12 Sep 2008 07:00
Speymill Macau Property Company PLC ("Speymill Macau" or "the Company")
Buy-back of shares
Speymill Macau Property Company PLC (EPIC: MCAU.L) announces that on Thursday, 11 September 2008, it completed the buy-back of the following ordinary shares of USD0.10 each in the Company ("Shares")
The Shares purchased by the Company will be cancelled and as a result the total number of ordinary shares in issue will be 124,326,581.
For further information on the Company, please refer to the website at www.mcau.co.im.
| Investment Adviser: Speymill Property Group (Far East) Limited Thomas Sipos | +852 2514 6104 |
| Nominated Adviser: Smith & Williamson Corporate Finance Limited Azhic Basirov / Joanne du Plessis | +44 (0)20 7131 4000 |
| Public Relations: Tavistock Communications Jeremy Carey / Rachel Drysdale | +44 (0)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 listed on 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 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.
TCA.L (TCA)