Raven Property Group (Рeйвен Проперти Груп)
Conditional purchase of its own ordinary shares
2 December 2019
Raven Property Group Limited ("Raven" or the "Company")
Conditional purchase of its own ordinary shares
The Board of Raven refers to its announcement of earlier today and announces that the Company has now entered into a conditional agreement to purchase off-market 139,678,106 of its ordinary shares from Invesco Asset Management Limited (acting as agent for its underlying funds) (“IAML”), representing 28.5% of the Company’s current issued ordinary share capital. The purchase price for the shares to be acquired by the Company is 36 pence per ordinary share, payable in cash.
The shares proposed to be acquired represent all of the ordinary shares in the Company held by funds managed by IAML. The proposed purchase of these shares will be a related party transaction under the FCA’s Listing Rules as IAML and its underlying funds are together a substantial shareholder of the Company for the purposes of the Listing Rules.
The Company is progressing negotiations regarding the financing required to purchase the shares and will provide an update in due course.
The purchase will be conditional, inter alia, on ordinary shareholders, preference shareholders and convertible preference shareholders passing the resolutions necessary to authorise the transaction.
The Company intends to hold the ordinary shares purchased in treasury.
At 30 June 2019 the Company reported a net asset value per share of 67 pence. Following the purchase and cancellation of ordinary shares in August 2019 and October 2019, together with the 8 November 2019 tender offer and assuming completion of the purchase of ordinary shares outlined above, on a pro forma basis, the equivalent net asset value per share will increase by 32.8% to 89 pence per share*.
The Company intends to post circulars (including notices of meetings) to ordinary shareholders, preference shareholders and convertible preference shareholders in respect of the transaction outlined above in January 2020 and a further announcement will be made at such time.
The information contained within this announcement relating to the purchase by Company of its own shares is considered by Raven Property Group Limited to constitute inside information as stipulated under the Market Abuse Regulation (EU) No.596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this announcement on behalf of the Company is Benn Garnham, Company Secretary.
*assuming no conversion of convertible preference shares of no par value in the capital of the Company
Raven Property Group Limited
Tel: + 44 (0) 1481 712955
Tel: +44 (0) 203 151 7008
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)
Tel: +27 (11) 750 1448
Renaissance Capital (Moscow)
Tel: + 7 495 258 7770
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
Настоящее сообщение предоставлено непосредственно субъектом раскрытия информации и опубликовано в соответствии с Положением о раскрытии информации эмитентами эмиссионных ценных бумаг или Положением о требованиях к порядку и срокам раскрытия информации, связанной с деятельностью акционерных инвестиционных фондов и управляющих компаний паевых инвестиционных фондов, а также к содержанию раскрываемой информации. За содержание сообщения и последствия его использования Агентство "Интерфакс" ответственности не несет.