5 June 2020

Raven Property Group Limited ("Raven" or "the Company")

2019 Annual Report and Notice of Annual General Meeting 

Raven announces that it will be posting to shareholders today, the 2019 Annual Report and a notice of the Annual General Meeting (“AGM”) convened for 10.00 a.m. on Monday 6 July 2020. 

COVID 19

The Board is constantly monitoring the evolving COVID 19 situation and takes its responsibility to safeguard the health of its shareholders, stakeholders and employees very seriously. The Company recognises that annual general meetings are an important part of shareholder engagement and those shareholders or individuals appointed as proxies or corporate representatives have the right to attend and engage with the Board. However, safety is of paramount importance for all individuals. The States of Guernsey have introduced various measures in respect of travel and social distancing and on this basis, the Board has concluded that shareholders should not attend the AGM in person this year and, instead, should submit proxy votes. The AGM will be a closed meeting and the Board proposes that one director and the company secretary who are also shareholders will attend the meeting in person to ensure there is a quorum for the meeting.

If the relevant Public Health Directions are revised with effect before the AGM in a manner which, in the view of the Board, permits shareholders to attend in person safely, the Company will make an announcement by RIS if the Board decided to change the above arrangements.

Distributions

As explained in the Company’s 2019 result announcement, the Board intends to make a final distribution in respect of the year ended 31 December 2019 of 2.25p per Ordinary Share. As previously announced, the Company expects to implement such distribution by way of a tender offer buyback of Ordinary Shares.

However, the global trading environment has significantly changed over the past few months due to the unprecedented challenges presented by COVID 19 and its long term impact on the market remains unclear.  In light of this, the timing and structure of any such distribution to holders of Ordinary Shares will be determined by the Board at a later date when market volatility has calmed down.  The Company would hope to be in a position to update the market on this issue at the time it publishes its half year results in August 2020.

Directors’ Remuneration

In respect of the 2019 Annual Performance Incentive due to the executive directors and senior management of the Group, the 2019 Directors’ Remuneration Report and the 2019 financial statements reflect the contractual position based on performance in 2019.  The global trading environment has significantly changed over the past few months due to the unprecedented challenges presented by COVID 19 and its long term impact on the market remains unclear.  In light of this, the executive Directors and senior management have agreed to defer receipt of these awards until the impact of COVID 19 on the economic environment has become clearer.

Copies of the circular and 2019 Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. In addition, the circular and 2019 Annual Report will be available on the Company’s website (www.theravenpropertygroup.com) and each of the documents may also be obtained from the Company Secretary.


Enquiries

Raven Property Group Limited
Anton Bilton
Glyn Hirsch
Tel: + 44 (0) 1481 712955

Novella Communications (public relations adviser)
Tim Robertson
Fergus Young
Tel: +44 (0) 203 151 7008

N+1 Singer (UK joint broker)
Corporate Finance - James Maxwell / James Moat
Sales - Alan Geeves / James Waterlow
Tel: +44 (0) 20 7496 3000  

Numis Securities Limited (UK joint broker)
Alex Ham / Jamie Loughborough / Alasdair Abram
Nathan Brown / George Shiel
Tel: + 44 (0) 207 260 1000

Renaissance Capital (South African broker)
Yvette Labuschagne
Tel: +27 (11) 750 1448

Renaissance Capital (Russian broker)
David Pipia
Tel: + 7 495 258 7770

Ravenscroft (TISE sponsor)
Emma Ozanne
Tel: + 44 (0) 1481 729100

About Raven Property Group 

Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares and preference shares are listed on the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing Authority and the Official List of The International Stock Exchange (“TISE”). Its Ordinary Shares also have a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres of commercial office space in St Petersburg. For further information visit the Company’s website: www.theravenpropertygroup.com