17 Apr 2008 10:35
Speymill Macau Property Company PLC17 April 2008 17 April 2008 Speymill Macau Property Company plc ("Speymill Macau" or the "Company") Speymill Property Group Limited Acquires Ordinary Shares Speymill Macau Property Company plc (EPIC: MCAU.L), the Macau focused propertyinvestment company listed on AIM, announces that Speymill Property Group Limited("SPG" or "the Manager"), the Company's investment manager, has acquired2,110,235 ordinary shares of USD0.01 each in Speymill Macau ("Ordinary Shares")at a price of USD1.185 each to satisfy the terms under the Investment ManagementAgreement and Property Advisory Agreement ("the Agreements"). Of these OrdinaryShares, 1,055,117 will be allocated to Avila Capital Limited, the Company'sproperty adviser, pursuant to the terms of the Agreements, and both parties willnot dispose of the Ordinary Shares for a period of six months. For further information please visit www.mcau.co.im or contact: Speymill Property Group Smith & Williamson Corporate Tavistock(Investment Advisers) Finance Limited (Nomad) Communications Thomas Sipos, Azhic Basirov Jeremy CareyHead of Real Estate Siobhan Sergeant Simon HudsonInvestments for Asia Pacific Gemma Bradley+852 2514 6104 +44 20 7131 4000 +44 20 7920 3150 Floris van Dijkum, Global Chief Fairfax I.S. PLC (Brokers)Investment Officer James King+44 20 7659 0763 +44 20 7598 5368 Paul Smith, CFO Funds +44 1624 640864 Notes to editors: Speymill Macau Property Company plc ("Speymill Macau" or the "Company") Speymill Macau (EPIC: MCAU.L) was established to create a portfolio of mainlyhigh quality residential properties in Macau, China. The Company listed on theAIM market of the London Stock Exchange in November 2006, following a placing ofUS$80 million. A second fundraising of US$70 million was completed in May 2007.The US Dollar denominated fund aims to provide investors with an attractiveoverall return to be achieved primarily through long term capital growth. Macau is one of only two Special Economic Regions, a semi-autonomousadministrative area, in China, and has enjoyed explosive economic growth, inpart due to its establishment as an important gambling and tourist destination.These developments have led to high historical and forecast GDP growth, drivenby rising incomes and low unemployment levels. Coupled with the limitedavailability of land, developers are now struggling to meet a stronger thananticipated demand for higher quality housing. These favourable market dynamicsare expected to enable Speymill Macau to offer shareholders an attractiveoverall return. Speymill Property Group Limited ("SPG") is the Manager of the company and theInvestment Adviser is Speymill Property Managers (Far East) Limited, a whollyowned subsidiary of SPG. This information is provided by RNS The company news service from the London Stock Exchange