BLP advises Raven Russia on £105.5m placing of convertible preference shares

International law firm Berwin Leighton Paisner (BLP) is advising Raven Russia Limited on its proposed fundraising of a minimum of £105.5 million by way of a placing of new convertible redeemable preference shares to be listed on the Channel Islands Securities Exchange (CISEA). Raven Russia is a Guernsey incorporated company focused on the acquisition and development of high quality class A warehouse complexes in the major cities across Russia.

The convertible preference shares will, on completion of the placing, be issued by Raven Russia at a subscription price of £1.00. They will have a 10 year period to maturity from the date of issue, have a cumulative preference dividend of 6.5 per cent. per annum on the subscription amount (payable in equal instalments quarterly in arrears) and will be redeemable at maturity at a price of £1.35.

The Placing is conditional on, amongst other things, ordinary and preference shareholders of Raven Russia passing all the necessary resolutions to constitute and issue the convertible preference shares and admission of the convertible preference shares to the CISEA. Raven Russia intends to post circulars (including notices of meetings) to ordinary and preference shareholders in respect of the placing in mid-June 2016 with completion of the placing and admission of the convertible preference shares to the CISEA expected to take place in early July 2016.

The BLP team is being led by Partner Benjamin Lee, assisted by Partner Gareth Jones, Associates Matt Oliver, Matt Peplow and Holly Gould.

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