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Raven Mount sells loss-making subsidiary

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    Date: Monday 13 Oct 2008

    LONDON (ShareCast) - Property group Raven Mount has sold its 75% stake in Raven Audley Court for £15m.

    The stake is being bought by AC Holdings SARL, a newly formed company that is indirectly owned by Moorfield Real Estate Fund.

    Raven Audley Court made a loss of £2.3m after tax in 2008. It has net assets of £16.4m.

    Following the disposal Raven Mount will have no bank debt with the exception of a £4.5m liability relating to its 50% share in the joint venture project “The Lakes”, situated in the Cotswolds.

    The sale follows on from the disposal of the company’s Russian fund management business.

    “The disposal will leave us with net cash balances even before the separate receipt of the £15m cash that we shall be receiving as part of the disposal of our property fund management business,” said Bim Sanhu, chief executive of Raven Mount.

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