Raven Prop P Discussion Threads

[badtime] 01/4/2022 16:17

Hmmm part of the div due just been credited

[keith95] 01/4/2022 12:48

"wiped out"

I still think RAV holders will get something back to push through the put option ... otherwise they might as well vote against the proposal and take the risk someone puts Putin in a box ... not very likely of course ....

Preference shareholders could then be wiped out despite being higher in the pecking order than shareholders .... and a gutwrench.

We will see .... nothing to be done now save make up for losses here elsewhere.

[keith95] 01/4/2022 12:42

... April 1st ....

[zangdook] 01/4/2022 10:20

I should keep quiet if I were you, bis. It may be reversed but you never know.

[igbertsponk] 01/4/2022 10:14

You wicked child!
The divi is of course a day late....

[bisiboy] 01/4/2022 10:09

the dividend has been credited to my account is this a mistake!

[stemis] 31/3/2022 07:20

The principal hasn't been 'written off'

[the monkster] 30/3/2022 23:28

yes keith..wiped out.

[the monkster] 30/3/2022 20:04

payment of a dividend lol...you having a laugh sponk ! ironic with the principal written off to be receiving a div.

[igbertsponk] 30/3/2022 15:10

I see Kenny on the other thread has vanished.

[dandigirl] 30/3/2022 15:04

Understand Rouble has retraced a lot in recent days.

[keith95] 30/3/2022 09:52

"2 years worth of dividends sitting in cash." Wanna buy some roubles?

[dandigirl] 30/3/2022 09:26

Not a surprise for most.

[igbertsponk] 30/3/2022 08:40

That's how you do business in Moscow so YES!

[zangdook] 30/3/2022 08:35

hookers and coke until it runs out.

[igbertsponk] 30/3/2022 08:28

Confirmation that divi will be rolled up instead of being paid now. Not a surprise. Any cash they have accessible they'll be using to pay fees and the Board etc to try and get a resolution that makes some pennies for the Pref holders.
Someone on the other board expected them to use the cash to pay the divis I see.... naive.

[my retirement fund] 30/3/2022 08:25

Well so much for Kenny's theory they have 2 years worth of dividends sitting in cash.

[spectoacc] 30/3/2022 06:16

Nothing that wasn't known (and likely from before going XD):

"In light of the continuing uncertainty and in order to conserve liquidity, the Board has therefore resolved that payment of the preference share dividend for the period from 31 December 2021 up to, but excluding, 31 March 2022 will not be made and this will accumulate in accordance with the terms of the instrument."

[keith95] 29/3/2022 12:47

"the new prefs were a way of selling the company to the Russian subsidiary with the capital being repaid over 10 years."

Indeed .. so are the existing Preference Holders wiped out?

[waterfall city] 29/3/2022 12:26

My take on it was the new prefs were a way of selling the company to the Russian subsidiary with the capital being repaid over 10 years.

[keith95] 29/3/2022 11:54

"I’d do the same" - yup.

[keith95] 29/3/2022 11:09

My reading is that the put option wipes out RAV shareholders, but to agree to the put option RAV shareholders will want some compensation at a nominal consideration.

Thereafter:


"Following the exercise of the put option RPG will hold the loan and preference share assets above along with any cash balances. Its principal commitment will be its own preference shares."

It's not clear to me what is meant exactly by "preference shares". The following:

"the Company would retain an economic interest in RRHCL via existing unsecured loans of £41 million and Rub1.1 billion to RHHCL and non voting preference shares of £678 million, attracting a coupon of 8%, 15% and 10% per annum respectively and with a term of ten years until maturity. "

Suggests to me that the debt held by RAV will be converted into preference shares to be paid by Prestino Investments Ltd, but if so, RAVP holders would seem to be excluded, so does this imply that RAVP holders are wiped out?

Moreover, would it be feasible for the directors to let RAV collapse? If so, directors would get the assets of RAV virtually debt free, because there would be no incentive to keep the shell company RAV afloat and every incentive to let RAV collapse.

In short, this restructuring looks like a power grab for assets for free to me.

[gfrae] 29/3/2022 08:46

The joint venture between the company and various directors...Though the debt was provided by the company, are the directors liable for their part or is the company taking any or all losses if the bank cannot be repaid ? Kenny ?
The directors may have to put up some more collateral and could be in some financial difficulty if they are liable for losses.