MAX Max Prop

 

TIDMMAX 
 
RNS Number : 8430S 
Max Property Group PLC 
27 May 2009 
 

Not for distribution, directly or indirectly, in or into the United States, 
Canada, Australia or Japan or to US persons. 
 
 
This announcement is not an admission document. This document does not 
constitute or form part of, and should not be construed as, any offer or 
invitation to sell or issue, or any solicitation of any offer to purchase or 
subscribe for, any shares in the Company or securities in any other entity nor 
shall it or any part of it nor the fact of its distribution form the basis of, 
or be relied on in connection with, any contract or investment decision in 
relation thereto. This document does not constitute a recommendation regarding 
any securities. 
 
 
Any investment decision must be made exclusively on the basis of the admission 
document prepared by the Company and any supplement thereto (the "Admission 
Document"). Any defined terms used in this announcement shall have the same 
meaning as defined in the Admission Document, unless defined herein. Copies of 
the Admission Document are available from the Company's registered office. 
 
 
Max Property Group Plc 
 
 
Completion of IPO and Admission on AIM and CISX 
 
 
Max Property Group Plc ("Max" or "the Company"), a newly-formed 
Jersey-incorporated closed-ended property investment company, today announces 
the successful completion of its IPO and Admission to Trading on the Alternative 
Investment Market of the London Stock Exchange ("AIM") and the Daily Official 
List of the Channel Islands Stock Exchange, LBG ("CISX") under the ticker "MAX". 
 
 
HIGHLIGHTS OF THE OFFERING 
 
 
  *  Successful fundraising of GBP220 million, with GBP25 million invested by the 
  Management Team, its partners and affiliates and GBP35 million invested by 
  affiliated investment funds of Och-Ziff Capital Management Group LLC 
 
 
 
  *  The Company intends to use the net proceeds of the offering to exploit the 
  current weakness of the UK real estate market through real estate investment 
 
 
 
The Admission Document in relation to the Company's admission to trading on AIM 
and CISX was published on 21 May 2009. Copies of the Admission Document are 
available, free of charge, at the offices of Clifford Chance LLP at 10 Upper 
Bank Street, London E14 5JJ and at 26 New Street, St. Helier, Jersey JE2 3RA 
until one month from the date of Admission.  In addition, the Admission Document 
is available, free of charge, from the Company's website at 
www.maxpropertygroup.com. 
 
27 May 2009 
 
 
ENQUIRIES: 
 
 
Prestbury InvestmentsTel: 020 7647 7647 
Nick Leslau 
Sandy Gumm 
 
 
Morgan Stanley (Nominated Adviser) Tel: 020 7425 8000 
Jonathan Lane 
Nick White 
Mark Brooker 
 
 
Oriel Securities 
                       Tel: 020 7710 7600 
Joe Winkley 
Sapna Shah 
 
 
College Hill 
                      Tel: 020 7457 2020 
Alex Sandberg 
Gareth David 
 
 
NOTES TO EDITORS 
Investment Proposition 
 
 
Max Property Group Plc is a newly formed Jersey incorporated closed-ended real 
estate investment 
company. The Company has an experienced Board, chaired by Aubrey Adams, 
and is externally managed by Prestbury Investments, which is owned and managed 
by a team 
led by Nick Leslau and Mike Brown. The Management Team has a significant 
alignment with 
Shareholders' interests, with the Management Team, its partners and affiliates 
having invested GBP25 million in the Company at the Offer Price and potential 
participation of up to GBP55 million in co-investment transactions. 
 
 
The Management Team, comprising Nick Leslau, Mike Brown, Sandy Gumm and Tim 
Evans, has a 
long and successful track record of creating value for shareholders throughout 
the economic cycle by investing in and managing properties in a wide range of 
real estate asset classes in the UK. Prestbury Investments is the partnership 
through which the Management Team operates, and it and its associates will 
provide deal flow throughout the expected five-year Investment Period 
exclusively to the Company, with only limited exceptions (relating primarily to 
the existing portfolio being managed by Prestbury Investments). 
 
 
The Company's strategy is to exploit the current cyclical weakness in the UK 
real estate market 
through opportunistic investment and active management with a view to realising 
cash returns for 
Shareholders over an investment cycle of approximately seven and a half years. 
 
 
The Company will invest in assets over a five-year period. After the end of 
those five years, it will not seek new acquisitions and it will manage and 
realise its assets with a view to making a Final Return to Shareholders over an 
investment cycle which, depending on prevailing market conditions, is 
anticipated to be seven and a half years from Admission. 
 
 
Prestbury Investments 
 
 
The Company is advised by Prestbury Investments, which is 50% owned by Nick 
Leslau and 25% by Mike Brown and operated by Nick Leslau, Mike Brown, Sandy Gumm 
and Tim Evans, a team of property and finance professionals who between them 
have extensive experience in the UK real estate market over more than 25 years 
(with over 65 years of combined experience in real estate), and with a track 
record of having successfully created value for shareholders through previous 
economic cycles, including significant market out-performance during the 
recession of the early 1990's. Nick Leslau, Mike Brown and Sandy Gumm all have 
relevant experience as directors of UK listed companies. The Management Team 
believes that strong corporate governance and transparency in reporting are 
fundamental to running their businesses and have in the past implemented this 
approach for both listed and private companies. 
 
