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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Raven Russia P | RUSP | London | Preference Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 148.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 148.00 | 148.00 |
| Top Posts |
|---|
Posted at 31/5/2018 00:25 by kenny Assuming that all of the resolutions are passed at the AGM and separate class meetings on 31 May, then RUSP shares will thereafter only be redeemable by a “reduction of capital” should at least 75% of that specific class consent.A very important change because, in effect, RUSP becomes an irredeemable preference share because 75% of the class will never vote to be repaid. Also, could the class otherwise be asked to vote to be repaid at either 1p, being the nominal value, or at either one of the issue prices of the two tranches of RUSP that have been issued, namely either at 100p (issued in 2009) or 134p (issued in 2012)? Good that the company took the initiative to put forward these resolutions to put the matter beyond doubt – not least because of the above possible redemption prices but also the scrip prices – which over the years have varied e.g. 160p in each of the four quarters in 2014. If the resolution to change the company’s name to Raven Property Group Limited is passed, then all the tickers will change as follows: RUS will become RAV RUSP will become RAVP RUSC will become RAVC RUSW will become RAVW I assume the new tickers will come in on 1 June rather than tomorrow after the AGM and Class meetings but the company will probably clarify by way of an RNS after those meetings. The change of tickers will, based on previous experience, no doubt cause some confusion. |
Posted at 24/5/2018 14:03 by yieldsearch Payday: 2nd JulyRecord date: 18th May ex Dvd: 17th May The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RUSP (the "Preference Shares") will be made, in accordance with their terms, on 2 July 2018 in respect of the period from 31 March 2018 to (but excluding) 30 June 2018. The record date for the payment of the preference dividend for the Preference Shares is 18 May 2018 with an ex-dividend date of 17 May 2018. The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share. |
Posted at 10/5/2018 07:44 by eeza Dividend dec RNS"The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RUSP (the "Preference Shares") will be made, in accordance with their terms, on 2 July 2018 in respect of the period from 31 March 2018 to (but excluding) 30 June 2018. The record date for the payment of the preference dividend for the Preference Shares is 18 May 2018 with an ex-dividend date of 17 May 2018. The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share. A scrip dividend alternative (to be settled in Preference Shares) will also be available for all preference shareholders in respect of the preference dividend." |
Posted at 28/4/2018 00:07 by kenny Just to summarise the current positives for investors in RUSP, including new investors considering an investment as well as those already invested or who are considering topping up. In no particular order:1. Yield of over 8% per annum, paid quarterly. 2. Dividend cover on all preference classes combined is over two times net earnings, even before new lettings are factored in. 3. In addition to earnings cover, the company currently holds $266m in cash – compared to an annual dividend cost on RUSP of about £12m. 4. The company will shortly pass a special resolution to amend it's Articles to make it clear that a reduction of capital can only occur if the preference class - alone - votes by at least 75% of that class. Accordingly, RUSP is one of very few truly irredeemable permanent preference shares quoted in London. 5. Anton Bilton, executive deputy chairman, has bought a total of 2.5m ordinary shares since early March 2018. His confidence in the ordinaries and, therefore, the future of the company, reinforces that the coupon on RUSP is secure. 6. The company offers scrip dividends - only on the RUSP preference class – which have material tax advantages in legally avoiding the Dividend Tax. The requirement to offer scrip dividends on the RUSP class is written into the company's Articles; so a holder can be confident that they will continue to be offered. This factor alone increases the effective after-tax yield substantially for those UK resident investors receiving total dividends exceeding £2,000 p.a. 7. The company is considering secondary listings of its securities on the Johannesburg and Moscow exchanges; which may lead to increased demand for the shares. 8. Some vacant property has been let in Q1 2018 – at least 40,000 sq mtrs that I am aware of. Although this is small in the context of the company’s total portfolio, it confirms independent research reports that, compared to 2017, there is now stronger demand for warehouse property in the Moscow market. As always, DYOR. |
Posted at 27/4/2018 10:15 by kenny progue - I beg to differ on the Aviva versus RUSP comparison you make.Aviva have merely made a statement to the effect that if they do decide to redeem, they will have regard to the market price in fixing cancellation terms. RUSP is a true permanent share because it needs the RUSP class alone to vote to cancel. Therefore, I believe RUSP offers far more security in terms of being irredeemable. Once Aviva states it is going to redeem, I believe its preference share prices will suffer due to uncertainty. Further, I believe that those preference will continue to suffer uncertainty on a permanent basis - even if never redeemed - because there is always the chance they will be redeemed. Income investors do not like the rug pulled from them or uncertainty. |
