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30 Sep 2009 07:00
30 September 2009
Speymill Macau Property Company plc
("Speymill Macau" or the "Company")
Investment Advisor Changes
Speymill Macau Property Company plc (MCAU.L), the Macau focused property investment company quoted on AIM, announces a reallocation of responsibilities for the management of its portfolio.
Huang Khoo, a Cantonese speaker currently based at Speymill Property Group (UK) Limited in London, will transfer to the Company's Investment Adviser, Speymill Property Group (Far East) Limited ("SPG Far East"), and will be based in Hong Kong. Thomas Sipos, of SPG Far East, has resigned and will transition out during the next three months. Investment advisory functions will continue to be overseen by SPG Far East and management continues to be overseen by the Investment Manager, Speymill Property Group Limited.
The Company thanks Thomas for his contribution to its development to date. The Board is working with the Investment Manager to determine how to optimise the value in the portfolio.
For further information please visit www.speymillmacau.com or contact:
|
Speymill Property Group Limited (Manager) |
Speymill Property Group (Far East) Limited (Investment Adviser) |
|
Nigel Caine, CFO Funds |
Thomas Sipos |
|
Nick Harris, Manager |
+852 2514 6104 |
|
+44 1624 640 860 |
|
|
Smith & Williamson Corporate Finance Limited (Nominated Adviser) |
Fairfax I.S. PLC (Brokers) |
|
Azhic Basirov |
James King |
|
Siobhan Sergeant |
Andrew Cox |
|
+44 20 7131 4000 |
+44 20 7598 5368 |
|
Tavistock Communications Limited (Media & Investor Relations) |
|
|
Jeremy Carey |
|
|
Simon Hudson |
|
|
Gemma Bradley |
|
|
+44 20 7920 3150 |
Notes to editors:
Speymill Macau Property Company plc ("Speymill Macau" or the "Company")
Speymill Macau was incorporated and registered in the Isle of Man on 31 October 2006 and is a closed-end investment company registered in the Isle of Man and traded on AIM, a market of the London Stock Exchange.
The Company was established to invest primarily in the Macau property market. This includes pursuing selective commercial property investments to capture expected ancillary Macau service sector growth. The Company was admitted to AIM on 17 November 2006 raising US$ 80 million in a placing on admission. A second fundraising of US$ 70 million was completed in May 2007. The Company's objective is to provide shareholders with an attractive overall return to be achieved primarily through long-term capital growth.
Macau is one of only two Special Economic Regions, a semi-autonomous administrative area, in China, and has enjoyed explosive economic growth, in part due to its establishment as an important gambling centre which has led to high historical and forecast GDP growth, driven by rising incomes and low unemployment levels. Coupled with the limited availability of land, developers are now struggling to meet a stronger than anticipated demand for higher quality housing. The Company intends to exploit these favourable market dynamics with the aim of generating attractive overall returns for shareholders.
Speymill Property Group Limited ("SPG") is the Manager of the Company and the Investment Adviser is Speymill Property Group (Far East) Limited, a wholly owned subsidiary of SPG.
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