TCA.L Regulatory News (TCA)

8 Jan 2008 07:00

Speymill Macau Property Company PLC08 January 2008 8 January 2008 Speymill Macau Property Company plc ("MCAU" or the "Company") Update on Bel-Lago Conditional Investment Speymill Macau Property Company plc (AIM: MCAU), the Macau focused propertyinvestment company listed on AIM, announced on 26 September 2007, that it hadentered into a conditional forward funding arrangement to finance thedevelopment of a luxury residential tower in the Bel-Lago development located onLot C9 in the Nam Van reclamation area. The investment was conditional upon the developer meeting certain milestonesincluding receiving the necessary government permits and building plan approvalswithin certain time frames. Due to the protracted nature of the process ofapplying for and receiving certain building permits, the Company has decided topursue other opportunities ahead of this development and has agreed with thedeveloper that it may look to pursue this project at a later date, subject toagreeing revised terms satisfactory to both parties. The manager remains firmly optimistic about the outlook for the Macau propertymarket and the Company has a pipeline of other projects which are currentlyunder negotiation. Further information on those opportunities will be announcedin due course, as appropriate. For further information, please refer to the Company's website at www.mcau.co.im Investment Adviser:Speymill Property Group (Far East) LimitedThomas Sipos +852 2514 6104 Nominated Adviser:Smith & Williamson Corporate Finance Limited +44 (0)20 7131 4000Azhic Basirov / Siobhan Sergeant Notes to editors: Speymill Macau Property Company plc ("MCAU" or the "Company") MCAU was established to invest primarily in high quality residential propertiesin Macau. The Company will also pursue selective commercial investments tocapture expected ancillary Macau service sector growth. The Company listed on AIM on 17 November 2006 raising US$80 million in a placingon admission. A second fundraising of US$70 million was completed in May 2007. The Company's objective is to provide shareholders with an attractive overallreturn to be achieved primarily through long-term capital growth. Advisors to the Company The Manager is Speymill Property Group Limited (formerly named Speymill PropertyManagers Limited), a wholly owned subsidiary of Speymill Group plc (AIM: SYG). The Investment Adviser is Speymill Property Managers (Far East) Limited, awholly owned subsidiary of the Manager. The Property Adviser is Avila Capital Limited. The Manager, Investment Adviser and Property Adviser are responsible forsourcing and structuring investment opportunities, post-acquisition managementand corporate governance. This information is provided by RNS The company news service from the London Stock Exchange