4 Mar 2011 11:19
Speymill Macau Property Company plc
Further update on Riviera Sales and Rafael Joint venture
The Board of Directors of the Speymill Macau Property Company plc ("the Board" and the "Company" respectively) wishes to announce a further development in connection with the continuing payments the Company is receiving from the sales of the Plan "B" apartments in the Riviera project and from the sale of the properties owned by the Rafael joint venture.
Since the last announcement dated 25 January 2011, the Company has received additional payments totaling HK$38.98 million (US$5.03 million) from the completion of the sale of Plan "B" units. In addition, the Rafael joint venture has received HK$37.45 million (US$4.83 million) representing the remaining proceeds from the sale of its property portfolio. The Company owns 87% of Rafael.
Subsequent to receiving the original 30% down payments made by the buyers of the Plan "B" apartments, the Company has now received an additional HK$81.26 million (US$10.48 million) from the sale of those Plan "B" apartments. The Company is entitled to receive an additional HK$50.74 million (US$6.55 million) from the completion of the sale of the remaining 18 Plan "B" apartments.
The Company has been advised by the developer that due to the intervening Chinese New Year and the concomitant difficulty in contacting some of the still vacationing owners in order to close on their units, the remaining HK$50.74 million (US$6.55 million) due for the Plan "B" apartments is now anticipated to be received in full by the end of March or the beginning of April 2011.
In regard to the sale of the Rafael joint venture, the Company has now received the remaining HK$37.45 million (US$4.83 million) due under the contract of sale. This represents the entire outstanding amount due for purchase of the properties owned by Rafael.
The money from the Riviera Plan "B" sales is being converted into US Dollars as various time deposits come due and will be transferred to the Company's accounts in the Isle of Man. The money from Rafael will be distributed upon its dissolution and the proceeds due to the Company will be converted into US Dollars and transferred to the Company's accounts in the Isle of Man. The Board expects to meet in the near future to decide on a distribution of surplus funds to shareholders.
The previous announcement made on January 25, 2011 erroneously stated that the total remaining proceeds due from Plan "B" apartment sales were HK$100.2 million (US$12.93 million). The correct amount of remaining proceeds for Plan "B" apartments is HK$131.99 million (US$17.03 million). The additional amount of HK$31.79 million (about US$4.1 million) was not used in calculating the Company's NAV, rather the error was limited to the number used in the prior announcement. The Manager apologizes for the error.
The US Dollar amounts above are for information purposes only using a conversion ratio of 7.75 HK dollar to one US dollar.
Enquiries
For more information, please visit www.speymillmacau.com or contact:
Speymill Property Group Limited Galileo Fund Services Limited
(Manager) (Administrator)
Huang Khoo Ian Dungate
Terri Tsang Suzanne Jones
+44 1624 640 860 +44 1624 692600
Matrix Corporate Capital LLP
(Nominated Adviser and Broker)
Paul Fincham
Jonathan Becher
+44 20 3206 7000