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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