TIDMRAV
RNS Number : 8016A
Raven Property Group Limited
31 May 2019
31 May 2019
Raven Property Group Limited ("Raven" or the "Company")
Result of Annual General Meeting, Directorate change and Tender
Offer
Raven announces that, at the Annual General Meeting ("AGM") of
the Company held at 10:00 a.m. today, the resolutions set out in
the Notice of 2019 AGM dated 29 April 2019, were duly passed
following a poll on each resolution.
Defined terms used in this announcement shall have the same
meaning as set out in the Notice of 2019 AGM or Tender Offer
circular to Shareholders both dated 29 April 2019.
Annual General Meeting Poll Results
Resolution For (see note Against (see Number Total votes
1) note 1) of votes cast
withheld
(see note
2)
Number % Number %
of votes of votes
------------ -------- ----------- -------
To receive
the Annual
Report and
1 Accounts 538,967,952 97.40% 14,411,850 2.60% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To approve
the Directors'
Remuneration
2 Report 475,910,565 86.00% 77,469,236 14.00% 4,791 553,379,801
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
3 Richard Jewson 471,065,232 85.13% 82,313,672 14.87% 5,688 553,378,904
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
4 Anton Bilton 531,364,393 96.02% 22,014,512 3.98% 5,688 553,378,905
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
5 Glyn Hirsch 538,964,518 97.40% 14,414,387 2.60% 5,688 553,378,905
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
6 Mark Sinclair 538,964,518 100.00% 6,465 0.00% 14,413,610 538,970,983
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
7 Colin Smith 538,962,667 100.00% 8,316 0.00% 14,413,610 538,970,983
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
Christopher
8 Sherwell 463,344,823 83.76% 89,805,472 16.24% 234,297 553,150,295
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
9 David Moore 519,410,342 93.90% 33,739,953 6.10% 234,297 553,150,295
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
10 Michael Hough 538,964,518 97.40% 14,414,387 2.60% 5,688 553,378,905
--------------------- ------------ -------- ----------- ------- ----------- ------------
To re-appoint
Ernst & Young
11 as auditors 552,124,564 99.77% 1,255,238 0.23% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Directors
to fix the
remuneration
12 of the auditors 545,274,064 98.54% 8,105,737 1.46% 4,791 553,379,801
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Directors
to allot
ordinary
shares, convertible
preference
shares and
preference
13 shares 538,964,886 97.40% 14,414,916 2.60% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Company
to make market
purchases
of its ordinary
14* shares 553,374,738 100.00% 5,064 0.00% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Company
to make market
purchases
of its convertible
preference
15* shares 538,966,816 97.40% 14,412,986 2.60% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Company
to make market
purchases
of its preference
16* shares 553,374,738 100.00% 5,064 0.00% 4,791 553,379,802
--------------------- ------------ -------- ----------- ------- ----------- ------------
To authorise
the Company
to make market
purchases
of its ordinary
shares pursuant
to the tender
offer buy
17* back 545,273,146 98.54% 8,106,655 1.46% 4,791 553,379,801
--------------------- ------------ -------- ----------- ------- ----------- ------------
To dis-apply
pre-emption
rights on
the issue
of ordinary
18* shares 538,964,886 97.40% 14,414,019 2.60% 5,688 553,378,905
--------------------- ------------ -------- ----------- ------- ----------- ------------
To dis-apply
pre-emption
rights on
the issue
of ordinary
shares for
a specific
19* transaction 538,964,886 97.40% 14,414,019 2.60% 5,688 553,378,905
--------------------- ------------ -------- ----------- ------- ----------- ------------
VOTES OF SHAREHOLDERS EXCLUDING CONTROLLING SHAREHOLDER
As the Company has a controlling shareholder, Invesco Asset
Management Limited (as agent for and on behalf of its discretionary
managed clients), as defined in the Financial Conduct Authority's
Listing Rules, each resolution to elect an independent director
(resolutions 8, 9 and 10) has under Listing Rule 9.2.2E been
approved by a majority of the votes cast by:
-- the shareholders of the Company as a whole; and
-- the independent shareholders of the Company, that is, all the
shareholders entitled to vote on each resolution excluding the
controlling shareholder as shown in the table below.
Resolution For (see note Against (see Number of Total votes
1) note 1) votes withheld cast
(see note
2)
Number % Number %
of votes of votes
------------ ------- ----------- -------
To re-appoint
Christopher
8 Sherwell 269,478,072 75.00% 89,805,472 25.00% 234,297 359,283,544
--------------- ------------ ------- ----------- ------- ---------------- ------------
To re-appoint
9 David Moore 325,543,591 90.61% 33,739,953 9.39% 234,297 359,283,544
--------------- ------------ ------- ----------- ------- ---------------- ------------
To re-appoint
10 Michael Hough 345,097,767 95.99% 14,414,387 4.01% 5,688 359,512,154
--------------- ------------ ------- ----------- ------- ---------------- ------------
*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.
3. The total number of Ordinary Shares in issue at 6.00 p.m. on
29 May 2019 was 625,004,011, 88.54% of the voting capital was
instructed.
Changes to Directors
As set out in the Company's 2018 Annual Report, Stephen Coe
stepped down as a Director of the Company with effect from today.
Michael Hough who was reappointed at today's AGM will now become
chairman of the Audit Committee.
Results of the Tender Offer and change to conversion factor
Raven can confirm that a total of 287,776,478 Ordinary Shares
have been tendered in connection with the Tender Offer. Tenders for
up to and including the Tender Offer Entitlement of 2 Ordinary
Share for every 51 Ordinary Shares at 45 pence per share will be
met in full. Tenders received for surplus Ordinary Shares will be
met at the rate of 0.011873681 Ordinary Shares for each surplus
Ordinary Share tendered over and above the tender offer entitlement
of 2 for 51, rounded down to the nearest whole Ordinary Share.
The 24,509,961 Ordinary Shares purchased by the Company pursuant
to the Tender Offer will be cancelled and this will result in a
payment of approximately GBP11 million by the Company. Payment will
be made to shareholders by 12 June 2019.
Following the Tender Offer and in accordance with the Articles
the conversion factor of the Convertible Preference Shares (ISIN:
GG00BYVFCC74) has been adjusted to 1.553.
In accordance with Listing Rule 9.6.2R, copies of resolutions 14
to 19 passed at today's Annual General Meeting and copies of the
resolutions passed at today's class meetings will be submitted to
the National Storage Mechanism and will shortly be available for
viewing online at: http://www.morningstar.co.uk/uk/nsm.
Enquiries
Raven Property Group Limited Tel: + 44 (0) 1481 712955
Anton Bilton
Glyn Hirsch
Novella Communications Tel: +44 (0) 203 151 7008
Tim Robertson
Fergus Young
N+1 Singer Tel: +44 (0) 20 7496 3000
Corporate Finance - James Maxwell
/ James Moat
Sales - Alan Geeves / James Waterlow
Numis Securities Limited Tel: + 44 (0) 207 260 1000
Alex Ham / Jamie Loughborough /
Alasdair Abram
Renaissance Capital (South Africa) Tel: +27 (11) 750 1448
Yvette Labuschagne
Renaissance Capital (Moscow) Tel: + 7 495 258 7770
David Pipia
Ravenscroft Tel: + 44 (0) 1481 729100
Jade Cook
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
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END
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