonstrates our continuing commitment toreduce the Scheme deficit before the contractually due date. I believe thatthese shares will provide the Scheme with above average dividend flow andcapital growth, which, in turn, will help to further reduce the deficit. Weshall be making a further cash contribution of £1.57 million with respect to the2007 contribution in January and this should reduce the Scheme deficit, allother things being equal, to £3.96 million on a pre-tax basis (£2.77 million ona post tax basis)'. Enquiries:Raven Mount PlcBim Sandhu, CEO 0207 235 0422 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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