Raven Property Share Discussion Threads

[zangdook] 14/12/2019 15:45

They'll be paying out about £8m a year less in pref dividends (very rough estimate). That will affect the figures a little bit.

[flyfisher] 14/12/2019 09:40

RAV currently has a ltv of about 50% and needs to raise about £140m.

If it can do this with bank finance it will push ltv to around 60%. Will their lenders accept this and at what price?
They seem fairly confidant that they can obtain the financing, despite bankers reluctance to over leverage.

Assuming they can raise the finance, it will leave them at about 60% ltv.

In the last full year results the property portfolio suffered a £122m writedown.

Were economic conditions to deteriorate next year, which gave rise to another writedown of a similar magnitude, it would put ltv nearer 70%.

Buying in the prefs and convertibles seems to considerably raise the risk profile to ord share holders.

[irish_neris] 12/12/2019 18:06

With all the buying by the company would they be trying to delist or do a buy out and take the company private. I read somewhere that money woodford had under management had to be invested in publicly traded companies so some of the companies he put money floated themselves to take his investment

[gfrae] 11/12/2019 15:00

And how much will it cost ?

[flyfisher] 11/12/2019 09:11

Potential buy in of prefs, where is the cash coming from ?

[gfrae] 05/12/2019 16:27

Thanks zangdook for pointing that out. Re. Converts...yes but Invesco also own a big lump.

[catsick] 05/12/2019 15:12

Looking like people are waking up to the big nave boost, the converts are going to be looking better to as the free option gets closer to being worth exercising in the future

[zangdook] 05/12/2019 14:38

The 2 Dec 17.00 RNS said "The shares proposed to be acquired represent all of the ordinary shares in the Company held by funds managed by IAML."

[gfrae] 05/12/2019 12:44

As at 30th of September 2019 Invesco had 165.5 million shares. So this buyback may not be for their entire holding, although they have certainly sold some since then.

[gfrae] 02/12/2019 14:50

That is quite a big fall in NAV per share, wasn't it 72p at last buy in ?

[irish_neris] 02/12/2019 13:35

Buying at 36pence isn't going to do much to help the share price move up

[catsick] 02/12/2019 13:03

Another buyback of invescos shares being lined up, will also have a big nav boost !

[kenny] 29/10/2019 14:33

The fall in the rouble will take a chunk out of any increase in NAV.

[catsick] 29/10/2019 06:42

Another rate cut in russia , this time 50bps much more than expected and now with rates down to 6.5 pct those 12% yields are going to be looking crazy, we should see a big valuation rise at year end pushing nav a lot higher, these big buybacks are going to look very smart

[cwa1] 25/10/2019 16:02

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

Smaller Related Party Transaction

Raven Property Group Limited has agreed to purchase 10 million of the Company's own shares from Invesco Asset Management Limited ("IAML") under the Company's existing buy-back authority. The purchase is being executed at 40 pence per ordinary share (the "Transaction Price"), resulting in a total consideration of GBP4 million (the "Buy Back"). The Buy Back shares will subsequently be cancelled.

IAML falls under the definition of a "related party" under the Listing Rules, as it is a substantial shareholder in the Company. The Buy Back is therefore deemed to be a "smaller related party transaction" within Listing Rule 11.1.10R.

N+1 Singer, the Company's sponsor, has provided written confirmation to the Board of the Company that the terms of the Buy Back are fair and reasonable so far as the shareholders of the Company are concerned.

Following this, the Company will have 501,349,072 ordinary shares in issue.

[catsick] 15/10/2019 08:22

I wonder if they can scoop up a few more securities on the cheap on the back of the woodford fail, makes more sense now than running more tenders ?

[gfrae] 08/10/2019 08:45

Is this Invesco dumping their stock at 40p ? Maybe they have already dumped the rest?
Very well offered as you would expect. Some pretend bids.

[irish_neris] 22/9/2019 11:48

Putin/Russia risk might be safer then a Brexit/Eu trade risk

[bench2] 06/9/2019 09:47

Still too cheap if you can take the Putin/Russia risk . Anton Bilton has just bought circa 1m shares at just below 40p for his pension fund ........ plenty of skin in the game

[edmonda] 28/8/2019 08:47

Most recent note from Equity Development commenting on results:

[bench2] 27/8/2019 13:23

Good results , and support for the 12% Prefs which can now be purchased at 131.9p so after comm and no stamp duty a 9% yield , but they are ex the 3p qtrly div payable on 30 Sept .

[zangdook] 23/8/2019 08:12

Is this a new purchase or just the effect of the Woodford buyback?

edit. Comparing with the 1 Aug RNS, Hambro have reduced slightly, so this is just the buyback effect.

[catsick] 24/7/2019 07:37

Wow those ravc were a bargain !