Further update on Riviera Sales and Rafael JV (3568C)
04 Marzo 2011 - 5:19AM
UK Regulatory
TIDMMCAU
RNS Number : 3568C
Speymill Macau Property Company PLC
04 March 2011
Speymill Macau Property Company plc
Further update on Riviera Sales and Rafael Joint venture
The Board of Directors of the Speymill Macau Property Company
plc ("the Board" and the "Company" respectively) wishes to announce
a further development in connection with the continuing payments
the Company is receiving from the sales of the Plan "B" apartments
in the Riviera project and from the sale of the properties owned by
the Rafael joint venture.
Since the last announcement dated 25 January 2011, the Company
has received additional payments totaling HK$38.98 million (US$5.03
million) from the completion of the sale of Plan "B" units. In
addition, the Rafael joint venture has received HK$37.45 million
(US$4.83 million) representing the remaining proceeds from the sale
of its property portfolio. The Company owns 87% of Rafael.
Subsequent to receiving the original 30% down payments made by
the buyers of the Plan "B" apartments, the Company has now received
an additional HK$81.26 million (US$10.48 million) from the sale of
those Plan "B" apartments. The Company is entitled to receive an
additional HK$50.74 million (US$6.55 million) from the completion
of the sale of the remaining 18 Plan "B" apartments.
The Company has been advised by the developer that due to the
intervening Chinese New Year and the concomitant difficulty in
contacting some of the still vacationing owners in order to close
on their units, the remaining HK$50.74 million (US$6.55 million)
due for the Plan "B" apartments is now anticipated to be received
in full by the end of March or the beginning of April 2011.
In regard to the sale of the Rafael joint venture, the Company
has now received the remaining HK$37.45 million (US$4.83 million)
due under the contract of sale. This represents the entire
outstanding amount due for purchase of the properties owned by
Rafael.
The money from the Riviera Plan "B" sales is being converted
into US Dollars as various time deposits come due and will be
transferred to the Company's accounts in the Isle of Man. The money
from Rafael will be distributed upon its dissolution and the
proceeds due to the Company will be converted into US Dollars and
transferred to the Company's accounts in the Isle of Man. The Board
expects to meet in the near future to decide on a distribution of
surplus funds to shareholders.
The previous announcement made on January 25, 2011 erroneously
stated that the total remaining proceeds due from Plan "B"
apartment sales were HK$100.2 million (US$12.93 million). The
correct amount of remaining proceeds for Plan "B" apartments is
HK$131.99 million (US$17.03 million). The additional amount of
HK$31.79 million (about US$4.1 million) was not used in calculating
the Company's NAV, rather the error was limited to the number used
in the prior announcement. The Manager apologizes for the
error.
The US Dollar amounts above are for information purposes only
using a conversion ratio of 7.75 HK dollar to one US dollar.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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