Aim-traded Russian property specialist Raven Russia is set to pursue a main market listing in a bid to improve liquidity and attract US investors on to its register.
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To do so, it must reduce the number of outstanding warrants, and is offering 0.83 per cent of a new ordinary share, or 35p in cash. More than three-quarters of its warrants are held by directors and Raven's two largest institutional investors, including Invesco Perpetual, who have all announced they will convert their holdings into shares in the new vehicle.
Raven says its portfolio of warehouses around Moscow and St Petersburg is now 78 per cent let, including deals in progress.
