Creo Medical Regulatory News (CREO)

8 Aug 2007 07:00

China Real Estate Opportunities Ltd08 August 2007 CHINA REAL ESTATE OPPORTUNITIES LIMITED Completion of Acquisitions, Publication of Circular, Notice of EGM and appointments at Treasury Holdings China Completion of Acquisitions In its admission document published on 10 July 2007, China Real EstateOpportunities Limited ("CREO" or "the Company") referred to agreements it hadentered into to acquire the City Centre and Central Plaza properties in Shanghaias key components of its initial portfolio. The Company is pleased to announcethat the acquisition of these properties has now been completed. City Centre has been acquired for £274,799,860, with financing provided byCredit Suisse, and Central Plaza has been acquired for £72,838,517, withfinancing provided by AAReal Bank. City Centre consists of a retail and officecomplex in the Hongqiao district of Shanghai, with an existing gross floor areaof some 187,650 square metres, and a site on which the company plans toconstruct a mixed-use development of some 77,500 square metres. Central Plaza isa 19-storey office building overlooking People's Square in Shanghai having agross floor area of 47,247 square metres. Circular The Company will today distribute a circular to shareholders together with anotice of Extraordinary General Meeting to be held on 3 September 2007. Thepurpose of this circular is to seek shareholders' authority to enable theCompany to make market purchases of its own shares and, in order to facilitatethis, to approve the requisite waiver by the Panel on Takeovers and Mergersunder Rule 9 of the City of Code on Takeovers and Mergers (the "Rule 9 Waiver"). In the period since the Company's shares were admitted to AIM, market conditionsfor equities providing exposure to property markets both in the UK and elsewherehave deteriorated markedly. In the circumstances, the Board believes that itwould be in the interests of shareholders as a whole for the Company to have theflexibility to stand in the market place as a potential purchaser of its ownshares. The Directors, advised by Teather & Greenwood, are recommending shareholders tovote in favour of the resolution to purchase its own shares and the IndependentDirectors, advised by Teather & Greenwood, are recommending shareholders to votein favour of the resolution to approve the Rule 9 Waiver. Appointments CREO also announces the appointments of Richard David and Richard Ding to thepositions of Managing Director and General Counsel of Treasury Holdings China("THC") respectively. THC is CREO's investment manager with responsibility formanaging its existing property portfolio, sourcing additional real estateinvestments and making investment decisions, subject to overall supervision bythe Board of Directors of CREO. Richard David has joined THC from Macquarie Bank Limited, where he was managingdirector of Macquarie Real Estate Capital China. Richard has since 1999 overseenthe operations of Macquarie China, including several business units operatingwithin the real estate sector across China. Richard has extensive experience inall facets of transactional activity and in real estate development, assetacquisitions, finance, tax, corporate structures and investor relations. InMacquarie he had ultimate responsibility for staff and financial management. Richard Ding has been appointed General Counsel of THC. In this position,Richard has responsibility for all legal matters for THC. Prior to joining THC,Richard was General Counsel, and Director, Strategy & Corporate Transactions forglobal automotive supplier Visteon Corporation's Asia Pacific operations.Previously Richard was Managing Director of Concord Venture Capital Group, aleading Asia Pacific venture capital firm, gaining extensive experience withincorporate finance, mergers and acquisitions, and venture investment with a focuson cross-border transactions in or involving Asia Pacific and China. Rob Tincknell, who became Managing Director of THC in 2006, has been appointedDeputy Chairman of THC. He is also a Director of CREO. Rob Tincknell commented: "We are delighted to have made appointments of this calibre to support CREO'soperations in China. Both have experience and expertise in China and will provevaluable additions to the substantial resources that Treasury Holdings havealready committed here. Both Richard Barrett and myself will remain in Shanghaifull time, underlining the significance and focus we are bringing to ouroperations here." CREORay Horney Tel: + 44 (0) 1273 775 225Richard Barrett Tel: + 862 1 5385 8369Robert Tincknell Tel: + 862 1 5385 8369 Teather & Greenwood Tel: + 44 (0) 20 7426 7736Paul FinchamJonathan BecherRobert Naylor Bankside Consultants Ltd Tel: + 44 (0) 20 7367 8888Simon RothschildOliver Winters Murray ConsultantsElizabeth Headon Tel: + 353 1 498 0300 This information is provided by RNS The company news service from the London Stock Exchange