14th Jul 2010 07:00
14 July 2010
Speymill Deutsche Immobilien Company plc
("SDIC" or "the Company")
Related party transaction
Speymill Deutsche Immobilien Company plc (AIM: SDIC), the pan-German residential property investment company listed on AIM, announced on 21 June 2010 that Jim Mellon, a director and substantial shareholder of SDIC, had agreed, subject to final documentation being signed, to lend the Company €2 million.
In the intervening period, the Company's directors have further reviewed the immediate cash requirements of the Company and have agreed with Mr Mellon that the amount of the loan will be reduced to €630,000. The amount of security provided is similarly reduced but all other terms remain as previously announced.
The final documentation relating to the loan was signed yesterday and the amount has been drawn down.
-ENDS-
For more information, please visit http://www.speymilldeutsche.com or contact:
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Speymill Property Group Limited |
+44 1624 640 860 |
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(Manager) |
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Nigel Caine |
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Nick Harris |
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SMP Fund Services Limited |
+44 1624 682 216 |
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(Administrator) |
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Vincent Campbell |
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Smith & Williamson Corporate Finance Limited |
+44 20 7131 4000 |
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(Nominated Adviser) |
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Azhic Basirov |
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Siobhan Sergeant |
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Fairfax I.S. PLC |
+44 20 7598 5368 |
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(Brokers) |
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James King |
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Gillian McCarthy |
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Tavistock Communications Limited |
+44 20 7920 3150 |
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(Media & Investor Relations) |
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Jeremy Carey |
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Simon Hudson |
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Notes to Editors:
Speymill Deutsche Immobilien Company plc is a pan-German residential property investment company, which listed on the AIM market of the London Stock Exchange in March 2006, raising £170 million. In May 2007, SDIC raised a further €250 million through a C share placing. The Euro denominated fund aims to provide investors with an attractive level of income together with the prospect for long-term capital growth.
The German residential market is viewed as attractive to investors due to a number of factors including rising German economic activity and productivity, and the availability of assets at below replacement cost. Acquired properties should, through active management, also have the potential for increased rental rates and accordingly improved capital values and increased yield.
Speymill Property Group Limited is the appointed Manager of SDIC and, in conjunction with the Investment Adviser, Goal service GmbH, it identifies acquisition opportunities for the Company, which fit within its investment criteria.
Related Shares:
Sdic Power.