25th Apr 2007 09:33
AIM25 April 2007 COMPANY NAME:Speymill Deutsche Immobilien Company plc COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :Jubilee BuildingsVictoria StreetDouglasIsle of ManIM1 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 establishedto invest in the German property market and predominantly in the residential sector. The Company's objective isto provide Shareholders with an attractive level of income together with the prospect for long-term capitalgrowth. Shortly after incorporation, the Company issued 170 million Ordinary Shares, raising funds of £170million, and these Ordinary Shares were admitted to trading on AIM on 17 March 2006. 250 million C Shares are nowdue to be admitted to trading on AIM on 10 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 throughoutGermany. 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 Manager estimates that around 35 per cent. of the properties in the C Share Portfolio will be in the formerEast Germany (excluding Berlin) and that around 50 per cent. of the properties in the C Share Portfolio will belocated in or around the 15 largest cities in Germany. Consistent with the strategy pursued by the Company in the investment of the funds raised in 2006, the Managerexpects to invest in smaller portfolios with an average investment size of between €5 million and €25 million toavoid public auctions that attract bids from the large opportunity funds and other competition. The Manager willattempt to acquire properties that offer potential for increased rental rates relative to the "Mietspiegel"(which is set by local authorities as a benchmark for the average rent of properties in specific locations andwith certain specifications). In addition, the Manager will attempt to acquire properties that it believes offerthe potential for capital value growth based on the difference between the "wholesale" price per square metrepaid for properties by the Group and the typical privatisation "retail" value per square metre. The Group may also invest in commercial property opportunities identified by the Manager. However it is notexpected that commercial property investments will exceed 10 per cent. of the gross assets of the Group(including those of the C Share Portfolio and the Current Portfolio) once the net proceeds of the Placing havebeen fully invested. The aim of the Company is to acquire assets with an overall blended net initial property yield on the portfolioonce fully invested of 7.00 per cent. per annum. Properties should, through active management, also have thepotential for increased rental rates and accordingly improved capital values. The Company will target a total portfolio of properties with an average overall purchase price of betweenapproximately €800 and €900 per square metre, which is below the cost (excluding the cost of land) of building anew property ("replacement cost"). The Manager believes that German residential property values should approachreplacement cost in the long term. The Manager (Speymill Property Managers Limited) and the Investment Adviser (GOAL Service GmbH) are responsiblefor identifying new investment opportunities that fall within the investment policy and objectives agreed by theBoard from time to time. Following the identification of a potential new investment opportunity, the InvestmentAdviser is responsible for carrying out all due diligence and negotiating the terms of investment on behalf ofthe Company. The Board comprises five non-executive directors with a diverse range of expertise but each with specificexperience in property investment. DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. whereknown, number and type of shares, nominal value and issue price to which it seeks admission and the number andtype to be held as 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 THECOMPANY) ARE OR WILL BE ADMITTED OR TRADED:None FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is knownor including 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, BEFOREAND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which eachis known):TBC 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 Limited25 MoorgateLondon EC2R 6AY NAME AND ADDRESS OF BROKER:Fairfax I.S. PLC46 Berkeley SquareMayfairLondonW1J 5AT OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSIONDOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THEADMISSION OF ITS SECURITIES:Copies of the admission document will be available for inspection at the registered office of the company and atthe offices of Stephenson Harwood, One, St. Paul's Churchyard, London, EC4M 8SH during business hours on anyweekday (Saturdays and public holidays excepted) until one month from the date of admission. DATE OF NOTIFICATION:24 April 2007 NEW/ UPDATE:New This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sdic Power.