Posted at 11/4/2018 18:41 by kenny loglorry1 – for the company’s Articles go here: hxxp://www.ravenrussNote that the original terms when RUSP was issued are no longer relevant because when the company issued RUSC they decided to update their Articles and incorporated the terms for both RUSP and RUSC into their revised Articles (after the appropriate approval by vote of RUSP shareholders). The wording in the revised Articles differs very slightly to the original wording of the RUSP offer document but differs only in relation to tidying up of the wording - not changing the effect of any of the original terms and conditions. All rather less confusing than AV, GA and Lloyds preference classes, where you have to look at both their original terms of issue and Articles, as they never consolidated them. For Guernsey Company law, the 2008 Act, go to this link: hxxps://www.gfsc.gg/ |
Posted at 09/3/2018 19:13 by kenny Even after other preference shares have been crushed by between 17% to 30% over the last two days, some like the Av and GA preference classes are still yielding more than RUSP. The Lloyds preference shares are still yielding more than RUSP albeit they too are in danger because of “substitution&RUSP has over the last two days been subjected to a swathe of sellers who, I can only assume, do not know what they bought in the first place. I guess the only consolation is that at least RUSP is only off by less than 1%. Personally, I don’t find that consoling because this bombshell should have led RUSP to soar. However, as Benjamin Graham said “in the short run the market is a voting machine but in the long term the market is a weighing machine.” Guess one has to be patient and wait for the dust to settle for value to be recognised. Very sorry for the people who have suddenly suffered very large losses - I know some of them are competent investors through reading the various preference BB’s over many years. However, I am also excited for what this means for RUSP - which may turn out to be one of very few preference shares quoted in London that is truly irredeemable. This article on the whole Aviva drama is worth a read: P.S. Also relevant to look at today’s US employment figures including those on wage inflation and how commentators are now stating that interest rates in the U.S. will, after all, only rise very gradually. Now, that is a surprise! |
Posted at 09/3/2018 11:34 by kenny Absolutely no risk of redemption at par because the terms of this preference share do not include any "capital reorganisation" or "substitution" clauses. This is, not least, because it is not a UK company so has none of the those terms, more usual in UK law.Check for yourself by looking at the terms which are available from the company's website. Confirmation is also available in the fact that the RUSP share price has not crashed; unlike most of the other London quoted preference shares. Indeed, some small holders are selling RUSP in panic: unaware that there is a big buyer in the background picking them all up. It is, fortunately or unfortunately, a case of another person's loss is RUSP holder's gain - because it has emerged there are a lot less truly irredeemable preference shares quoted in London. P.S. Also, if you have not been a holder of RUSP for many years' you will not be aware that some years ago the company made an offer to swap one RUSP for two ordinaries - which was not a mandatory offer. At that time that was equal to a little over 150p per RUSP share. This is further proof that RUSP is truly irredeemable. Just to complete the picture, the only event where holders can request repayment is in the event of a takeover but it is important to note that even on a takeover, redemption is at the holders discretion not the company's. There are no events where the company can repay, unlike the other pref's, RUSC, which have a 10 year life. |
Posted at 08/2/2018 07:38 by 11_percent RNSRNS Number : 2368E Raven Russia Limited 08 February 2018 8 February 2018 Raven Russia Limited ("Raven Russia" or the "Company") Preference Share Dividend (RUSP) The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RUSP (the "Preference Shares") will be made, in accordance with their terms, on 3 April 2018 in respect of the period from 31 December 2017 to (but excluding) 31 March 2018. The record date for the payment of the preference dividend for the Preference Shares is 16 February 2018 with an ex-dividend date of 15 February 2018. The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share. A scrip dividend alternative (to be settled in Preference Shares) will also be available for all preference shareholders in respect of the preference dividend. The scrip dividend circular will be available on the Investor section of the Company's website (www.ravenrussia.com |
Posted at 09/11/2017 07:48 by cwa1 For the record:-Preference Share Dividend (RUSP) The Directors of the Company confirm that the quarterly payment of the preference dividend in respect of the preference shares of 1p each with ticker RUSP (the "Preference Shares") will be made, in accordance with their terms, on 2 January 2018 in respect of the period from 30 September 2017 to (but excluding) 31 December 2017. The record date for the payment of the preference dividend for the Preference Shares is 17 November 2017 with an ex-dividend date of 16 November 2017. The Preference Shares will be entitled to a gross dividend of 3 pence per Preference Share. A scrip dividend alternative (to be settled in Preference Shares) will also be available for all preference shareholders in respect of the preference dividend. |
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