Sale of AIA Tower (2581T)
December 02 2011 - 6:26AM
UK Regulatory
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
+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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