LONDON (Reuters) - Raven Property Group (RAV.L) has bought back Woodford Investment Management’s 12% stake in the firm, it said on Monday.
Raven has bought 72.14 million shares previously owned by Woodford, representing all of Woodford’s stake, at a price of 36 pence per share, it said in a statement. The price is a slight discount to Friday’s close, when Raven shares hit their lowest level since September 2016.
Woodford suspended its main fund on June 3 and has been selling some of its assets to raise cash. A review of the fund’s status is due on Monday.
Raven specialises in property investment in Russia. Its co-founder Anton Bilton is also co-founder of Sabina Estates, one of the suspended Woodford fund’s investments listed in Guernsey.
Raven also said it would buy back between 17 and 34 million shares from Invesco Asset Management.
Reporting by Carolyn Cohn; Editing by Rachel Armstrong