Raven Russia offers holders conversion option on preference shares

By Susanna Moon

Chicago, Nov. 27 - Raven Russia Ltd. said it is offering holders an opportunity to convert up to half of its preference shares into new common shares at a ratio of 2 for 1.

Invesco Asset Management Ltd., which is able to control the exercise of all rights attaching to 99,999,997 preference shares, representing about 51.3% of the preference shares, has procured the acceptance by Invesco funds holding preference shares for not less than their respective aggregate entitlements, according to a company press release.

In addition, Anton Bilton, deputy chairman of Raven Russia and his associates with an aggregate beneficial interest in 27,998,474 preference shares, representing about 14.4% of the preference shares, have elected to convert their respective aggregate entitlements under the conversion offer.

The directors believe that the offer is in the company's best interests and are recommending that shareholders vote in favor of the measures at the meeting to be held on Dec. 23.

In particular, the directors consider that the improvement in capital structure and risk profile of the company, and the benefit to earnings of up to £11.6 million, more than offsets the dilution to pro forma NAV per share.

The preference shares were issued in March 2009.

Raven Russia is a property investment company based in Guernsey specializing in commercial real estate in Russia.

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