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Name Symbol Market Type
Raven Prop P LSE:RAVP London Preference Share
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.50 0.41% 121.50 117.00 126.00 122.00 121.00 122.00 4,500 08:08:43

Raven Prop P Discussion Threads

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DateSubjectAuthorDiscuss
12/12/2019
19:55
I'm fast coming to the conclusion that Invesco are nearly as stupid as Woodford!
topvest
12/12/2019
19:54
Well done Raven - really taken Woodford and Invesco to the cleaners. An opportunistic move exposing fully the holes in their investment strategies. The sale of these holdings at such a crazy price is great news for existing holders and shambolic on the other side of the fence!
topvest
12/12/2019
16:17
Mark Barnett takes £28m hit on cut-price Raven sales By Daniel Grote 12 Dec, 2019 Under-pressure fund manager Mark Barnett is set to take a £28 million hit on his stake in Raven, after agreeing to offload the Russian warehouse developer's preference shares in a cut-price deal. Barnett, who was yesterday sacked as manager of the Edinburgh (EDIN) investment trust, has struck a deal to sell all his Raven preference and convertible preference shares back to the company for £87 million. That represents an £11.5 million, or 13%, discount to the £98.5 million they are worth according to their market price. It follows the Invesco Income and High Income manager's agreement last week to sell all his ordinary shares back to Raven for £50.3 million at 36p per share. That's around £16.3 million, or 32.5%, less than the £66.6 million at which the stake is valued at today's 47.7p share price. Taken together, the two sales, which are yet to complete, are being conducted at a £27.8 million discount to the price of the shares in the market. The bulk of Barnett's stake in Raven's preference shares is held in his £8.8 billion Invesco Income and High Income funds, with the Edinburgh investment trust he will hand over early next year set to receive £3.3 million from the deal. Barnett has faced heavy withdrawals from the funds as his performance has deteriorated and has been selling down positions in a number of hard-to-trade small companies, including many he held alongside Neil Woodford, his predecessor as manager. Investment research group Morningstar last month downgraded its rating on the Invesco Income and High Income funds, warning their heavy weighting to small companies could prove problematic in funding withdrawals from investors, Barnett has however insisted that the liquidity of the portfolios is strong and dismissed comparisons with Woodford, whose Woodford Equity Income fund featured heavy weighting to unquoted companies and hard-to-trade small stocks and was suspended in June. The latest deals will take to £147 million the amount Barnett has raised from the sale of shares back to Raven since July. Over that period, the Russian warehouse developer has spent a combined £173 million buying back shares from both Barnett, its largest investor, and Woodford, who sold back his stake following the suspension of his flagship fund. A further £93 million deal to place Woodford's preference shares with institutional investors was struck in July. That sale was priced at a similar discount to Barnett's proposed disposal of his preference shares. Raven directors Anton Bilton and Glyn Hirsch have emerged as among the biggest buyers of assets from Woodford Equity Income. The pair are also directors of Ibiza property developers Sabina Estates, which bought back Woodford's stake in the company for €50 million (£43 million) around half the £85 million at which it was valued by Woodford Equity Income.
kenny
12/12/2019
13:44
Investment Week - 3/12/19: Raven Property targets 28.5% share capital repurchase from Invesco AM Raven Property is set to repurchase 28.5% of its share capital from Invesco Asset Management at a 46% discount to its 67p NAV, subject to shareholder approval. The Russian property investment firm, which had been a holding of Woodford Investment Management funds, prior to its collapse, has entered into a conditional agreement to an off-market purchase in cash of 139.6m ordinary shares from Invesco at 36p each. Raven Property shares represented 1.8% of Woodford's Income Focus fund as at 31 July and 0.6% of Equity Income as at 30 June, but was not held in the Patient Capital Trust, according to the firm's annual report. Woodford was reportedly forced to take a £15m hit on the sale of two lots of preference shares in Raven Property, after selling at a discount to the market selling price. Raven Property bought back the equivalent of 14.8% of its market cap from both Woodford and Invesco in August, according to Numis Securities Research. The firm then bought back an additional 2% from Invesco in October. It follows Invesco's decision to shift to a 'co-head' model with Mark Barnett joined as head of UK equities at Invesco by Martin Walker on 1 January 2020, amid continued poor performance from Barnett's funds and investment trusts. Ordinary shares in Raven Property represented 0.6% of Barnett's Invesco High Income as at 30 June, with 0.5% in preference shares. Meanwhile, Invesco Income allocates at total of 1.6% of its portfolio to a combination of ordinary shares and preference shares. Raven Property's board said the latest repurchase, which is scheduled to be completed in January, said there would be an uplift from transaction as a result of repurchasing shares at a discount, with November's pro-forma NAV boosted to 89p, a 32.8% increase from 30 June. Commenting on the move, Numis said that while it is "not in favour of repurchases that target specific shareholders, rather than offering all shareholders an exit on the same terms", it can see the "benefits of removing the overhang of a substantial shareholder seeking an exit". It added: "Shareholders will benefit from substantial accretion to NAV due to acquiring shares at a substantial discount. "We estimate the proposed buyback will add c.15p, c.20% to the NAV (after prior uplifts). "Further details will be announced about financing the repurchase, although we note that the company has flexibility on the balance sheet (sub 50% LTV) which should allow the company to secure funding for the transaction against its high quality, high yielding asset base (£1.3bn value at 30 June)." Invesco declined to comment.
