RNS Number : 2549E
Raven Property Group Limited
16 October 2018



16 October 2018

Raven Property Group Limited

("Raven" or the "Company")


Proposed Purchase of 1 in every 44 Ordinary Shares of 1p each in the Company ("Ordinary Shares") at 55p per share by way of a tender offer (the "Tender Offer")


Notice of General Meeting


Raven is today posting a circular to its shareholders containing full details of the Tender Offer and a notice of General Meeting convened for 10.30 a.m. Greenwich Mean Time ("GMT") on Wednesday 7 November 2018.


On 28 August 2018, the Board of Raven announced in its Interim Results for the six months ended 30 June 2018, that the Company intended to offer to purchase 1 in every 44 Ordinary Shares by way of a tender offer at a price of 55p per share. The Tender Offer will also present tendering shareholders with an opportunity to sell more than their pro rata entitlement (up to their entire holding of Ordinary Shares) to the extent that other shareholders tender less than their pro rata entitlement. In such case, surplus tenders will be accepted in proportion to the number of additional Ordinary Shares tendered so that the total number of Ordinary Shares purchased does not exceed 14,480,510 (assuming no valid exercise or conversion of the Company's warrants or Convertible Preference Shares respectively in the period).


If the maximum number of 14,480,510 Ordinary Shares is acquired (assuming no valid exercise or conversion of the Company's Warrants or Convertible Preference Shares respectively in the period), this will result in an amount of approximately £8 million being paid by the Company to its shareholders. It is intended that the Ordinary Shares purchased under the Tender Offer will be cancelled and not available for re-issue.


The Tender Offer is open to all holders of Ordinary Shares on the Company's register at 6.00 p.m. GMT on Tuesday 6 November 2018, who may participate by tendering all or a proportion of their holding of Ordinary Shares at 55p per share. Warrantholders and holders of Convertible Preference Shares who wish to participate in the Tender Offer will be required to exercise their warrants or convert their shares respectively by Friday 26 October 2018 in accordance with the terms of the Warrant Instrument and Company's Articles. No Ordinary Shares will be purchased in relation to the Tender Offer unless the relevant resolution to be proposed at the General Meeting is passed.


Shareholders on the Company's South African register should refer to the separate Letter to South African Shareholders for details of the action to be taken in relation to the Tender Offer and the General Meeting.


Copies of the circular, tender offer forms and form of proxy will be submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. In addition, the documents will be available on the Company's website (www.theravenpropertygroup.com/investors) and may also be obtained from the Company Secretary.




Raven Property Group Limited
Anton Bilton
Glyn Hirsch



+44 (0) 1481 712955

Novella Communications (public relations adviser)
Tim Robertson
Toby Andrews



+44 (0) 203 151 7008

N+1 Singer (UK joint broker)   
Corporate Finance - James Maxwell / James Moat
Sales - Alan Geeves / James Waterlow




+44 (0) 20 7496 3000 

Numis Securities (UK joint broker)
Alex Ham / Jamie Loughborough / Alasdair Abram



+44 (0) 207 260 1000

Renaissance Capital (South African broker)
Yvette Labuschagne



+27 (11) 750 1448

Renaissance Capital (Russian broker)

David Pipia



+7 495 258 7770

Ravenscroft (TISE sponsor)
Jade Cook


+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, preference shares and warrants 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 1.8 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company's website: www.theravenpropertygroup.com





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