By Rebecca Melvin
New York, May 17 – Raven Russia Ltd. has priced up to £125 million of 6.5% 10-year convertible preference shares at a subscription price of £1.00 each and with an initial conversion premium of 67%, according to a news release.
The minimum amount to be raised under the placing is £81 million, and the company has already secured commitments from existing institutional investors to subscribe for £105.5 million of the shares, including Woodford Investment Management LLP’s commitment to buy £50 million of the convertible preference shares.
The shares will be redeemable at maturity at a price of £1.35. They are convertible at a rate of 1.818 ordinary shares for each convertible preference share, which is equal to about 55p per ordinary share.
N+1 Singer Advisory LLP is the broker, FCA sponsor, and financial adviser in connection with the placing.
Proceeds will used for new investment opportunities and to reduce outstanding debt.
Application will be made to the Channel Islands Securities Exchange for admission of the convertible Preference Shares to the Official List of the CISEA and to the London Stock Exchange for trading on the SETSqx platform.
Raven Russia is a property investment company based in Guernsey specializing in commercial real estate in Russia.
| Issuer: | Raven Russia Ltd.
|
| Issue: | Convertible preference shares
|
| Amount: | Between £81 million and £125 million
|
| Maturity: | 2026
|
| Bookrunner: | N+1 Singer Advisory LLP
|
| Dividend: | 6.5%
|
| Price: | £1.00 each
|
| Redemption price: | £1.35 each
|
| Initial conversion premium: | 67%
|
| Initial conversion price: | 55p
|
| Initial conversion ratio: | 1.818 ordinary shares
|
| Pricing date: | May 16
|
| Stock symbol: | London: RUS
|
| Stock price: | £0.33, at close May 16
|
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