Raven Property targets 28.5% share capital repurchase from Invesco AM

The Russian property investment firm, which had been a holding of Woodford Investment Management funds, prior to its collapse, has entered into a conditional agreement to an off-market purchase in cash of 139.6m ordinary shares from Invesco at 36p each. Raven Property shares represented 1.8% of Woodford's Income Focus fund as at 31 July and 0.6% of Equity Income as at 30 June, but was not held in the Patient Capital Trust, according to the firm's annual report. Woodford was reportedly forced to take a £15m hit on the sale of two lots of preference shares in Raven Property, after selli...