Raven Prop P Discussion Threads

[stemis] 02/4/2024 13:59

I also wish for peace.

But if what it takes to get the dividends is for Ukraine to be forced to surrender or into a peace deal that involves handing over part of its territory to an invading Russia, then I'd rather not have them...

[pbaker] 02/4/2024 13:43

Thanks Rahosi. The preference are trading at less than the potential accumulated dividends. Though at least someone still sees some value in them. The ordinaries are being bought probably for the voting rights. As always I pray for peace and dividends.

[rahosi] 02/4/2024 11:47

Updated Settled trades:

Date of transaction Type of Share Volume Price (GBp)
28/06/2023 Ordinary.. 00,200,023 05.1
31/10/2023 Ordinary.. 00,300,000 01.1
21/12/2023 Ordinary.. 10,561,294 00.2525
21/12/2023 Preference 00,013,059 11.45p
28/03/2024 Preference 00,030,766 11.25p

[ramellous] 27/3/2024 11:48

Interesting developments in an Austrian bank trying to repatriate Russian capital

[rahosi] 25/3/2024 15:23

25 March 2024 Result of adjourned Annual General Meeting Raven announces that, at the adjourned Annual General Meeting (“AGM”) of the Company held at 9:30 a.m. today, resolution 4 as set out in the Notice of 2023 AGM dated 12 December 2023 and the Notice of adjourned 2023 AGM dated 11 March 2024 (together the “Notices”;) was duly passed following a poll on the resolution.
Defined terms used in this announcement shall have the same meaning as set out in the Notices.

Annual General Meeting Poll Results
4 That the financial statements and reports of the directors and auditors for the year ended 31 December 2022 be received.
Resolution For (see note 1) Against (see note 1)
FOR.... - Number of votes 413,055,773 % 96.08
AGAINST - Number of votes 016,861,336 % 03.92
Number of votes withheld..006,815,471
Total votes cast 429,917,109

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. At 6.00 p.m. on 21 March 2024, there were 566,493,370 ordinary shares and 216,634,485 preference shares in issue, 55.56% and 56.32% of the ordinary and preference share capital was instructed.

Enquiries Raven Property Group Limited Anton Bilton Glyn Hirsch

[rahosi] 25/3/2024 08:00

Reconvened AGM of the Company today. 09:30 25 March 2024 at Carey House, Les Banques, St Peter Port, Guernsey GY1 4BZ

Hopefully we'll hear the details of the re-domiciling of Raven Property Group Limited (“RPG”) from Guernsey to the Abu Dhabi Global Market financial free zone.

[ravenrussia] 24/3/2024 13:06

Yes, this was also progressing in the December update

With the move to new stock exchange...hopefully we can then see some value

Wonder how long it woukd take tore list on a new exchange

[keith95] 21/3/2024 19:43

From the update:

"Following their acquisition of the Russian business in July 2022, the Russian management team re-domiciled the entities in their Cypriot holding
company structure to the Abu Dhabi Global Market financial free zone (“ADGM”) and renamed the principal holding company Phoenix Property
Group (“Phoenix̶1;).
We also intend to re-domicile Raven Property Group Limited (“RPG”) from Guernsey to the ADGM.
A circular setting out this proposal should be issued to all shareholders later this month and sets out in more detail the necessary changes to our
memorandum and articles of association and terms of our equity instruments."

and

"A number of our shareholders have told us that they have written their shareholding to zero; we do not share their view. The underlying Phoenix
property portfolio is still market-leading and continues to perform strongly.
The executive team remains fully committed to its task."

I suspect thanks should be due and wait for the update. Moving to ADGM looks a little more promising than moving to Moscow.

[tunley] 18/3/2024 12:11

I think it was Invesco or Perpetual (they nay be the same) who sold a large holding back to Raven.
Anyway:- STemis - many thanks for your analysis, it gives us a better perspective.

[stemis] 18/3/2024 11:02

According to the web site Quilter still own 23.5% of ordinary shares. The also own 31.5% of the preference shares.

[redhorse2020] 18/3/2024 10:39

Analysis seems right to me and very helpful although does rather put the 108 million target by 2052 into context. Hopefully the conflict will not last that long in which case 108 million doesn't look particularly taxing over that timescale.

[cc2014] 18/3/2024 09:23

Haven't Quilter sold their holding to the management ?? I could be wrong. Something along this line was talked about on this thread a couple of months ago.

