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23 Dec 2013 13:19
Raven Russia Limited ("Raven Russia" or the "Company")
Result of General Meeting and Preference Share Conversion Offer
The Company is pleased to announce that at the General Meeting of the Company held at 10.00 am today, all the resolutions put to Ordinary Shareholders were duly passed.
Defined terms used in this announcement shall have the same meaning as set out in the Circular to Ordinary Shareholders dated 27 November 2013.
A summary of the votes lodged by proxy is set out below:
Resolution | For (see note 1) | Against (see note 1) | Number of votes withheld (see note 2) | Total Votes Cast (see note 2) | |||
Number of votes | % | Number of votes | % | ||||
1 | To Amend the Articles of Incorporation* | 479,137,054 | 96.83 | 15,691,480 | 3.17 | 447,818 | 494,828,534 |
2 | To approve the Preference Share offer | 478,934,546 | 96.79 | 15,893,988 | 3.21 | 447,818 | 494,828,534 |
3 | To approve the Invesco Resolution | 317,359,743 | 95.23 | 15,893,988 | 4.77 | 162,022,621 | 333,253,731 |
4 | To approve the Bilton Resolution | 462,411,075 | 96.68 | 15,893,988 | 3.32 | 16,971,289 | 478,305,063 |
5 | Rule 9 waiver | 317,353,199 | 95.36 | 15,453,683 | 4.64 | 162,469,470 | 332,806,882 |
6 | Disapplication of Pre-emption rights* | 425,229,553 | 86.01 | 69,151,824 | 13.99 | 894,975 | 494,381,377 |
*Special Resolution
Notes:
1. "Votes For" includes those giving the Chairman discretion and votes "For" and "Against" are expressed as a percentage of votes received.
2. A "Vote Withheld" is not a vote in law and is not counted in the calculation of the votes "For" and "Against" a resolution or within the calculation of total votes cast.
3. Total number of ordinary shares in issue at 1.00 p.m. on 21 December 2013 was 558,546,906 ordinary shares. 88.61% of voting capital was instructed.
Under the Preference Share Conversion Offer which closed on 20 December 2013, valid acceptances relating to a total of 117,272,681 Preference Shares have been received by the Company. As this is in excess of the maximum of 97,416,269 Preference Shares available for conversion into New Ordinary Shares under the Preference Share Conversion Offer, valid acceptances received from Preference Shareholders in respect of up to half of their existing holding of Preference Shares (rounded down to the nearest whole number of Preference Shares) will have their acceptance accepted in full but any acceptances in excess of a Preference Shareholder's Entitlement will be scaled back at a ratio of 0.3392368404 for every Preference Share accepted (rounded down to the nearest whole number of Preference Shares).
It is expected that the New Ordinary Shares to be created pursuant to the terms of the Preference Share Conversion Offer will be admitted to listing on the Official List and to trading on the Main Market, and that dealings in such shares will commence on 2 January 2014.
Following this conversion the Company will have a market capitalisation of approximately £588m based on Friday's closing share price of 78p.
A copy of the resolutions passed at the General Meeting is available at the National Storage Mechanism and is available for viewing online at: http://www.hemscott.com/nsm.do
Enquiries
Raven Russia Limited Tel: + 44 (0) 1481 712955
Anton Bilton
Glyn Hirsch
Novella Communications Tel: +44 (0) 203 151 7008
Tim Robertson
Ben Heath
N+1 Singer Tel: +44 (0) 20 7496 3000
Corporate Finance - James Maxwell
Sales - Alan Geeves / James Waterlow
About Raven Russia
Raven Russia was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares, Preference Shares and Warrants are listed on the Main Market of the London Stock Exchange with a market capitalisation of approximately £425 million. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.4 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk. For further information visit the Company's website: www.ravenrussia.com
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