TCA.L Regulatory News (TCA)

20 Mar 2007 12:22

Speymill Macau Property Company PLC20 March 2007 Speymill Macau Property Company plc ("Speymill Macau" or "the Company") Completion of second investment Speymill Macau Property Company plc (AIM: MCAU), the Macau focused residentialinvestment property company listed on AIM, is pleased to announce that, on16 March 2007, it completed its second investment in Macau. The Company has purchased 24 residential units ranging in size betweenapproximately 2,600 and 3,200 square feet, plus 10 car parking spaces, in arecently completed one tower residential development in what the Company'smanager considers to be a prime location on the Nam Van Peninsula. Neighbouringdevelopments include Hong Kong Land's "One Central", Wynn Macau, the recentlyopened Grand Lisboa and MGM, which is expected to be opened later this year. Being large units suitable for business executives, the Company plans to spendapproximately HK$15 million refurbishing the units to a very high standard. The total price payable by the Company is HK$224,982,600 (US$28.8 million), ofwhich 30% has been settled in cash and 70% is required within 90 days uponsignature of the sale and purchase agreement (which took place on 16 March2007). To the extent that the Company chooses to retain the apartments, theCompany's manager is satisfied that it will be able to secure bank borrowingsfor the outstanding balance of the price payable. The purchased property was valued in its existing condition by aninternationally recognised independent valuer on 15 February 2007 at HK$230million (US$29.5 million), which represents a 2.2% increase on the purchaseprice. Since the admission of Speymill Macau to trading on AIM, the Company hasacquired properties with an aggregate purchase price of HK$1.13bn (US$145million). 20 March 2007 Notes to editors: - Speymill Macau Property Company plc was established to invest primarily inhigh quality residential properties in Macau. The Company will also pursueselective commercial investments to capture expected ancillary Macau servicesector growth. - The Company listed on AIM on 17 November 2006 raising US$80 million in aplacing on admission. - The Company's objective is to provide shareholders with an attractive overallreturn to be achieved primarily through long-term capital growth. - The Manager is Speymill Property Managers Limited, the Investment Adviser isSpeymill Property Managers (Far East) Limited and the Property Adviser is AvilaCapital Limited. The Manager, Investment Adviser and Property Adviser are responsible for identifying investment opportunities. - The Manager is a wholly owned subsidiary of Speymill Group plc (AIM: SYG).The Investment Adviser is a wholly owned subsidiary of the Manager. This information is provided by RNS The company news service from the London Stock Exchange