Announcement re NAV & further prospects of the Co (3960Y)
01 Marzo 2012 - 1:00AM
UK Regulatory
TIDMMCAU
RNS Number : 3960Y
Speymill Macau Property Company PLC
01 March 2012
Speymill Macau Property Company plc
(the "Company")
Announcement regarding the Net Asset Value
and further prospects of the Company
Further to the announcement made by the Company on 2 February
2012 the Board is pleased to make the following announcement
concerning the net asset value ("NAV") and proposed future plans
for the Company.
In addition to generating cash proceeds for the Company, the
sale of the AIA Tower also resulted in some tax and other
liabilities and expenses. After extensive negotiations, your
Directors were able to limit the contractual representations and
warranties given to the purchaser of AIA Tower to 10 million Hong
Kong Dollars and a requirement that any claim must be commenced
within 9 months of the closing. It is not anticipated, however,
that claims of such magnitude will be submitted.
As shareholders will appreciate, when calculating the NAV the
Company's administrator must take into account various expenses
incurred in making this sale, such as brokerage fees, legal costs,
taxes, etc. Further, there are adjustments that remain open such as
outstanding rental contracts, employee payments, termination
notices, issues concerning the outstanding bankruptcy of a tenant,
accruals for running the Company, the Director remuneration scheme,
etc. Every effort is being made to complete these calculations as
soon as possible.
The Special Purpose Vehicle that owned the AIA Tower and its two
corporate shareholders will be liquidated as soon as possible after
the expiration of the 9 month period for the claims mentioned above
and the final acceptance of the proposed tax calculation by the
Macau authorities. Accordingly, the Company will have to maintain
the existence of these corporations for at least 10-12 months.
Taking into consideration all the variables noted above and
others, the Directors and the Administrator currently believe that
the unaudited and undiluted NAV per share is approximately USD
$0.855 per share with an expected variation of approximately USD$
0.005 plus or minus per share.
In the meantime, the Directors have spoken with a number of
shareholders and have received current indications from
shareholders that hold, in aggregate, more than 70% of the shares
in issue that they would vote to continue the existence of the
Company with a change in its investment policy and appointing Terra
Partners Asset Management as the Company's investment manager.
In light of the above, the Company is presently working on
proposals which accommodate the wishes of the shareholders who wish
to remain in the Company whilst at the same time offering to
shareholders who wish to realize their investment the opportunity
to tender their shares to the Company at a price that is currently
anticipated to be 97% of NAV. Any such proposals will be subject to
shareholder consent.
It is currently anticipated that a circular containing details
of the proposals set forth in this announcement and containing a
notice of an Extraordinary General Meeting will be posted to
shareholders later this month.
A further announcement will be made in due course.
1 March 2012
Enquiries
For more information, please visit www.speymillmacau.com or contact:
Galileo Fund Services Limited Matrix Corporate Capital LLP
(Administrator) (Nominated Adviser and Broker)
Ian Dungate Paul Fincham
Suzanne Jones Jonathan Becher
+44 1624 692600 +44 20 3206 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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