Mineral & Fin Regulatory News (MAFL)

13 Jan 2006 08:00

Raven Capital Inc13 January 2006 13 January 2006 Raven Capital Inc ("Raven" or the "Company") Placing Raven was admitted to AIM on 15 December 2004 with the objective of building,principally through acquisitions and joint venture transactions, a groupspecialising in the hedge fund sector. The Board continues to believe the hedge fund sector represents a viableinvestment opportunity and the Directors have explored and undertaken duediligence on a number of potential opportunities, although none to date havebeen sufficiently attractive to merit being put before shareholders. As aconsequence the Company has utilised a substantial proportion of the Company'scash resources and would therefore benefit from additional working capital.Accordingly the Company is proposing to raise £150,000 through a placing of13,300,000 new ordinary shares at approximately 1.1 pence per share with EP(Singapore) Pte Limited ("EP")(the "Placing"), which will representapproximately 29.99% of the enlarged share capital. EP is an investment company based in Singapore which approached the Board with aproposal to invest additional funds into the Company and to work with the Boardto source a suitable acquisition. EP is controlled by Mr Stephan Ludwig, 40, aGerman National. The Company has agreed that EP may appoint a director to theboard for so long as it holds 20 per cent. or more of the Company's sharecapital. EP has elected not to appoint a director at this stage but may do so inthe future. The proceeds of the Placing will be applied to the continuation ofthe Company's investment strategy and to general working capital purposes. Mr Ludwig spent ten years with Credit Suisse First Boston in London and New Yorkbefore joining Nomura International in London as Managing Director and co-headof a newly formed Asset Trading Group where he built a US$ 5 billion portfolio.Mr Ludwig subsequently joined Nomura Securities in Asia as a main board directorand as Head of Capital Markets in Asia. Since leaving Nomura in 1998, Mr Ludwighas managed his personal portfolio of private venture capital investments and isa non-executive director of a number of these enterprises. The Directors believethat the Company will benefit from the experience of Stephan Ludwig. As this proposed issue of new shares is in excess of the authority currently inexistence, the issue of the new ordinary shares will be subject to approval atan Extraordinary General Meeting ("EGM") to be held on 3 February 2006. It isproposed that, following approval at the EGM, the Admission date of the newshares will be 6 February 2006. Enquiries: John Bick0870 389 6999 This information is provided by RNS The company news service from the London Stock Exchange