Notice about sale of AIA Tower (3864S)

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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 
   [phone]                                   [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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