24th Jul 2019 07:00
24 July 2019
Raven Property Group Limited ("Raven" or the "Company")
Update on conditional purchase of its own ordinary shares
On 1 July 2019, the Board of Raven announced that the Company had entered into conditional agreements to purchase off-market up to 106,230,374 of its ordinary shares from two of its institutional shareholders at a price of 36 pence in cash per ordinary share. The first agreement provided for the purchase of 72,144,978 ordinary shares from Woodford Investment Management Limited ("WIM") (acting on behalf of certain underlying funds) and the second agreement comprised the purchase of a minimum of 17,000,000 ordinary shares and not more than 34,08,396 ordinary shares from Invesco Asset Management Limited ("IAML") (acting as an agent for its underlying funds).
The Company can now confirm that, in accordance with the terms of the agreement with IAML, the number of ordinary shares to be purchased from IAML has been fixed at the minimum amount, being 17,000,000 ordinary shares. As a result, the Company will be seeking authority from its ordinary shareholders, preference shareholders and convertible preference shares to purchase 89,144,978 of its ordinary shares, representing 14.8% of the Company's current issued ordinary share capital.
The Company intends to cancel all of the ordinary shares acquired on completion of the transactions.
A further announcement will be made upon posting of the circulars (including notices of the meetings) to ordinary shareholders, preference shareholders and convertible shareholders.
Enquiries
Raven Property Group Limited Anton Bilton Glyn Hirsch
| Tel: + 44 (0) 1481 712955 |
Novella Communications Tim Robertson Fergus Young
| Tel: +44 (0) 203 151 7008 |
N+1 Singer Corporate Finance - James Maxwell / James Moat Sales - Alan Geeves / James Waterlow
| Tel: +44 (0) 20 7496 3000 |
Numis Securities Limited Alex Ham / Jamie Loughborough / Alasdair Abram
| Tel: + 44 (0) 207 260 1000 |
Renaissance Capital (South Africa) Yvette Labuschagne
| Tel: +27 (11) 750 1448 |
Renaissance Capital (Moscow) David Pipia
| Tel: + 7 495 258 7770 |
Ravenscroft Jade Cook
| 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