Raven Russia lists on the CISE

Thursday 26 May 2016

Property company Raven Russia has listed on the Channel Islands Securities Exchange (CISE), adding to its quotation on the London Stock Exchange (LSE).

The Guernsey-registered company specialises in commercial real estate in Russia, focusing on the acquisition and development of high quality warehouse complexes and their subsequent leasing to Russian and international tenants.

The ordinary shares, preference shares and warrants of the company are all admitted to trading on the Main Market of the London Stock Exchange. The ordinary shares have a premium listing, meanwhile the preference shares and warrants have a standard listing.

Each class became dual listed on the CISE from Tuesday 17 May.

Glyn Hirsch, Group Chief Executive of Raven Russia, said: “We’re very pleased to have listed on the CISE. Raven Russia has been quoted on the LSE for a number of years but we are a well-established Guernsey company, employing 17 people in the island and so it makes sense to utilise the local infrastructure and show our commitment to the community by dual listing on the CISE.”

Advisers to the transaction were UK legal advisers Berwin Leighton Paisner, Guernsey legal advisers Carey Olsen, broker N+1 Singer and listing sponsor Ravenscroft.

Raven Russia has also announced a proposed fundraising of a minimum of £105.5 million by way of a placing of new convertible redeemable preference shares with the intention that they will be listed solely on the CISE and traded on the SETSqx platform of the LSE.

Mr Hirsch added: “The Russian economy is weak and the currency is suffering as a result but even during these times we are still profitable and in fact, we see a number of opportunities which is why we are seeking to raise further funds. We have a small number of very large institutional investors who are extremely keen to participate and in these circumstances then it is preferable to have a listing on the CISE. The Exchange is known for its responsiveness and we have found the team to be extremely approachable so it has been a very positive experience.”

Fiona Le Poidevin, CEO of the CISE, said: “I’m delighted that Raven Russia has chosen to list on the CISE. The company has strong foundations in Guernsey but is truly international in nature so it is a huge endorsement of the Exchange that it has chosen to add to its quotation on the LSE with a listing on the CISE.

“We have had a very positive start to the year, with more new listings and increased diversification in the type of business, which is illustrated by Raven Russia. I am extremely pleased with how things are developing and excited by the plans we have in place for the rest of 2016.”

Jon Ravenscroft, Group Chief Executive Officer of listing sponsor Ravenscroft, said: “It’s been a pleasure working with Raven Russia on this transaction and I believe that there is significant potential for more businesses to follow in their footsteps with a listing on the CISE.”