Raven Russia commitments for 6.5% convertible preference shares reach £108.7 million

By Wendy Van Sickle

Columbus, Ohio, June 16 – Raven Russia Ltd. said additional commitments from new and existing investors have lifted subscriptions of its 6.5% 10-year convertible preference shares to £108.7 million.

As previously reported, on May 16 the company priced up to £125 million of the convertible preference shares at a subscription price of £1 each and with an initial conversion premium of 67% and announced it secured commitments from existing institutional investors to subscribe for £105.5 million of the shares. Nearly half of that total came from Woodford Investment Management LLP’s commitment to buy £50 million of the convertible preference shares.

The placement is conditional on ordinary shareholders and preference shareholders passing supporting resolutions at the general meeting and class meeting on July 6.

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.

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