simon gordon
11/12/2019
22:36
Strange to think if Comrade Corbyn gets in we should be safer here than in UK based investments .
holts
11/12/2019
18:03
why would a billionnaire subscribe to a new class of lower yield debt? would make sense to just take over the existing invesco positions. would guess more likely an asset sale to finance the purchase. not really clear, we all have to wait for more info from the company
yieldsearch
11/12/2019
16:48
Financing could also come from selling a property. Buying in the RAVC at 92.5p and cancelling them removes a pile of future liabilities in terms of redemption at 135p and the saving of interest payments between now and 2026. Alternatively, instead of selling a property, gearing up the portfolio to implement the above gives a serious return. Not worked out the "yield" but if borrowing at 7% the effective return would be material. Future liabilities are also reduced materially making the remaining share issues even more secure. The announced buy-ins from Invesco cost as follows: Ordinaries £48m RAVP £38m RAVC £58.7m Total £144.7m It's a big figure but against the size of the property portfolio it might be doable. It's speculation but the alternative is that the "related parties" are a Russian billionaire who is offered/subscribes for a new class of lower yielding preference. The bottom line is the company would not have announced the buy-in's today and on 2 December without having a plan.
kenny
11/12/2019
16:13
Certainly has an effect on the real NAV. I couldn't really give a monkeys about any other measure of NAV.
igbertsponk
11/12/2019
16:08
I dont think that is true in the case of convertibles or prefs ,though I am not certain. It affects gearing,making this a much riskier investment (or rewarding)
gfrae
11/12/2019
15:29
Should be good news for the prefs. Overhang removed.
eeza
11/12/2019
15:26
Financing could come from the 'related parties' who bought a few of RAVP and ordinaries in the initial Woodford selloff. This is pure speculation. Is it strange that the company has still not disclosed who these related parties are?
kenny
11/12/2019
15:26
If you buy in debt at less than book value it affects NAV.
igbertsponk
11/12/2019
14:58
Dont think it affects NAV. Intrigued to know how much new debt will cost and if they can finance cheaper than they currently are.
gfrae
11/12/2019
09:38
All prices still unchanged. Guess it adds to the Ords NAV per share, but will increase risk due to higher gearing.
igbertsponk
11/12/2019
08:45
Where the hell is all this cash coming from to keep doing this is what im asking
my retirement fund
11/12/2019
08:38
Shame I cant buy a few more for 115
owenski
11/12/2019
08:33
Even better if they cancel them.
eeza
11/12/2019
08:32
Personally see this as good news as this stake was likely to be coming to market so they have removed the uncertainty and from a company perspective got themselves a bargain as they held all the cards in this negotiation. Once again makes the ords more attractive too.
otemple3
11/12/2019
07:40
Buyback of Prefs at 115p.Not sure this is good news.Probably Invesco bailing which is kind of expected due to Woodford contamination. But surprised they couldn't pass on to other institutions at more than 115p!!
igbertsponk
11/12/2019
07:21
Company buying back at 115 , thats a nice 10%+ yield on the cash they spend
catsick
06/12/2019
09:18
The shares could be placed on another stock market, after all who would want to be listed in the UK these days with the way things are
my retirement fund
04/12/2019
22:15
Can not say I am comfortable with the proposed purchase of such a chunk of the ords to be held in treasury which obviously will require financing .
holts
03/12/2019
17:33
Suspect Invesco with their big Pref and Convertible holdings hold all the aces. The company throws off the needed amount of cash every 12 months so not drastic.
igbertsponk
03/12/2019
17:14
Surely this proposed reduction in the capital base of the company is not in the interests of the pref holders as it will reduce our capital cover.
nitnia
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