Raven Prop P Discussion Threads

[spectoacc] 12/8/2021 13:44

Starting to count my life in Preference Share divis - they do seem to come round often.

[cc2014] 12/8/2021 09:59

I guess the time to buy was yesterday morning. See the 100k and 220k trades reported late yesterday which I assume account for the fall.

I assume the market has absorbed them now or the MM have so few left they are happy to mug punters for 114p.

I've spent ages looking at buying some more the last couple of days but I've plenty and reached the point where it would take an amazing price to entice me to buy more.


Who knows whether the seller has anymmore to shift.

[cwa1] 12/8/2021 08:50

That's a fairly wide displayed spread of 110-115. Actual buy/sell spread electronically seems to be 111-114, still fairly wide

[cwa1] 12/8/2021 07:19

2 August 2021

Raven Property Group Limited ("Raven" or the "Company")

Preference Share Dividend (RAVP)

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 RAVP (the "Preference Shares") will be made, in accordance with their terms, on 30 September 2021 in respect of the period from 30 June 2021 to (but excluding) 30 September 2021. The record date for the payment of the preference dividend for the Preference Shares is 20 August 2021 with an ex-dividend date of 19 August 2021.

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.

[rayg5] 10/8/2021 16:51

I'm amazed it has fallen further. And the volume is so light that I cannot pin it down to any one cause. It is truly puzzling.

[montyhedge] 09/8/2021 15:19

Of course some investors scared of Russia, I been in this nearly from the start through all sort of crises, they have never missed a payment. Directors holding large chunk of pref, personally I think will always pay, of course if this were U.K company, price would be 210p.

[my retirement fund] 09/8/2021 13:57

The level of corruption in Russia is so sophisticated, I would imagine it would be fairly straightforward arrangement for someone to ensure interested parties are paid with staggering large, yet untraceable funds to turn a blind eye. Could a corrupt and fraudulent scheme have really been designed or is there a simpler and cleaner explanation for the interested parties actions ?

[gfrae] 09/8/2021 11:56

Very interesting post Kenny, I was unaware of much of what you have pointed out. However, it still seems to me that the recent deal whereby they have bought a large chunk of shares and prefs at a large discount financed by the company itself is even more outrageous.
Just as outrageous is the fact that the large shareholders Schroders, Quilters et al have allowed them, and I presume they did so because they also received a bung. I myself benefited from some cheap prefs.
Of course it does matter to Preference shareholders, if the company were highly regarded the prefs might only be yielding 5 or 6% (ie the price would be double).

[igbertsponk] 09/8/2021 10:58

Lot of ranting about the director on the other thread.
Amusing nonsense about too much travel shows amazing naivety about how business is done in Russia. You don't make contacts and do deals over Zoom! You do it in clubs after midnight. That costs money and needs people on the ground.

[montyhedge] 09/8/2021 09:01

Directors have a chunk of preference shares, always paid out since company quoted on the stockmarket.

[rayg5] 07/8/2021 13:18

The chief concern is the security of the investment. I have to take it for granted that the directors are greedy sobs. It has ever been thus. The principle is that 'if you can put your snout in the trough then why wouldn't you?' Nonetheless, and as always, that was a superb post, Kenny. So, King Suarez, you are right... it matters not.

[king suarez] 07/8/2021 13:06

Interesting points raised, thanks. But, does any of this matter if you are solely looking to be invested in the preference shares for income?

[kenny] 07/8/2021 11:58

The directors of this company are extremely greedy; therefore, one does have to question whether they are acting for all shareholders or for their own interests.

In 2020 their total remuneration, including free shares, was £3.219m which in the context of the ordinary share capital being worth about £155m today, means they are drawing 2% for themselves - each and every year.

Further, 2020 was a low year for total remuneration the directors are extracting from the company! In 2019, remuneration totaled £7.771m - that is 4.97% of current market capitalisation taken by the directors in one single year.

Further, the latest directors bonus scheme which lasted 3 years, had only one condition in order for the directors to collect millions of free shares. One might imagine that a normal bonus scheme might be tied to NAV increasing or EPS increasing over that 3-year period. Not so with this company, where the only condition to collect millions of free shares was that they had to be still employed by the company at the end of the 3-year period!! Outrageous and criticized by independent outside observers.

Then, there is other greed which is not so obvious from the face of the accounts. How about a £20k donation to a charity in Jersey for a photographic event. Was this for the benefit of the company’s trade or linked to a local director’s interest in photography?

Note also the very high travel costs – of £1.2m in 2019 before Covid reduced the cost to 0.5m in 2020. Perhaps bouncing back to £1.2m in 2022 and subsequent years?

No doubt the directors will say they need to travel and stay in Russian hotels, eat there etc. However, can a travel cost of £1.2m per annum really be justified when it represents such a large percentage of the company’s net annual earnings? Also, can most of the business be undertaken over zoom and travel to Russia be limited to once or twice a year?

What controls are exercised over the director’s expense claims, not least when the company employs a senior management team based in Russia? Also, the directors have many outside financial interests, so one hopes the independent directors are fixing remuneration, including bonus shares, partly by reference to how much time is spent on management of this company as well as the cost of a senior local management team. Perhaps there exists an expensive duplication that can be eliminated?

In principle, directors should act in the interest of all shareholders. Independent outside observers can decide, based upon facts, whether they are in this instance. If they are not doing so, surely it is the independent directors and major institutional shareholders who should hold them to account – not least where those directors are minority shareholders.

[zangdook] 06/8/2021 16:33

and everyone likes a competent leader. You wouldn't see Putin cycling to work like this

[rayg5] 06/8/2021 16:05

Personally I think the risk in Russia is overplayed. Russians like a strong leader like Putin.

[rayg5] 06/8/2021 16:04

Seems a ridiculously high yield now. Can it still go up even more?

[montyhedge] 05/8/2021 16:25

Always seems to come around quite quickly our next 3p dividend next month.

[igbertsponk] 05/8/2021 16:07

I see that in the other place Woodford is being blamed for whatever....
They seem to forget that without Woodford there would have been no Raven!

[zangdook] 05/8/2021 15:27

"I am sure they have obeyed the letter of every rule, but they are not acting on behalf of the majority of shareholders."

Aren't directors bound to act in the interests of all shareholders?

[gfrae] 05/8/2021 14:46

Raven's good quality logistic/property assets should be in high demand from any cash rich property company/fund. In the UK/Europe West they would be standing at a considerable premium to NAV. The reason they are not may well be because the company has made itself takeover proof to the disadvantage of all shareholders other than directors.
Why did Schroders, Quilters etc allow this value destroying deal ?