RAVEN OWNERSHIP GROUP LIMITED
Incorporated in Guernsey
Company number 43371
LSE share code: RAV JSE share code: RAV
Raven’s Board of Directors 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 Council has engaged its advisers to interpret the impact of the sanctions on its operations, although these change from day to day. The immediate objective is to ensure that the Group has liquidity in the correct currency in the appropriate jurisdiction. The Company’s ability to continue to access funds from its Russian subsidiaries and whether these funds can be converted into 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 within the group at this time. We work with banks and lawyers in all jurisdictions, but it is still too early to have a definitive idea of the Company’s free cash flow. We do not expect this situation to change until there is a solution to the events in Ukraine or for how long the restrictions will affect the Group. Inevitably, the Board will take a prudent financial approach and, at this time, it is unlikely that any distribution to common stockholders relating to the year ended December 31, 2021 or the preferred stock coupon for the quarter ended March 31, 2022 be paid. Any unpaid Prime Coupon will accrue in accordance with the terms of the Instrument. We will continue to monitor the situation with regard to the Company’s ability to access Group funds and will make a further announcement at the appropriate time.
We expect to announce our 2021 full-year results on March 21, 2022, but these will obviously have been overwhelmed by the current significant uncertainties.
The Group complies with all of its banking covenants. At the end of 2021, ruble debt represented 64% of secured facilities and the euro 36%. The Group’s ruble credit facilities are covered by interest rate caps over the term of the borrowings, with a weighted average term to maturity of 2.4 years from 1 January 2022 on these caps, protecting the Group from the recent rate hike by the Central Bank of Russia.
Operationally, the portfolio is almost fully leased with all rents collected for February and applications now issued for March payments, 29% of which have already been received.
We will post further updates as needed.
Richard Jewson, Chairman, said:
“The Board and the company are well served by committed and resourceful management and staff in Russia, Cyprus and Guernsey and many own shares in the company. It is impossible to predict the challenges that may arise in the future. coming weeks and we are grateful for their contribution and loyalty.
The Council strives to do everything in its power to protect the interests of all stakeholders during these unprecedented times. We sincerely hope for a peaceful outcome to these terrible events.”
The information contained in 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 national law under the Withdrawal Act 2018 of the European Union. 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 the publication of this announcement on behalf of the Company is Benn Garnham, Company Secretary.
About Raven Real Estate 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 preferred 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 from offices in Guernsey, Moscow and Cyprus and has an investment portfolio of approximately 1.9 million square meters of category “A” warehouses in Moscow, Saint Petersburg, Rostov-on-the -Don, Novosibirsk and Nizhny Novgorod and 49,000 square meters of commercial office space warehouses in St. Petersburg. For more information, visit the company’s website: www.theravenpropertygroup.com
March 2, 2022