AGP.L Regulatory News (AGP)

17 Nov 2006 17:37

Asian Growth Properties Limited17 November 2006 This announcement is not for release, publication or distribution in or intoAustralia, Canada, Hong Kong, Japan, The Republic of Ireland, South Africa orthe United States of America. 17th November, 2006 Asian Growth Properties Limited ("AGP" or the "Company") ACQUISITION OF PROPERTY PORTFOLIO IN HONG KONG AND CHINA Further to the admission document dated 19th September, 2006 (the "AdmissionDocument") and the announcements dated 4th and 5th October, 2006 respectively,the Board of AGP (AIM Stock Code: AGP), the Hong Kong based property andinvestment company, announces the following matters relating to thepost-completion of the Acquisition. Determination of the Actual Adjusted NAV The aggregate consideration payable by the Company to the SEA Group for theAcquisition is the actual consolidated net asset value of the Target Group onthe Completion Date (i.e. 5th October, 2006) as adjusted for the revaluation ofthe Properties as at 30th June, 2006 (the "Actual Adjusted NAV"). A consideration of approximately HK$4,429.8 million (£301.3 million) for theAcquisition, based on the Adjusted June 2006 NAV, was paid by the Company on theCompletion Date by the issue to the SEA Group of the Consideration Shares at theIssue Price with the balance of HK$500 million (£34.0 million) in cash. The Actual Adjusted NAV is approximately HK$4,463.4 million (£303.6 million) andthe increase in the consolidated net asset value of the Target Group during theperiod from 30th June, 2006 to 5th October, 2006 was due to the repayment ofbank loans, the settlement of construction costs and the provision of generalworking capital by the SEA Group. Accordingly, the difference between the Adjusted June 2006 NAV and the ActualAdjusted NAV is approximately HK$33.6 million (£2.3 million). Such differencewill be payable in cash by the Company to the SEA Group on or before 30thNovember, 2006. Note: An exchange rate of £1.0 = HK$14.7 (which was the reference exchange rate on theCompletion Date) has been used for the purpose of this announcement. For more information: Don Fletcher Tel: +61 (0) 4140693968Asian Growth Properties Limited David Mathewson Tel: +44 (0) 7730 074777Asian Growth Properties Limited Abigail Singleton Tel: +44 (0) 207 429 6666Leesa PetersConduit PRabigail@conduitpr.com / leesa@conduitpr.com--------------------------------------------- Capitalised terms used in this announcement shall, unless defined above or the context otherwise requires, have the meaning given to them in the Admission Document. This information is provided by RNS The company news service from the London Stock Exchange