Raven Russian offers to buy back shares

Raven Russian, the Russia-focused property company, has invited shareholders to sell a small proportion of their shares to the company.

The group has proposed a tender offer under which shareholders can sell one in every 46 of their ordinary shares in the company at 70p each, which will then be cancelled.

If the maximum number of shares of around 13m are acquired, the company will pay a total of £9.1m to shareholders.

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The offer is open to all shareholders who are registered with the firm by October 16th and must exercise their warrants by September 28th.

The tender offer will also present tendering shareholders with an opportunity to sell more than their pro rata entitlement (up to their entire holding of ordinary shares) to the extent that other shareholders tender less than their pro rata entitlement, Raven said.

The share price fell 0.46% to 65.50p by 08:17.

NR