Investors Cronicle, November 2004

Swan Hill investors launch bid

Shareholders in Swan Hill have launched a bid for the company to remove the existing management team. The offer is from a group of investors led by Anton Bilton, who runs the Raven Group, which is one of
the largest UK private commercial and residential property developers. As part of the deal, the directors of the bidder - Raven Mount - are investing £2m in the company.

Swan Hill shareholders will receive one Raven Mount share for every Swan Hill share owned. Raven Mount already has irrevocable undertakings from 52 per cent of Swan Hill shareholders - it only needs 50 per cent for the deal to go ahead. The new company will list on Aim, and the shares should start trading in four to six weeks.

Swan Hill has been trading at a 50 per cent discount to its net asset value, so hopefully this new management team can extract some value for shareholders. Await developments.