(Alliance News) - Raven Property Group Ltd on Thursday said uncertainty over its business in Russia mean it does not anticipate paying any future preference dividends.
Raven Property said sanctions and counter sanctions "severely limit" its ability to access funds from its Russia subsidiaries and covert roubles into other currencies.
The company confirmed that payment of the preference share dividend for the period stretching December 31, 2021, to March 31, 2022, would not be made and accumulate in accordance with terms.
"In respect of future quarterly instalments of the preference share dividend, in light of the continued uncertainty, the company does not currently anticipate paying any such future instalments of preference dividends," it added.
It will continue to monitor the situation, it said, and will let preference shareholders know should the position change.
Shares in the firm were suspended on the Johannesburg Stock Exchange, the London Stock Exchange, the International Stock Exchange and the Moscow Exchange in March.
By Lucy Heming; lucyheming@alliancenews.com
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