Raven Property Group Limited Transaction in Own Shares (9857D)
July 01 2019 - 3:42AM
UK Regulatory
TIDMRAV
RNS Number : 9857D
Raven Property Group Limited
01 July 2019
1 July 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 conditional
agreements to purchase off-market up to 106,230,374 of its ordinary
shares from two of its institutional shareholders, representing up
to 17.7% of the Company's current issued share capital. Under each
agreement the purchase price for the shares to be acquired by the
Company is 36 pence in cash per ordinary share.
The first agreement comprises the purchase of 72,144,978
ordinary shares from Woodford Investment Management Limited ("WIM")
(acting on behalf of certain underlying funds), representing 12.0%
of the Company's current issued share capital.
The second agreement comprises the purchase of a minimum of
17,000,000 ordinary shares and not more than 34,085,396 ordinary
shares from Invesco Asset Management Limited (acting as agent for
its underlying funds) ("IAML"), representing between 2.8% and 5.7%
of the Company's current issued share capital. Under the agreement,
any purchase by the Company of shares from the Invesco funds is
subject to the satisfaction of certain conditions. In addition any
purchase pursuant to the contract in excess of 17,000,000 ordinary
shares shall be at the discretion of IAML and therefore the Invesco
funds will not be prohibited from selling such excess shares in the
market prior to the completion of the buy back transaction.
The shares proposed to be acquired from WIM represent all of the
ordinary shares in the Company held by funds managed by WIM. The
proposed purchase of these shares will be a related party
transaction under the FCA's Listing Rules as WIM and its underlying
funds are together a substantial shareholder of the Company for the
purposes of the Listing Rules.
The shares proposed to be acquired from IAML will also 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.
Each transaction with WIM and IAML will each be conditional,
inter alia, on ordinary shareholders, preference shareholders and
convertible preference shareholders passing the resolutions
necessary to authorise both transactions.
The Company intends to cancel a minimum of 89,144,978 ordinary
shares acquired on completion of the transactions with the balance
of any ordinary shares purchased and not cancelled to be held as
treasury shares.
At 31 December 2018 the Company reported a Sterling net asset
value per share of 48 pence when the Sterling/Rouble exchange rate
was 88.35. Since then, the Rouble has strengthened to 80.0 (at 28
June 2019 central bank rate) and the equivalent 31 December 2018
net asset value per share is 65 pence based on current exchange
rates. Following the 31 May 2019 tender offer and the cancellation
of the ordinary shares proposed to be acquired from funds managed
by WIM and the minimum number of ordinary shares to be acquired
from IAML, on a pro forma basis using current exchange rates, the
net asset value per share will increase by a further 10.8% to 72
pence per share.
As reported in our 2018 Annual Report, the Russian economy and
the logistics real estate market continue to improve. The Central
Bank of Russia has recently cut its headline rate by 0.25% to 7.5%,
market rental levels are increasing and vacancy is decreasing.
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 late July and a further announcement will be made
at such time. The Company also expects to announce its results for
the six months to 30 June 2019 on 27 August 2019.
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.
Enquiries
Raven Property Group Limited Tel: + 44 (0) 1481 712955
Anton Bilton
Glyn Hirsch
Novella Communications Tel: +44 (0) 203 151 7008
Tim Robertson
Fergus Young
N+1 Singer Tel: +44 (0) 20 7496 3000
Corporate Finance - James Maxwell
/ James Moat
Sales - Alan Geeves / James Waterlow
Numis Securities Limited Tel: + 44 (0) 207 260 1000
Alex Ham / Jamie Loughborough /
Alasdair Abram
Renaissance Capital (South Africa) Tel: +27 (11) 750 1448
Yvette Labuschagne
Renaissance Capital (Moscow) Tel: + 7 495 258 7770
David Pipia
Ravenscroft Tel: + 44 (0) 1481 729100
Jade Cook
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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