27 Jan 2009 07:00
27 January 2009
Speymill Macau Property Company plc
("the Company")
Statement re: Speymill plc
Speymill Macau Property Company plc (EPIC: MCAU.L), the Macau focused property investment company listed on AIM, notes the trading update made yesterday by Speymill plc concerning the performance of its subsidiary, Speymill Contracts Limited, and the suspension of Speymill plc's shares from trading on AIM.
The Company's Adviser (Speymill Property Group (Far East) Limited) is a wholly owned subsidiary of the Company's Manager, Speymill Property Group Limited. Speymill Property Group Limited is a wholly owned subsidiary of Speymill plc and continues to trade profitably. Speymill Property Group Limited has no trading relationship with Speymill Contracts Limited.
The Board of the Company has been assured by the Manager that the Company's Manager and Adviser continue to operate as normal.
For further information please visit www.mcau.co.im or contact:
| Speymill Property Group (Far East) Limited (Adviser) | Speymill Property Group Limited (Manager) |
| Thomas Sipos | Nigel Caine, CFO Funds |
| +852 2514 6104 | +44 1624 640 860 |
| Smith & Williamson Corporate Finance Limited (Nomad) | Fairfax I.S. PLC (Brokers) |
| Azhic Basirov | James King |
| Joanne Royden-Turner | 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 (EPIC: MCAU.L) was established to create a portfolio of high quality residential properties in Macau, China. The Company listed on the AIM market of the London Stock Exchange in November 2006, following a placing of US$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 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 and tourist destination. These developments have 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. These favourable market dynamics are expected to enable Speymill Macau to offer shareholders an attractive overall return.
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.