Sale of AIA Tower (2581T)

TIDMMCAU

RNS Number : 2581T

Speymill Macau Property Company PLC

02 December 2011

Speymill Macau Property Company plc

Sale of AIA Tower

Further to the announcement of 18 November 2011, the Board of Speymill Macau Property Company plc (the "Company"), an internally managed fund, is pleased to announce that on 30 November 2011, the Company's wholly owned subsidiary Speymill Propriedade I (Macau), Lda. ("Speymill I") entered into a Sale and Purchase Agreement (the "SPA") in connection with the sale of the AIA Tower with American International Assurance Company (Bermuda) Limited, a limited liability company incorporated in Bermuda and its wholly owned subsidiary, Golden Liberty Investment Limited.

The SPA 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);

-- The total deposit for the sale of the Property is HK$252,000,000 (two hundred and fifty two million Hong Kong Dollars), which sum includes the Initial Deposit of HK$30,000,000 (thirty million Hong Kong Dollars) received on the signing of the Provisional SPA and which has been released to Speymill I. A further deposit in the sum of HK$222,000,000 (two hundred and twenty two million Hong Kong Dollars) will be held in escrow until either (i) the closing of the sale of the Property or (ii) the current mortgage holder consents to allow the registration of the SPA with the Property Registry as a property right.

-- The remainder of the purchase price, being HK$1,008,000,000 (one billion and eight million Hong Kong Dollars) shall be paid at the closing for the sale of the Property which is to take place no later than 17:00 Hong Kong time on 31 January 2012.

-- The SPA contains the customary representations and warranties given in connection with a property of this nature in Macau.

Further announcements will be made in due course.

2 December 2011

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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