Raven Russia increases its 2014 interim dividend by 25%

DividendMax Ltd.

Raven Russia increases its 2014 interim dividend by 25%


Underlying earnings after tax for the six months increase 37% to $38 million;

IFRS earnings for the period of $45 million;

Current annualised NOI of $192 million and portfolio 97% let;

Cash balance of $188 million;

Construction of 107,000sqm new space in Moscow completing by the end of the year;

New space over 50% pre let, generating a further $12.5 million of NOI;

Basic underlying earnings per share increase 6% to 5.24 cents;

Adjusted diluted net asset value per share up 5% to $1.32;

Proposed distribution up 25% to the equivalent of 2.5p per share by way of tender offer buy back of 1 in 30 shares at 75p.

Glyn Hirsch, Chief Executive, said, "We believe we are in a strong, defensive position with high letting levels, extended debt maturities at or below our target cost of finance and substantial, free cash balances. This also gives us a strong platform to exploit opportunities if, as we all hope, the current situation in Ukraine is resolved satisfactorily."

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