Notice about sale of AIA Tower (3864S)
18 Novembre 2011 - 5:40PM
UK Regulatory
TIDMMCAU
RNS Number : 3864S
Speymill Macau Property Company PLC
18 November 2011
Speymill Macau Property Company plc
Sale of AIA Tower
The Board of Speymill Macau Property Company plc (the "Company")
is pleased to announce that on November 17, 2011 the Company's
wholly owned subsidiary Speymill Propriedade I (Macau), Lda.
("Speymill I") entered into a Provisional Sale and Purchase
Agreement (the "PSPA") in connection with the sale of the AIA Tower
owned by such subsidiary.
The PSPA provides, among other things, the following:
-- The aggregate consideration for the AIA Tower (the "Property") is one billion and two hundred and sixty million Hong Kong Dollars (HK$1,260,000,000);
-- Speymill I has received a 30 million Hong Kong Dollars (HK$ 30,000,000) deposit for the sale of the Property to be held in escrow pending the signing of the final Sale and Purchase Agreement (the "SPA") which is expected to be completed and signed no later than November 30, 2011,;
-- Upon signing of the SPA, Speymill I will receive a further
deposit and part payment of the consideration for the Property in
the amount of two hundred and twenty two million Hong Kong Dollars
(HK$222,000,000);
-- The closing for the sale of the Property is totake place no
later than 17:00 on January 31, 2012 when the final consideration
is to be paid.
Note that the sale is for the Property and not for Speymill I
and therefore the sale will crystallise a tax liability in the
region of HK$85 million. This tax liability is not expected to
materially affect the NAV of the Company as the sale of the asset
is for an amount in excess of its most recent valuation of
HK$1,200,000,000 and provision has already been made for the
estimated tax liability in the event that a sale were to take place
at that valuation. Other fees associated with the transaction
should amount to no more than 3% of the sales price.
Further announcements will be made upon the signing of the SPA
and when subsequent events occur.
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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