Raven Property Group Limited Company Update (3590D)
02 Marzo 2022 - 3:03AM
UK Regulatory
TIDMRAV
RNS Number : 3590D
Raven Property Group Limited
02 March 2022
2 March 2022
Raven Property Group Limited ("Raven" or the "Company")
Company Update
The Board of Raven is deeply shocked and saddened by the
situation in Ukraine and the tragic consequences unfolding
there.
The market and information flows are chaotic and volatile and
the Board has engaged its advisers to interpret the impact of the
sanctions on its operations although these are changing day by day.
The immediate focus is on ensuring the Group has liquidity in the
correct currency in the appropriate jurisdiction. The ability of
the Company to continue to access the funds of its Russian
subsidiaries and whether those funds can be converted to the
correct currency at a commercial exchange rate is the greatest
uncertainty at this time.
We simply do not have clarity on the restrictions that may be
placed on the access and movement of funds intra group at this
present time. We are working with banks and lawyers in all
jurisdictions but it is still too early to get any definitive view
on cash flows available to the Company. We do not expect that this
situation will change while there is no resolution to the events in
Ukraine or how long restrictions will affect the Group. Inevitably
the Board will take a conservative financial approach and at this
time it is unlikely that either a distribution to ordinary
shareholders in relation to the year ended 31 December 2021 or the
preference share coupon for the quarter ending 31 March 2022 will
be paid. Any unpaid preference coupon will accumulate in accordance
with the terms of the instrument. We will continue to monitor the
position with respect to the Company's ability to access Group
funds and will make a further announcement at the appropriate
time.
We plan to announce our 2021 annual results on 21 March 2022 but
these will obviously have been superseded by the current
significant uncertainties.
The Group remains in compliance with all of its banking
covenants. At the end of 2021, rouble debt accounted for 64% of
secured facilities and euro 36%. The Group's rouble debt facilities
are hedged with interest rate caps over the term of the loans, with
a weighted average term to maturity of 2.4 years from 1 January
2022 on those caps, protecting the Group from the recent Central
Bank of Russia rate hike.
Operationally, the portfolio is almost fully let with all rents
collected for February and demands now issued for March payments,
29% of which have already been received.
We will issue further updates as appropriate.
Richard Jewson, Chairman said:
"The Board and Company are well served by a committed and
resourceful management and staff in Russia, Cyprus and Guernsey and
many hold shares in the Company. It is impossible to predict the
challenges that may emerge in the coming weeks and we are grateful
for their input and loyalty.
The Board is working to do all it can to protect the interests
of all stakeholders in these unprecedented times. We sincerely hope
for a peaceful outcome to these terrible events."
The information contained within this announcement is considered
by Raven Property Group Limited to constitute inside information
pursuant to Article 7 of EU Regulation No. 596/2014 as it forms
part of domestic law by virtue of the European Union (Withdrawal)
Act 2018. 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.
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. 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
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END
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(END) Dow Jones Newswires
March 02, 2022 04:03 ET (09:03 GMT)
Raven Property (LSE:RAV)
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Raven Property (LSE:RAV)
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