17th Mar 2006 07:52
Speymill Group PLC17 March 2006 17 March 2006 Speymill Group PLC Speymill Property Managers Limited secures second property fund The Directors of Speymill Group plc ("Speymill" or the "Company") are delightedto announce that Speymill Deutsche Immobilien Company plc ("SDIC") will todaycommence trading on the AIM market of the London Stock Exchange. The ordinaryshares will trade under the RIC code "SDIC". Bob MacDonald has been instrumentalin the flotation of SDIC in his capacity as Executive Chairman of the Company,SDIC's investment manager. Speymill has no common directors with SDIC and adifferent shareholder base. The Company's subsidiaries Speymill Property Managers Limited and GOAL ServiceGmbH have been appointed manager and investment adviser, respectively, to SDICand will be responsible for identifying new investment opportunities that fallwithin the investment policy and objectives agreed by the Board of SDIC fromtime to time. SDIC will have net proceeds of its placing upon admission to AIM of £161.5m(US$283m) and has the ability to borrow up to 85% loan to value, which wouldrepresent approximately £670m (US$1.17bn) on a leveraged basis when fullyinvested. The Directors of Speymill expect the assets to be fully investedwithin 12 months of SDIC's admission. Executive Chairman Bob MacDonald said: "This further underlines the commitment of Speymill to grow our property fundmanagement business and deliver value to our shareholders." For further information call: Bob MacDonaldExecutive Chairman 020 30088077/ 07979 706490 Jonathan Naess/Robert LoNabarro Wells & Co Limited 020 7710 7400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sdic Power.