2nd May 2007 09:32
AIM02 May 2007 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES") COMPANY NAME: Speymill Deutsche Immobilien Company plc COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) : Jubilee Buildings Victoria Street Douglas Isle of Man IM1 2SH COUNTRY OF INCORPORATION: Isle of Man COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26: TBC COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITSINVESTING STRATEGY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BESTATED: Speymill Deutsche Immobilien Company plc was incorporated on 1 March 2006 in the Isle of Man and was established toinvest in the German property market and predominantly in the residential sector. The Company's objective is to provideShareholders with an attractive level of income together with the prospect for long-term capital growth. Shortly afterincorporation, the Company issued 170 million Ordinary Shares, raising funds of £170 million, and these Ordinary Shareswere admitted to trading on AIM on 17 March 2006. 250 million C Shares are now due to be admitted to trading on AIM on10 May 2007 in addition to these existing Ordinary Shares. The Company's strategy continues to be to invest in a diversified portfolio of residential property throughout Germany. The Directors believe that once the net proceeds of the Placing have been fully invested, the Group will have abalanced portfolio of properties throughout Germany which, although possessing differing return characteristics, will,taken together, provide investors with a broad based exposure to the German residential property market. The Managerestimates that around 35 per cent. of the properties in the C Share Portfolio will be in the former East Germany(excluding Berlin) and that around 50 per cent. of the properties in the C Share Portfolio will be located in or aroundthe 15 largest cities in Germany. Consistent with the strategy pursued by the Company in the investment of the funds raised in 2006, the Manager expectsto invest in smaller portfolios with an average investment size of between €5 million and €25 million to avoid publicauctions that attract bids from the large opportunity funds and other competition. The Manager will attempt to acquireproperties that offer potential for increased rental rates relative to the "Mietspiegel" (which is set by localauthorities as a benchmark for the average rent of properties in specific locations and with certain specifications).In addition, the Manager will attempt to acquire properties that it believes offer the potential for capital valuegrowth based on the difference between the "wholesale" price per square metre paid for properties by the Group and thetypical privatisation "retail" value per square metre. The Group may also invest in commercial property opportunities identified by the Manager. However it is not expectedthat commercial property investments will exceed 10 per cent. of the gross assets of the Group (including those of theC Share Portfolio and the Current Portfolio) once the net proceeds of the Placing have been fully invested. The aim of the Company is to acquire assets with an overall blended net initial property yield on the portfolio oncefully invested of 7.00 per cent. per annum. Properties should, through active management, also have the potential forincreased rental rates and accordingly improved capital values. The Company will target a total portfolio of properties with an average overall purchase price of between approximately€800 and €900 per square metre, which is below the cost (excluding the cost of land) of building a new property ("replacement cost"). The Manager believes that German residential property values should approach replacement cost inthe long term. The Manager (Speymill Property Managers Limited) and the Investment Adviser (GOAL Service GmbH) are responsible foridentifying new investment opportunities that fall within the investment policy and objectives agreed by the Board fromtime to time. Following the identification of a potential new investment opportunity, the Investment Adviser isresponsible for carrying out all due diligence and negotiating the terms of investment on behalf of the Company. The Board comprises five non-executive directors with a diverse range of expertise but each with specific experience inproperty investment. DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known,number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be heldas treasury shares): 250 million C shares of 50p each Placing price of €1 per ordinary share CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: €250 million to be raised on admission Anticipated market capitalisation on admission of €560 million* *based on a price per existing ordinary share of 124p, the closing price per ordinary share on 24 April 2007. PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: Ordinary Shares - 21.77% C Shares - 40.02% DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) AREOR WILL BE ADMITTED OR TRADED: None FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known orincluding any other name by which each is known): Raymond Philip Apsey (Chairman, Non-executive Director) Anthony Robert Baillieu (Non-executive Director) David John Humbles (Non-executive Director) Derek Michael Butler (Non-executive Director) Leonard Joseph O'Brien (Non-executive Director) FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE ANDAFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):Before Admission: No C Shares in issue After Admission: Number of C Shares Percentage of C Shares Artemis Fund Managers Limited 10,000,000 4.00Goldman Sachs Asset Management International 8,839,207 3.54Invesco Asset Management Limited 74,999,999 29.99Kleinwort Benson Private Bank Ltd 18,669,000 7.47Midas Capital Partners Ltd 11,000,000 4.40NCB Stockbrokers Ltd 9,715,000 3.89New Star Asset Management Limited 7,500,000 3.00QVT Financial LP 20,000,000 8.00Rathbones Unit Trust Management Limited 10,061,965 4.02Standard Life Investments Limited 25,000,000 10.00 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: None (i) ANTICIPATED ACCOUNTING REFERENCE DATE (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: (i) 30 June (ii) 31 December 2006 (iii) Annual results to 30 June 2007 by 31 December 2007 Interim results to 31 December 2007 by 31 March 2008 Annual results to 30 June 2008 by 31 December 2008 EXPECTED ADMISSION DATE: 10 May 2007 NAME AND ADDRESS OF NOMINATED ADVISER: Smith & Williamson Corporate Finance Limited 25 Moorgate London EC2R 6AY NAME AND ADDRESS OF BROKER: Fairfax I.S. PLC 46 Berkeley Square Mayfair London W1J 5AT OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILLBE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITSSECURITIES: Copies of the admission document will be available for inspection at the registered office of the company and at theoffices of Stephenson Harwood, One, St. Paul's Churchyard, London, EC4M 8SH during business hours on any weekday(Saturdays and public holidays excepted) until one month from the date of admission. DATE OF NOTIFICATION: 2 May 2007 NEW/ UPDATE: Update This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sdic Power.