Speymill Macau Property, a real estate investor, is working on ways to offer an exit path for shareholders wo do not want to stick with the company after it changes its investment policy.
The company recently completed the sale of the AIA Tower in Hong Kong, and said that the Special Purpose Vehicle that owned the AIA Tower will be liquidated as soon as possible after the expiration of the nine month period which allows for any claims from the buyers.
Following the sale of the tower and concomitant expenses, including tax liabilities, the firm believes that the unaudited and undiluted net asset value (NAV) per share of the company is around US$0.855.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
More than 70% of shareholders are believed to wish the company to continue albeit with a change in its investment policy and appointing Terra Partners Asset Management as the Company's investment manager.
Investors who wish to realise their investment are likely to be offered the change to tender their shares at 97% of the NAV.
The shares fell 1.21% to $0.81 in morning trading.
NR