 
Investment Strategy 
 
 
The intention of the Directors is to create significant value for Shareholders, 
principally through the following: 
 
*          exploiting the current weakness of the UK real estate sector; 
*          targeting properties which meet specific investment criteria: 
properties that are well located for their use; that have scope for medium term 
value enhancement through active asset management; and where downside is 
protected either through long term, secure rental flows or through underlying 
capital values either in existing or alternative uses; 
*          using borrowings with a view to enhancing equity returns; and 
*          enhancing rental and capital growth through active asset management, 
 
and then returning value to Shareholders over the investment cycle. 
 
 
The Group's proposed focus will be on UK real estate assets and the intention is 
to seek out investments wherever and in whatever asset class the Directors 
consider the best opportunities lie without specific restrictions. 
 
 
Further information on Max Property Group Plc is available from the Company's 
website www.maxpropertygroup.com. 
 
 
 
 
  Important Notices 
 
 
This document is not an offer of securities for sale in the United States. The 
securities discussed herein have not been and will not be registered under the 
US Securities Act of 1933, as amended (the "US Securities Act") and may not be 
offered or sold in the United States absent registration or an exemption from 
registration under the US Securities Act. No public offering of the securities 
discussed herein is being made in the United States and the information 
contained herein does not constitute an offering of securities for sale in the 
United States, Canada, Australia or Japan. This document is not for distribution 
directly or indirectly in or into the United States, Canada, Australia or Japan 
or to US persons (as defined in Regulation S under the US Securities Act). 
 
 
The Company has not and will not be registered under the US Investment Company 
Act of 1940, as amended (the "US Investment Company Act") and investors will not 
be entitled to the benefits of the US Investment Company Act. Accordingly, 
securities may not be offered or sold in the United States or to, or for the 
account or benefit of, US persons, absent registration under the US Securities 
Act or an exemption therefrom and under circumstances which will not require the 
Company to register under the US Investment Company Act." 
 
 
This document and its contents may not be reproduced, redistributed or passed 
on, directly or indirectly, to any other person or published, in whole or in 
part, for any purpose and in particular to any person or persons in any 
jurisdiction to whom it is unlawful to make such offer or solicitation. This 
document and its contents is directed only at persons in member states of the 
European Economic Area ("EEA") who are "qualified investors" within the meaning 
of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) 
("qualified investors"). 
 
 
In the United Kingdom, this announcement is addressed only to, and is directed 
only at, (i) persons who have professional experience in matters relating to 
investments who fall within Article 19(5) of the Financial Services and Markets 
Act 2000 (Financial Promotion) Order 2005 (the "Order") and high net worth 
entities falling within Article 49(2)(a) to (d) of the Order, and (ii) persons 
to whom it may otherwise lawfully be communicated (all such persons together 
being referred to as "relevant persons"). This announcement must not be acted on 
or relied on by persons who are not relevant persons. Any investment or 
investment activity to which this announcement relates is available only to 
relevant persons and will be engaged in only with relevant persons. 
 
 
The offer and the distribution of this announcement and other information in 
connection with the offer in certain jurisdictions may be restricted by law and 
persons into whose possession any document or other information referred to 
herein comes should inform themselves about and observe any such restriction. 
Any failure to comply with these restrictions may constitute a violation of the 
securities laws of any such jurisdiction. 
 
 
This announcement includes information, statements, beliefs and opinions which 
are forward-looking, and which reflect current estimates, expectations and 
projections about future events. The information and opinions expressed in this 
document are provided as of the date of this document. Statements containing the 
words "believe," "expect," "intend," "should," "seek," "anticipate," "will," 
"positioned," "project," "risk," "plan," "may," "estimate" or, in each case, 
their negative and words of similar meaning are forward-looking statements. By 
their nature, forward-looking statements involve a number of risks, 
uncertainties and assumptions that could cause actual results or events to 
differ materially from those expressed or implied by the forward-looking 
statements. These risks, uncertainties and assumptions could adversely affect 
the outcome and financial effects of the plans and events described herein. In 
addition, even if the outcome and financial effects of the plans and events 
described herein are consistent with the forward-looking statements contained in 
this announcement, those results or developments may not be indicative of 
results or developments in subsequent periods. 
 
 
Historical statements contained in this document regarding past trends or 
activities should not be taken as a representation that such trends or 
activities will continue in the future. Prospective investors should not place 
undue reliance on either forward-looking or historical statements, which are 
based on the information available as of the date of this document. In this 
regard, certain financial information contained herein has been extracted from, 
or based upon, information available in the public domain and/or provided by the 
Company and/or Prestbury Investments. The Company does not undertake any 
obligation to update or revise any forward-looking statements, whether as a 
result of new information, future events or otherwise. No statement in this 
document is intended to be nor may it be construed to be a profit forecast. 
 
 
Persons receiving this document should note that Morgan Stanley, MSSL and Oriel 
are acting for the Company in connection with the offer and no one else and will 
not be responsible to anyone other than the Company for providing the 
protections afforded to the respective clients of Morgan Stanley, MSSL and Oriel 
or for providing advice in relation to the offer or any transaction or 
arrangement referred to in this document. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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