25 Jan 2011 14:34
Speymill Macau Property Company plc
Further update on Riviera Sales and Rafael Joint venture
The Board of Speymill Macau Property Company plc ("the Board") (the "Company") announces that in conjunction with the continuing payments it is receiving from the Plan B sales due it from the Riviera project, on 25 January 2011, the Company received a partial payment of HK$32.3 million (US$4.2 million) from the completion of the sale of a number of Plan B units.
The Company has so far received HK$42.3 million (US$5.4m) out of a total HK$100.2 million (US$12.9 million) due it from the sale of all Plan B Units. The payments received to date represent 42.2% of the total Plan B payments due. The Company has been advised by the developer that the remaining HK$57.9 million (US$7.5 million) due for the remaining Plan B apartments is expected to be received in full by the end of February 2011.
In regard to the sale of the Rafael Joint Venture ("the Joint Venture"), the purchaser of the properties owned by the Joint Venture requested to complete the purchase of one of the properties ("Ribas 5b") early. In accordance with his request, the Company agreed to accept early payment of the sum of HK$1,330,000 (USD$ 171,613) and to transfer the Ribas 5B property concurrently with that payment. The money was received on 17 January 2011 and the property was transferred to the purchaser as of that date. The final completion of the sale of the remaining Joint Venture properties is expected to be completed by 11 February 2011 in accordance with the provisions of the contract of sale.
The US Dollar amount above is for information purposes only and in calculating such price a conversion price of 7.75 HK dollar to one US dollar was used.
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