Sdic Power. Regulatory News (SDIC)

16 Oct 2007 07:01

Speymill Deutsche Immobilien Co PLC16 October 2007 Speymill Deutsche Immobilien Company PLC ("SDIC" or "the Company") Reduction of Share Premium and Redenomination of Share Capital into Euros Speymill Deutsche Immobilien Company PLC (AIM: SDIC, SDCC) announces that,further to receiving shareholder approval at the extraordinary general meetingheld on 9 May 2007, inter alia, to reduce the share premium in relation to the Cshares and redenominate its share capital into Euros, on 9 October 2007 it wasgranted an Order from the High Court of Justice of the Isle of Man givingapproval for the Company to cancel its share premium account arising on theissue of its C shares and for such amount to be credited as a distributablereserve. The Company was granted a further Order from the High Court of Justice of theIsle of Man on 9 October 2007 confirming that it may cancel its entire sharecapital by extinguishing and cancelling all of the issued and unissued ordinaryshares of 10 pence each ("Existing Ordinary Shares") and C shares of 50 penceeach ("Existing C Shares") in the Company for the purposes of redenominating theshares of the Company from Sterling into Euros. Following the granting of thisOrder, with effect from close of trading on Tuesday, 16 October 2007, theCompany will: •cancel all of the Existing Ordinary Shares and Existing C Shares; and •in the place of the Existing Ordinary Shares so cancelled, allot and issue new paid up euro ordinary shares with a nominal value of 5 euro cents each ("New Ordinary Shares") and in the place of the Existing C Shares so cancelled, allot and issue new paid up euro C shares with a nominal value of 25 euro cents each ("New C Shares"). The effective date of redenomination of all shares into euros will be 16 October2007. It is expected that the opening quoted market price of the New Ordinary Shares,in Euros, will be calculated using the mid-point Sterling-Euro exchange rate inLondon as derived from Reuters at 4.00 pm on 15 October 2007. The New C Shareswill continue to trade at the quoted market price of the Existing C Shares whichwere quoted in Euros from their admission to trading on AIM in May 2007. 16 October 2007 For further information, please contact: Azhic Basirov / Siobhan SergeantSmith & Williamson Corporate Finance Limited 020 7131 4000 James KingFairfax I.S. PLC 020 7460 4371 Galileo Fund Services LimitedIan Dungate/ Suzanne Jones 01624 692600 Notes to editors: - Speymill Deutsche Immobilien Company plc is a pan-German residential propertyinvestment company which listed on AIM on March 2006, raising £170 million onadmission. - In May 2007, the Company raised a further EUR250 million through a placing of C Shares which were admitted to trading on AIM on 10 May 2007. - The Company was established to invest in the German property market and, predominantly, in the residential sector. It is anticipated that once fully invested, the Company will have a balanced portfolio of properties throughout Germany. - The Company's objective is to provide Shareholders with an attractive level ofincome together with the prospect for long-term capital growth. - The Manager is Speymill Property Managers Limited and the Investment Adviser is GOAL Service GmbH. The Manager and Investment Adviser are responsible for identifying new investment opportunities. - The Manager is a subsidiary of Speymill Group plc (AIM: SYG) while the Investment Adviser is a joint venture partner of Speymill Group plc (which owns 51% of the venture). This information is provided by RNS The company news service from the London Stock Exchange