Raven Prop P Discussion Threads

[stemis] 13/5/2022 11:19

Ok, sent a follow up to the company re audiocast and have had a response saying confirmation and details will be sent in due course.

[stemis] 13/5/2022 11:00

Tbh I'm not really sure what would happen if they motion to delist the prefs was defeated.

I did send an email to register for the audiocast but have never had a response!

Edit: The audiocast is the 19th, it is questions by 14th.

[gfrae] 13/5/2022 10:44

Arn't you going to listen to the audiocast even to which you have to register before tomorrow ?

[dandigirl] 13/5/2022 10:04

FWIW and futile though it may be, having perused the docs again, we have voted against.

Just not comfortable with what is proposed.

[stemis] 12/5/2022 18:37

Should the company ever return to paying preference dividends...

"If all or any part of the Preference Dividend is in arrears, interest shall accrue on such unpaid sum at the rate of 15 per cent. per annum from the date upon which such arrears arise until the date of payment. In the event that the arrears of the Preference Dividend shall remain unpaid for six months then the rate at which interest will accrue on such arrears will from such time increase to the rate of 20 per cent. per annum"

[igbertsponk] 12/5/2022 16:04

12 May 2022

Raven Property Group Limited

(the "Company")

Preference Shares dividend

Further to the Company's announcement on 30 March 2022, the economic uncertainty surrounding its business in Russia caused by current sanctions and counter sanctions continues to severely limit the Company's ability to access funds from its Russian subsidiaries and to convert roubles into alternative currencies. The Company confirmed that payment of the preference share dividend for the period from 31 December 2021 up to, but excluding, 31 March 2022 ("March 2022 Preference Dividend") would not be made and accumulate in accordance with the terms of the instrument. The record date for such dividend was 18 February 2022 and in the event the Company is in a position to pay the March 2022 Preference Dividend (and any interest accrued thereon in accordance with the Company's articles of incorporation) it will be paid to the preference shareholders of the Company on the register on such record date.

In respect of future quarterly instalments of the preference share dividend, in light of the continued uncertainty, the Company does not currently anticipate paying any such future instalments of preference dividends. It will continue to monitor the situation and should the position change it will notify preference shareholders and where it expects to pay such preference dividends it will set out the record date for such dividend in any such notification. However, should the Company determine that it is in a position to resume paying preference dividends it will first pay the preference dividends which have been outstanding the longest (including any interest accrued thereon) starting with the March 2022 Preference Dividend.

[rahosi] 12/5/2022 15:08

What will happen to preference shares held in an ISA? Can they remain so or do they have to be transferred out? If they can't be transferred out but can't remain in the ISA, what then?

Do I detect a note of hope in today's RNS?

[gfrae] 12/5/2022 08:22

Though there is a point worth considering in the garbled version, why don't Raven retain their MOEX listing for the time being, it may be better than no quote, and perhaps would avoid some or all of the problems of sanctions and counter sanctions ?

[stemis] 12/5/2022 07:31

It's a garbled version of the demerging of Evraz's coal interests. Evraz, which is currently suspended on the London SE had planned to demerge it's coal interests by an in specie issue of shares in Raspadskaya (RASP) to Evraz shareholders. RASP is quoted on the Russian IMOEX and, recognising that some EVR shareholders wouldn't be able to hold shares in RASP, EVR proposed to set up a share sale facility. However the demerger was cancelled in April this year and EVR is now sanctioned.

[tradertrev] 11/5/2022 18:20

Why would shareholders be "obliged to sell" "at a nominal price" when the war ends?

[keith95] 11/5/2022 14:13

De-list from LSE re-list Moex .... so existing shareholders are obliged to sell at a nominal price on the Moex to be agreed when the war ends ....

.. is no different to the re-listing of Evraz coal interests on Moex where holders were obliged to sell untradeable assets.


So I don't see any need for this holding company nonsense.

[dandigirl] 11/5/2022 13:44

Igbert: 75% is needed. Pref shareholders are:

hxxps://www.theravenpropertygroup.com/media/1594/20220331-top-shareholders-ravp.pdf

Must be some doubt surely?

That said, we will probably abstain.

[igbertsponk] 11/5/2022 11:17

Matters little how you vote as the main institutions and the Board will be voting in favour.

[stemis] 11/5/2022 11:06

Depends whether you trust management to be doing the best they can to preserve whatever value they can in the preference shares, or believe management are a bunch of rogues who are setting things up to run off with whatever value is left.

[kgallagher2] 11/5/2022 09:53

Received an invitation to vote on delisting of shares today. What is everyones reccomendation?

[stemis] 08/5/2022 20:41

For RAVP to pay preference dividends in the future, it wil need to be paid the interest on it's loans, and/or the preference dividends it has, with RRHCL. For RRHCL to pay these it's going to need to receive moneys from some or all of the SPVs (i.e the Russian companies RRHCL owns, which hold the Russian properties). Not sure how that money is charged; management charges or dividends. To do that two things are necessary.

1. An SPV needs to receive any rents on it's properties, be able to service any bank loans it has and meet the covenants on the loans
2. The SPV has to be able, subject to sanctions, to transfer the money to RRHCL.

The only reason I can see that RAV is putting the put option in place is because it is concerned about 2.

[crm114] 08/5/2022 17:42

Thanks again Stemis

[stemis] 08/5/2022 17:28

As RAVP holders are we now subordinate to RRHCL Preference share holders with respect to the payment order ?

No, RAVP are preference shares holders in RAV. It is RAV that holds the preference shares in RRHCL.

[1knocker] 08/5/2022 17:18

I can't really be bothered with any of this. There is nothing I can do about, not even sell. I have written off my holding of prefs in my mind, and shall regard anything I get as a bonus,

I am pretty browned off with the sanctions. So far as I can see, they have resulted in the transfer of a huge quantity of valuable assets -oil, gold, property, you name it - from western to Russian hands. Putin must find the pain of that excruciating.

At the same time, the price of oil and gas and other commodities Russia produces has be pushed up, so that any reduction in Russian sales is compensated for by the higher price. Sanctions are always evaded, so while the route from seller to ultimate purchaser will have grown more devious and opaque, the sled continue.


The real damage is yet to come, namely further hikes in food prices. That will be unaffordable to much of the third world. The starvation large numbers of people this year and next is now certain. And they ain't going to be Russians.

[crm114] 08/5/2022 16:36

Hi Guys

As RAVP holders are we now subordinate to RRHCL Preference share holders with respect to the payment order ?

Thanks

[zangdook] 08/5/2022 13:01

Good point, and definitely something to ask about. I did notice they seemed to be being rather quiet about the JV.

[flyfisher] 08/5/2022 11:59

The most immediate problem is the j/v and it's debt servicing.

The vtb loan to the j/v was due to be serviced by the dividend income stream on the ord's and prefs. Without this income the j/v cannot service its debt.

With the directors having deposited all their holdings into the j/v, they face a personal wipeout. So the directors will do anything to counteract this.

The cynic in me suggests that the delisting has much to do with the j/v debt being serviced by rav directly, whilst not on public display.

[crm114] 08/5/2022 08:16

thank you SteMİS

[homeboy] 08/5/2022 08:04

"Kenny28 Feb '22 - 02:31 - 1538 of 1967
Let's hope Monday's talks lead to at least a ceasefire."

massive lol to that, putin sent agents to the uk on more than one occasion to kill kremlin critics and in the process poisoned and killed uk citizens, you think that this man is reasonable and hope that you'll receive a 12p a year divi

troops building up on the border, if it walks like a duck etc, sell.