RAVEN PROPERTY GROUP LIMITED - Conditional purchase of its own ordinary shares

Conditional purchase of its own ordinary shares

Raven Property Group Limited
Incorporated in Guernsey
Company number 43371
LSE share code: RAV; JSE share code: RAV
ISIN:GB00B0D5V538
(“Raven” or the “Company”)

                                 Conditional purchase of its own ordinary shares

The Board of Raven refers to its announcement of earlier today and announces that the Company has
now entered into a conditional agreement to purchase off-market 139,678,106 of its ordinary shares from
Invesco Asset Management Limited (acting as agent for its underlying funds) (“IAML”), representing
28.5% of the Company’s current issued ordinary share capital. The purchase price for the shares to be
acquired by the Company is 36 pence per ordinary share, payable in cash.

The shares proposed to be acquired represent all of the ordinary shares in the Company held by funds
managed by IAML. The proposed purchase of these shares will be a related party transaction under the
FCA’s Listing Rules as IAML and its underlying funds are together a substantial shareholder of the
Company for the purposes of the Listing Rules.

The Company is progressing negotiations regarding the financing required to purchase the shares and
will provide an update in due course.

The purchase will be conditional, inter alia, on ordinary shareholders, preference shareholders and
convertible preference shareholders passing the resolutions necessary to authorise the transaction.

The Company intends to hold the ordinary shares purchased in treasury.

At 30 June 2019 the Company reported a net asset value per share of 67 pence. Following the purchase
and cancellation of ordinary shares in August 2019 and October 2019, together with the 8 November
2019 tender offer and assuming completion of the purchase of ordinary shares outlined above, on a pro
forma basis, the equivalent net asset value per share will increase by 32.8% to 89 pence per share*.

The Company intends to post circulars (including notices of meetings) to ordinary shareholders,
preference shareholders and convertible preference shareholders in respect of the transaction outlined
above in January 2020 and a further announcement will be made at such time.


The information contained within this announcement relating to the purchase by Company of its own
shares is considered by Raven Property Group Limited to constitute inside information as stipulated
under the Market Abuse Regulation (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to be in the public domain.

The person responsible for arranging for the release of this announcement on behalf of the Company is
Benn Garnham, Company Secretary.

*assuming no conversion of convertible preference shares of no par value in the capital of the Company

2 December 2019
JSE Sponsor: Rencap Securities (Pty) Limited

Enquiries

 Raven Property Group Limited                                                             Tel: + 44 (0) 1481 712955
 Anton Bilton
 Glyn Hirsch

 Novella Communications                                                                   Tel: +44 (0) 203 151 7008
 Tim Robertson
 Fergus Young
 N+1 Singer                                                               Tel: +44 (0) 20 7496 3000
 Corporate Finance - James Maxwell / James Moat
 Sales - Alan Geeves / James Waterlow

 Numis Securities Limited                                                Tel: + 44 (0) 207 260 1000
 Alex Ham / Jamie Loughborough / Alasdair Abram

 Renaissance Capital (South Africa)                                          Tel: +27 (11) 750 1448
 Yvette Labuschagne

 Renaissance Capital (Moscow)                                                 Tel: + 7 495 258 7770
 David Pipia

 Ravenscroft                                                              Tel: + 44 (0) 1481 729100
 Emma Ozanne


About Raven Property Group

Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia
and lease to Russian and International tenants. Its Ordinary Shares and preference shares are listed on
the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing
Authority and the Official List of The International Stock Exchange (“TISE”). Its Ordinary Shares also have
a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock
Exchange. Its convertible preference shares are admitted to the Official List of TISE and to trading on the
SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey, Moscow
and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A" warehouses
in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000 square metres
of commercial office space in St Petersburg. For further information visit the Company’s website:
www.theravenpropertygroup.com

Date: 03-12-2019 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.