Raven Russia Limited is a Guernsey registered property investment company specialising in commercial real estate in Russia. The Company is focused on the acquisition and development of warehouse complexes in the major cities across Russia, and their subsequent leasing to Russian and international tenants. The Company holds its investments for the long term.

The Company has conditionally placed c. 86 million Convertible Prefs at 114p per share (the ‘Placing’), with firm commitments secured from existing institutional shareholders and the Company’s EBT. Raven Russia is also in discussions with other investors to potentially increase the size of the Placing. The Convertible Prefs will be listed on The International Stock Exchange and admitted to trading on the SETSqx platform of the London Stock Exchange.

The Placing is a further issue of the Company’s existing Convertible Prefs. The new Convertible Prefs will rank pari passu with the existing Convertible Prefs in issue, which have a c.9 year period to maturity, pay a fixed rate of 6.5 pence per Convertible Pref per annum (payments quarterly), are convertible at a rate of 1.818 ordinary shares for each Convertible Pref (equivalent to approx. 55p per ordinary share) and are redeemable at 135p per share at maturity.

The proceeds of the Placing will be used to support a number of potential acquisition opportunities.

The Company may accept subscriptions up to £125 million and the Directors have the ability to increase that amount in the event that there is excess demand for the new Convertible Prefs.

The issue is conditional, inter alia, on approval by ordinary and preference shareholders. The EGM to approve the issue is expected in June, as are the subsequent admissions to listing on TISE and to trading on the LSE’s SETSqx platform.

Singer Capital Markets is acting as Sponsor, Financial Adviser and Sole Broker.

Ticker: RUS(ords), RUSP(existing prefs), RUSC(Convertible Prefs). The new Convertible Prefs will trade under RUC2 up to and including 29 June 2017, after which they will trade together with the existing Convertible Prefs under the ticker RUSC.

Market Cap: £320.4m (ords); £142.4m (prefs); £127.2m (Convertible Prefs)
Website: www.ravenrussia.com