If so then the management can basically vote through whatever they want.

[gfrae] 18/3/2024 09:17

I am not saying anything is wrong, only that it is surprising to me that Ordinary shareholders would agree to it, though I can see why Pref holders would- (and I also presume that the Directors 30% would not be voted), so not necessarily a total slam dunk.

[stemis] 18/3/2024 08:55

gfrae,

which bit of my analysis could be wrong?

[redhorse2020] 17/3/2024 23:45

My guess would be that they would agree because the directors plus Quilter own over 50 percent of the ordinaries and also over 50 percent of the preference shares therefore its wooden dollars to them whether distributions are via ordinaries or preference shares. In fact, Quilter own a larger proportion of the preference share capital than they do ordinaries, therefore presumably would actually prefer the bulk of any distributions to be via the preference shares. To be honest I can't see me getting anything back on my ordinary shares anyway given the extent of the arrears on the preference shares so it's probably a moot point in any case.

[gfrae] 17/3/2024 22:46

Stemis, if the situation is as you descibe, why would Ordinary shareholders agree to it ?
There could be a stuation where the 20% new Preference shareholders got dividends whilst the Ordinary shareholders recieved nothing. Eg if there were only suffient funds to pay the Prefs.

[redhorse2020] 17/3/2024 21:19

Definitely value in the business and I really hope the team are able to realise as much as possible for all shareholders including themselves. Just hope it doesn't take till 2052 and that if it does it's a bit more than the 108 million.

[stemis] 17/3/2024 17:03

A couple of points over the options.

Firstly options over ordinary shares are of no financial interest to we preference shareholders as our interest takes preference over the ordinary shares.

Secondly the option over preference shares is to receive new preference shares not 20% of our individual holdings. That only becomes relevant when there is insufficient funds to cover preference shares. Presumably, as new preference shares, they would not be entitled to accrued dividends and the interest due on unpaid dividends.

As at 31.12.22 there were £629,315,000 of assets to cover the preference share liability of £280,740,000 (which is 129.6p per preference share, after accruing for unpaid dividends and interest thereon) i.e. There are 216,634,485 preference shares in issue so issuing another 20% (not sure if it's 20% of the existing number or enough to comprise 20% of the total, but let's assume it's the latter as it's more) would mean another 54m preference shares. That would mean £629 million of assets to cover a preference share liability of £335m.

Ok, there's a long way to go but the option issue isn't quite as bleak as it might seem at first.

[gfrae] 16/3/2024 21:54

1.Arnt they already well paid ?
2. They own 30%
A further 20% could be £200m or more ?
Seems quit a lot?

[stemis] 16/3/2024 15:52

Eventually the US and Europe will come to their sense and get Ukraine to agree a peace deal.

--------------------------------------------------------------------------------------------------------

Perhaps Trump could do it and return brandishing the agreement, perhaps with a speech to the press along the lines of...

"The settlement of the Ukraine problem, which has now been achieved is, in my view, only the prelude to a larger settlement in which all Europe may find peace. This morning I had another talk with the Russian President, Vladimir Putin, and here is the paper which bears his name upon it as well as mine" [shows paper to crowd]

[redhorse2020] 16/3/2024 15:49

In terms of alternatives I'd prefer they build in tiers that trigger options of increasing size based on the actual value returned to shareholders and how quickly rather than just a flat 108 million at some point in the next 28 years but as I say just my personal view.

[redhorse2020] 16/3/2024 15:45

What's wrong with living in Dubai? Fantastic place! In terms of incentives, I think it's mainly the 2052 expiry along with the sheer size of it that's puzzled most holders. As you say, it doesn't matter what we think just what they agree between themselves and Quilter - no harm in voicing an opinion though.

[kickingking] 16/3/2024 15:08

Eventually the US and Europe will come to their sense and get Ukraine to agree a peace deal. They will never get back the land they lost. .These will be worth something then

[dandigirl] 16/3/2024 13:54

when moaning about the actions of the current management, please feel free to suggest alternatives.

most of us have written off our investments. Bilton and Co are endeavouring to find ways of extracting value for both themselves and us. These include travelling to/from Russia and living in the middle east. I wouldn't wish to do either. If they compensate themselves along the way, so be it. Besides, there is nothing we can do about it.

the assets in Russia do have value. let's just be patient and let them do what they have to do.